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Started By
Message
re: Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted on 8/24/23 at 12:06 pm to deltaland
Posted on 8/24/23 at 12:06 pm to deltaland
quote:
1985- Tv with 3 channels. Tv breaks you fix it. VCR and rent a movie on weekends.
2023- 4 flatscreen HD TVs, cable package, 5 different streaming services. 150 or more a month. Tv breaks you spend 1500 replacing it.
$1,500 in 2023 to replace a TV is about the same as 1985 when adjusting for inflation.
0
Posted on 8/24/23 at 12:07 pm to tigerfoot
quote:
Stats prove out that discretionary spending is not being reined in.
Looking at data from 2021, I understand it is 18 months old.
Entertainment spending was up 22%, Apparel and services up 21%, alcohol up 16%, transportation up 11%,
white collar homeowners, in the end, saved/made money during covid. Interest rates were cut and they saved on transportation costs due to working from home.
quote:
Entertainment expenditures increased 22.7 percent in 2021, compared to a decrease of 5.9 percent in 2020.
In 2021, entertainment expenditures surpassed their 2019 levels, up 15.5 percent from that year. This was driven by
a 60.6-percent increase in other entertainment supplies, equipment, and services expenditures in 2021, which includes
the purchase and rental of motored and unmotored recreational vehicles. The second largest increase was in
fees and admissions (+53.9 percent), followed by a 17.1-percent increase in toys, hobbies, and playground equipment.
So people bought shite for their house because they were home a hell of a lot more
quote:
Spending on apparel and services increased 22.3 percent in 2021, compared to a decrease of 23.8 percent in 2020.
All apparel and services items exhibited large increases except for apparel spending on children under two, the smallest
component, which decreased by 2.9 percent. However, even with a 22.3-percent growth in apparel and services, spending
had not yet returned to 2019 levels.
so it just returned to below 2019 level
quote:
Alcoholic beverage expenditures were up 15.9 percent in 2021, after a 17.4-percent decrease in 2020. The
increase was driven by alcohol away from home spending, up 69.4 percent, which was offset by a decrease in
alcohol at home spending, down 7.9 percent. Despite this growth, spending on alcohol away from home remained
below 2019 levels.
remained below 2019 levels
quote:
pending on food increased 13.4 percent in 2021, compared to a decrease of 10.5 percent in 2020. The increase was driven
by food away from home spending, up 27.6 percent, accompanied by an increase in food at home spending, up 6.6 percent.
While food at home expenditures in 2021 surpassed 2019 levels, food away from home remains below them
so people started to eat out again
Posted on 8/24/23 at 12:08 pm to Dire Wolf
Yeah those stats were a poor choice for his argument
Posted on 8/24/23 at 12:08 pm to Bayou_Tiger_225
quote:
You said you bought an affordable townhome in Houma as your first place.
No, I said I bought a house. You know where we lived before we could buy a house?
An apartment. I'll probably be able to hear you audibly gasp when you read that, as the thought of living in a building occupied by people other than myself is apparently a faux pas on my part
Posted on 8/24/23 at 12:09 pm to Greace
I wasn’t being an a-hole. Just pointing out that many people overspend on those things because they think it’s all necessary these days. They could afford the house if they cut out a lot of those monthly bills.
A lot of stuff today like internet is necessary in life, and didn’t exist 40 years ago. So that makes it tougher to afford a large house note today
A lot of stuff today like internet is necessary in life, and didn’t exist 40 years ago. So that makes it tougher to afford a large house note today
Posted on 8/24/23 at 12:10 pm to deltaland
quote:
I wasn’t being an a-hole. Just pointing out that many people overspend on those things because they think it’s all necessary these days. They could afford the house if they cut out a lot of those monthly bills.
A lot of stuff today like internet is necessary in life, and didn’t exist 40 years ago. So that makes it tougher to afford a large house note today
I would be willing to bet most of these people spend $10-30 daily on lunch instead of bringing something from home.
Posted on 8/24/23 at 12:10 pm to Thib-a-doe Tiger
quote:
CC debt is through the roof.
Actually lower than it was pre-pandemic, in real terms.
quote:
Look at the prices people are paying for Taylor Swift tickets.
Economy must be booming.
quote:
Is he wrong though?
It’s just laughable that people on this site almost without fail cite “cell phones and internet” as a source of MAJOR consumer monthly spending.
It’s just weird. The way yall bring it up every single time you would think the average cell phone was 20k and internet plans started at 500/month.
The 150-200 a month people pay for cell phone, data and home internet is not even remotely close to many many other factors driving increased COL. shite I bet most people pay significantly less than that for those services.
Posted on 8/24/23 at 12:11 pm to deltaland
quote:
1985- Tv with 3 channels. Tv breaks you fix it. VCR and rent a movie on weekends.
2023- 4 flatscreen HD TVs, cable package, 5 different streaming services. 150 or more a month. Tv breaks you spend 1500 replacing it.
TV's are way cheaper now than in the 80s
a 24" tv cost $500 in the 80s. I can buy a 58" at cost for less than $500
Posted on 8/24/23 at 12:11 pm to Dire Wolf
There is an explanation for everything. And that is cool, but if housing is up and people are suffering from it shouldnt you see a decrease in other metrics, not a return?
Posted on 8/24/23 at 12:11 pm to JohnnyKilroy
quote:
It’s just laughable that people on this site almost without fail cite “cell phones and internet” as a source of MAJOR consumer monthly spending.
It’s just weird. The way yall bring it up every single time you would think the average cell phone was 20k and internet plans started at 500/month.
The 150-200 a month people pay for cell phone, data and home internet is not even remotely close to many many other factors driving increased COL. shite I bet most people pay significantly less than that for those services.
You are typing this out as I am in the middle of arguing with someone saying Starbucks isn't a luxury
Posted on 8/24/23 at 12:11 pm to Thib-a-doe Tiger
People can be generally terrible with money and the housing market can be unaffordable at the same time.
They are not mutually exclusive.
But let's not act like giving up Starbucks and buying a flip phone is all of sudden going to let someone making $40k a year buy a house.
The fact of the matter is home prices have risen way faster than wages. Expecting people today to be able to afford the same house that people even 10 years ago could is just asinine.
They are not mutually exclusive.
But let's not act like giving up Starbucks and buying a flip phone is all of sudden going to let someone making $40k a year buy a house.
The fact of the matter is home prices have risen way faster than wages. Expecting people today to be able to afford the same house that people even 10 years ago could is just asinine.
Posted on 8/24/23 at 12:12 pm to Thib-a-doe Tiger
There is no no gasp. Just a shaking of my head. You clearly don’t get it and aren’t going to.
There is no point in even discussing this with you anymore. You’re just willfully ignorant on the topic.
There is no point in even discussing this with you anymore. You’re just willfully ignorant on the topic.
Posted on 8/24/23 at 12:13 pm to Saunson69
quote:
Don't worry. It'll crash soon. Americans can't afford this. So they won't buy. No one buying means prices crash. It's on its way already.
Folks keep saying this …yet here we are….still.
There seems to be no limit to the amount of debt people will acquire willingly.
But more to your point…something has to give at some point, right?
The whole situation is so flipped upside down.
Rent is high, mortgages are high, consumer debt is high, car prices are high….
And on and on and on.
Posted on 8/24/23 at 12:13 pm to rintintin
quote:
But let's not act like giving up Starbucks and buying a flip phone is all of sudden going to let someone making $40k a year buy a house.
It's not. But be honest, if someone is buying Starbucks daily, what are the odds they are spending on other luxuries that they could do without if things are that tight?
Posted on 8/24/23 at 12:13 pm to Thib-a-doe Tiger
quote:
An apartment. I'll probably be able to hear you audibly gasp when you read that, as the thought of living in a building occupied by people other than myself is apparently a faux pas on my part
An apartment cost me $300 less a month than my house payment does
Posted on 8/24/23 at 12:14 pm to Saunson69
quote:
Don't worry. It'll crash soon. Americans can't afford this. So they won't buy. No one buying means prices crash. It's on its way already.
PE will buy it and rent it out to people who want houses.
Posted on 8/24/23 at 12:14 pm to Dire Wolf
I honestly don;t know how the millions of people working at Family Dollar, Arbys, Wal mart, Teh local Bar etc can afford a house payment at those prices.. The numbers just don;t add up..
But I am houded daily by people calling me wanting to buy my house.. Mailing me things.. I get about 3 calls a day on it. That never happened before until about 6 years ago... I blame flip this house and show like it helping..
I foree those giant shopping malls that went defunct... With their giant parking lots... One day soon millions of those little tiny she sheds and tiny homes across this land...
But I am houded daily by people calling me wanting to buy my house.. Mailing me things.. I get about 3 calls a day on it. That never happened before until about 6 years ago... I blame flip this house and show like it helping..
I foree those giant shopping malls that went defunct... With their giant parking lots... One day soon millions of those little tiny she sheds and tiny homes across this land...
Posted on 8/24/23 at 12:14 pm to Bayou_Tiger_225
quote:
There is no no gasp. Just a shaking of my head. You clearly don’t get it and aren’t going to.
There is no point in even discussing this with you anymore. You’re just willfully ignorant on the topic.
Sure thing bud. In a country loaded with people who are terrible with money management, the only ones to blame are Blackrock and DSLD
Posted on 8/24/23 at 12:15 pm to Thib-a-doe Tiger
quote:Im sure some spoiled young people think this way.
Young people are expecting to have what their parents have right out of the gate.
BUT the bottom line is that the millennial generation that is making more than their parents did at the same age (inflation included on millennial income vs parents) cant afford even the same starter homes that their parents could. And then the boomer generation over here had it even easier.
When I had my first decent paying job at 18, I remember my grandfather telling me that I make a lot more than he did at that age. I remember wondering why I couldnt pay for much before I knew about inflation etcetc. Kind of a slap in the face looking back on it.
This post was edited on 8/24/23 at 12:22 pm
Posted on 8/24/23 at 12:15 pm to Warfox
You're wanting to house multiple generations of your family? Kids parents grandparents living all at same time? Adding on to 2050 sq ft isn't going to do that unless you double sq footage. Plus who would want to do that? live with 3-4 generations of family.
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