re: Monthly mortgage payment based on a median existing home is now at a record $2,322

The real estate market is super fricked. Prospective homeowners are priced out of the market while at they same time unable to save because rent has exploded as well (even exceeding mortgages in many cases). In essence, they're trapped with little recourse but to pay all their income for shelter while living like paupers.

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Can’t afford it, don’t buy it. That simple.

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Tell me you’re a boomer without telling me you’re a boomer…

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When did you buy your home? If you were to buy your home today, in 2023, at its current value, with today's interest rates, with a similar downpayment, what would the payment be?

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I bought my home 15 years ago when houses were at 6.5% interest. At the time I purchased my house I was making around what a new engineering graduate right out of school makes today.

I’m not big on classifying generations but seriously the younger generations really should stop complaining about the current housing situation because it’s not much different now than it was 15 years ago.

Your broke dick arse living off the gubment dime

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In essence, they're trapped with little recourse but to pay all their income for shelter while living like paupers.

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No one wants to work hard these days to get ahead. All these kids want to do is pop pills, smoke weed, get drunk, lay around, suck dick, eat hot cheetos, charge they phone, get a weave, twerk, be bisexual, eat mcdonalds, wash their pussies in the sink, lie, take selfies and talk shite through wifi because their phone is never on.

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I’m not big on classifying generations but seriously the younger generations really should stop complaining about the current housing situation because it’s not much different now than it was 15 years ago.

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We bought our first house about 17 years ago. Rates weren't that much lower than today but prices were.

There's plenty of reasons to shite on the younger generation, but they're headed towards serfdom.

Their wages are completely stagnant, inflation is through the roof, and there's an increasingly low chance that they'll have the opportunity to be homeowners.

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Their wages are completely stagnant, inflation is through the roof, and there's an increasingly low chance that they'll have the opportunity to be homeowners.

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Almost as if by design. If we continue on the current trajectory there will be the super wealthy and the poor.

Prices on everything go up, wages don’t go up unless you are the ceo or owner of a business

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The democrats sold everyone the dream that everyone should own their home in the 90's,

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Yeah I don’t think the “American dream “ started in the 1990’s. More like 1945.

My first mortgage was 1981 at 16.25% and since I only put 15% down I paid PMI for a year until I could get the equity to above 20%.

I put a lot of sweat equity into that house.

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c’mon man, the numbers have been laid out in this thread. The market is absolutely worst vs 15 years ago.

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I’m not reading 22 pages to see the numbers. Instead I will use my own situation as a sanity check. I checked Zillow on the value of my first home in 2001 and it has grown approximately $85,000 and the interest rates today are the same today as they were in 2001. The only difference is in 2001 those were considered historically low rates not astronomically high. I also looked up the starting salary of a Chem E out of college and it’s 150% greater than my starting salary as a 2LT out of school and 50% greater than my salary when I bought the house. The difference in % of salary for P&I on the same home is 2% greater today than when I purchased in 2001. Inflation has increased 72% or an avg annual increase of 3%, which is considered normal, since 2001.

Trust me, like everyone else, I feel the pain of the 18% inflation that we’ve had since 2020. However, I’m not buying the rhetoric that this generation can’t afford housing. I think this generation needs to modify their expectations of what is an acceptable starter home and take a hard look at their spending/savings priorities.

Yes the home I bought in 2001 is still in a good part of town and I would feel comfortable with my daughter living there.