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re: Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted on 8/24/23 at 9:33 pm to Pedro
Posted on 8/24/23 at 9:33 pm to Pedro
Natchez Trace subdivision in Baton Rouge.
I went through the same exercise with the home that my wife and I bought in Prairieville when we got married a few years later and basically had the same results.
I went through the same exercise with the home that my wife and I bought in Prairieville when we got married a few years later and basically had the same results.
This post was edited on 8/24/23 at 9:51 pm
1
Posted on 8/24/23 at 9:35 pm to armytiger96
Okay, well for starters not everyone is Chem E coming out of school. Basing your argument on your personal experience is not the experience of most prospective first time home buyers in the market today.
Good for you for working hard and earning good money, and I mean that sincerely.
Good for you for working hard and earning good money, and I mean that sincerely.
Posted on 8/24/23 at 9:48 pm to armytiger96
quote:Houses are currently selling on average right at 210k in that neighborhood
Natchez Trace subdivision in Baton Rouge.
And you said yours had an 85k rise since 2001. That’s roughly estimating a 68% rise in price since 2001. That’s a lot, and far outpaced the rise in wages since 2001
Posted on 8/24/23 at 10:14 pm to lsupride87
quote:
That’s a lot, and far outpaced the rise in wages since 2001
I guess you missed the part where I mentioned that someone in my field will likely make 1.5 times right out of school of what I making when I bought the house.
This post was edited on 8/25/23 at 12:25 am
Posted on 8/24/23 at 10:29 pm to jordan21210
quote:
Okay, well for starters not everyone is Chem E coming out of school. Basing your argument on your personal experience is not the experience of most prospective first time home buyers in the market today.
I understand that everyone is not a Chem E. However there are several professions and trades out there that make really good money. They are not in my field so I don’t have real world data to compare my generation to today’s generation with a similar background and in the same housing market.
To me this is a better comparison and exercise than looking at overall median wages across all housing markets, job sectors, educational levels etc.
I wish everyone would do this exercise to see if they come up with something different based on their individual experiences.
quote:
Good for you for working hard and earning good money, and I mean that sincerely.
Thank you. Although it doesn’t always feel this way my wife and I work very hard and have been fortunate.
This post was edited on 8/24/23 at 10:34 pm
Posted on 8/24/23 at 10:39 pm to armytiger96
quote:
I’m not reading 22 pages to see the numbers. Instead I will use my own situation as a sanity check.
Can’t make this shite up
Posted on 8/24/23 at 10:52 pm to engvol
quote:Just an FYI that the Vivek guy running for president believes generational wealth should be abolished, not allowed and that everyone should live on what they create themselves. When you die it should all go back to the state.
This is only the second generation who on the whole are going to inherit real money from their parents.
Of course, he'll deny it now, but he's on record as opposing passing wealth to your children.
Posted on 8/25/23 at 12:21 am to JohnnyKilroy
quote:
Can’t make this shite up
You’re welcome to take everything at face value. I’m going to apply critical thinking skills to determine whether or not I’m being fed some bullshite and in this case I believe that’s what we’re being served.
quote:
That's $36,000/yr or 51% of the median household PRE-TAX income.
This is a quote from the article referenced in the OP which basically says that the avg household wage, not individual wage, is $34/hr. That’s the equivalent of both the husband and wife making the avg wage of a wal-mart associate. Sorry I’m not believing that the Median household income is this low.
Do I believe it’s harder to own a house today than a few years ago, absolutely. Do I believe the premise of the article and OP that buying a home today is a “luxury”for Gen Zers absolutely not! Buying the house that they want might be a luxury but there is affordable housing out there.
This post was edited on 8/25/23 at 9:31 am
Posted on 8/25/23 at 8:54 am to REB BEER
quote:
Brand new homes should not be starter homes. Do what my wife and I did...our first home was a 35-year-old house in a modest subdivision.
I'm not sure how many more times it can be said in this thread.
Housing prices have skyrocketed while wages have not. Older homes that require a TON of work are still unaffordable for a large amount of people in this market.
quote:
These young couples these days think they need walk-in closets, granite countertops, and the whole nine yards.
This argument is actually more ridiculous than the "stop buying starbucks" diatribe.
We aren't in the 80's anymore.
Posted on 8/25/23 at 8:58 am to fallguy_1978
quote:
Something is definitely askew when an average middle class family can't afford an average middle class home.
Wife is taking an early retirement in January, so we plan on moving to a more rural area with less expensive real estate. We sold our condo last year and are renting now, rent on anything decent is 2000+ a month. We are paying close to 3k a month.
Posted on 8/25/23 at 9:03 am to armytiger96
quote:
This is a quote from the article referenced in the OP which basically says that the avg household wage, not individual wage, is $34/hr. That’s the equivalent of both the husband and wife making the avg wage of a wal-mart associate. Sorry I’m not believing that the Median household income is this low.
Posted on 8/25/23 at 9:04 am to dcrews
quote:
Older homes that require a TON of work are still unaffordable for a large amount of people in this market.
My daughter and her husband bought a trailer lived in it for a few years. Sold it when they moved to Texas, it gave them enough for a downpayment on a house. Sold their house near Fort Worth a year later for $80k profit.
Posted on 8/25/23 at 9:05 am to stout
For all the things I bitch about with my house, I consider myself so lucky. frick this market.
Posted on 8/25/23 at 9:27 am to armytiger96
quote:
You’re welcome to take everything at face value. I’m going to apply critical thinking skills to determine whether or not I’m being fed some bullshite and in this case I believe we’re being served.
I'm going to use critical thinking skills, he says as he substitutes nationwide data for his individual experience lmao.
Posted on 8/25/23 at 9:35 am to BabyTac
quote:Jackass
Can’t afford it, don’t buy it. That simple.
Posted on 8/25/23 at 9:49 am to armytiger96
quote:
Buying the house that they want might be a luxury but there is affordable housing out there.
Not really. Inventory is ridiculously low. It's been posted in this thread.
Posted on 8/25/23 at 1:52 pm to Thib-a-doe Tiger
quote:
Are people expecting gratification at a faster pace than ever before? Also yes
Link?
Posted on 8/25/23 at 1:53 pm to tigerfoot
quote:
Wages stagnated so they should not have bought expensive homes.
So what’s your solution for first time home buyers today? Just rent forever because previous buyers pushed prices higher?
Posted on 8/25/23 at 2:04 pm to JohnnyKilroy
quote:
Link?
These are always my favorite "counter-points". That and "show me a peer-reviewed ...."
But here you go anyway
Posted on 8/25/23 at 2:12 pm to upgrayedd
quote:We will also be competing with AI for jobs.
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.
The future is interesting for sure
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