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Posted on 8/24/23 at 9:26 am to TackySweater
quote:
Interest rates were close to 20% in the 80s, but for some reason we’re approaching Armageddon now while they’re at 7-8% and this generation is “in such a bad spot” lol
If my principal was in line with wages, I'd gladly pay 20% interest. I don't understand why supposedly economically intelligent people cannot see that housing prices have far outpaced wages, and bitching about size of houses don't help whenever you're trying to get people to purchase either 50 miles outside a city or in a bad, bad location just so they can afford to live. Government is not the answer, but the amount of head in the sand is amazing.
Posted on 8/24/23 at 9:27 am to Thib-a-doe Tiger
quote:
I found a 155K townhouse for sale on zillow as the first result.
Factor in that monthly association fee
Posted on 8/24/23 at 9:27 am to Rize
quote:Wife (no pics) got an offer in Houston for $235K. Declined offer due to mortgage interest rates and having a 3% mortgage now.
I’m looking at $4,500 a month after taxes when I move to Houston. Increase my mortgage I have in Baton Rouge by around $2000 a month.
Posted on 8/24/23 at 9:28 am to Thib-a-doe Tiger
quote:
But I bought my first home in 2008 and my rate was 6.5%.
So you bought a house when roughly the median household income (50k) to the median house cost (232) was 4.6x. Today, the median household income is about 62k and the median house cost is I believe 410k, so that income to housing ratio is 6.6x roughly? For first time home buyers, the impact of buying a home has greatly increased. And this is not even taking rates into consideration, which now 2008 rates are better than they currently are. It’s obviously more difficult for anyone buying their first home now than it was when you first purchase in 2008.
Posted on 8/24/23 at 9:28 am to 777Tiger
quote:
only if they are whiny dumbasses that refuse to take the bull by the horns and go for it instead of blaming everyone else for what they're being told is a hopeless future
We're talking about numbers. The same house I sold in 2019 for 235k just sold again for 340k with a lot higher interest rates. That has zero to do with anyone being whiny.
Posted on 8/24/23 at 9:28 am to Thib-a-doe Tiger
quote:
How many of those young people are on $1,500 phones that they replace regularly
Do people really replace their phones that often?
This is such a strong meme here I don't understand. Most people I know get a new phone every 2-3 years. I get a new iphone usually every 2ish years and it costs 24 bucks a month with 0% financing. Why do people on this site damn near always include cell phone purchases as some sort of yoke around the necks of the populace?
Posted on 8/24/23 at 9:28 am to stout
quote:That makes me actually feel bad for the zoomers. I had no idea it had gotten this bad that quickly but explains why I’ve had no issues finding renters. Im only 30 so feel that makes me very fortunate that I could afford to buy my homes when I did. i just calculated my average mortgage on my 4 homes I own and it’s just below the pandemic low amount. 2-3 years later that average is up close to 150%. Damn, that is insane.
Posted on 8/24/23 at 9:28 am to stout
The enormous growth since 2020 looks like it’s entirely in interest, too—payment on principal has actually gone down.
Guess I’ll spend my 30s in an apartment lol.
Guess I’ll spend my 30s in an apartment lol.
Posted on 8/24/23 at 9:28 am to 777Tiger
quote:
so this really isn't a discussion, it's "if you don't see it my way you're old and a dumbass," have a good day, I'm out
That isn't what he said at all
Posted on 8/24/23 at 9:28 am to Jcorye1
quote:
or in a bad, bad location just so they can afford to live.
I did this. Then I moved. Young people are expecting to have what their parents have right out of the gate. Anyone denying this also has their head in the sand.
Posted on 8/24/23 at 9:29 am to Thib-a-doe Tiger
quote:
I found a 155K townhouse for sale on zillow as the first result.
link?
Posted on 8/24/23 at 9:29 am to stout
quote:I have a certain level of experience with specific, well used products, I think I could get favorable pricing to resell online.
he wife and I started a new business on the side and just started selling last month on Amazon and Walmart and it's growing every day. Kicking myself for not doing it sooner. Our first full month we cleared around $3500 and worked on it for about 5-6 hours per week.
Do you stock your products and ship or just 3rd party it? How much trouble was it to get set up by retailers such as walmart?
Posted on 8/24/23 at 9:29 am to TackySweater
quote:
Interest rates were close to 20% in the 80s, but for some reason we’re approaching Armageddon now while they’re at 7-8% and this generation is “in such a bad spot” lol
What was the average cost of a house then?
Posted on 8/24/23 at 9:30 am to lowspark12
Friend,
A base model Ford 350 tour van runs $55,000 before taxes. I bought my first 350 four years ago for $5,000. Mind you, it never ran and Mother gave it away while I was in my monastic year, but prices are quite discouraging these days. Mother certainly would give me the money if I asked, but it is the principle of it.
The attitude that because my kids are doing well there is justice in the land is absurdly self-centered. It is true that the middle class is seemingly shrinking. While people here blame a political party, which is nonsense, I see it as a natural progression of secularism. Countries that are grounded in and guided by religious inspiration have middle class growth. Countries that focus on materialism, entertainment, and technology as the end of life see middle class decline.
Yours,
TulaneLSU
A base model Ford 350 tour van runs $55,000 before taxes. I bought my first 350 four years ago for $5,000. Mind you, it never ran and Mother gave it away while I was in my monastic year, but prices are quite discouraging these days. Mother certainly would give me the money if I asked, but it is the principle of it.
The attitude that because my kids are doing well there is justice in the land is absurdly self-centered. It is true that the middle class is seemingly shrinking. While people here blame a political party, which is nonsense, I see it as a natural progression of secularism. Countries that are grounded in and guided by religious inspiration have middle class growth. Countries that focus on materialism, entertainment, and technology as the end of life see middle class decline.
Yours,
TulaneLSU
Posted on 8/24/23 at 9:30 am to jpainter6174
Then buy something smaller
Posted on 8/24/23 at 9:30 am to tigerfoot
quote:
They are looking at homes, and could go out and get a 500k home, they are looking at 180k homes.
So a glorified shack in most cities?
Also you do realize that the majority of people don’t have the ability to make it through a STEM degree while working part time, and then land jobs where they both make 6 figures. All while living in an area where 180k gets you an acceptable home.
Posted on 8/24/23 at 9:30 am to Thib-a-doe Tiger
quote:
I did this. Then I moved. Young people are expecting to have what their parents have right out of the gate. Anyone denying this also has their head in the sand.
I am sure you raised a family in the ghetto. Let me just go flip my avocado toast real quick with my brand new cell phone.
Posted on 8/24/23 at 9:31 am to 777Tiger
quote:It isn’t an opinion
so this really isn't a discussion, it's "if you don't see it my way you're old and a dumbass," have a good day, I'm out
The facts are what they are man. You refuse to accept the data that’s right in front of your face Home ownership is less attainable than ever before. That isn’t an OPINION This post was edited on 8/24/23 at 9:32 am
Posted on 8/24/23 at 9:31 am to JohnnyKilroy
quote:
Do people really replace their phones that often?
There are definitely some retards that do, although in my experience their parents let them live at home rent-free while I’m paying almost $1K/mo rent, so who’s the real retard here
That said your point is completely right, the phone makes little difference in the bottom line, only in how sympathetic people are toward your difficulties which is worth frick all lol. - posted from a phone from 2016
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