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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 9:56 am to A Smoke Break
Posted on 8/24/23 at 9:56 am to A Smoke Break
quote:wouldnt the payment on that be a shite load less than 2322?
A brand new 1100 square foot modular home that you want built in the triparish area is going to set you back at least 130k. I've been shopping with my wife (no pics) for about a year now for a new home and the prices we've seen for square footage up to 1500 is 180-200k.
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Posted on 8/24/23 at 9:56 am to Thib-a-doe Tiger
quote:You win. Shared dwelling units in the ghetto is still affordable in America. Great point
Ohhhhh, so they are too good for townhouses? Got it.
Posted on 8/24/23 at 9:58 am to Thib-a-doe Tiger
quote:
Ohhhhh, so they are too good for townhouses? Got it.
Since when was it a requirement for a starter/basic home to be in the ghetto?
When I was looking at starter homes, the idea of starter homes was something priced around $150,000, in a decent area, with no immediate maintenance needs. It didn't have anything fancy, but it also didn't have any holes or mold. It had basic carpet or fake hardwood flooring, white walls, and entry-level appliances. This could have been a condo or townhouse.
I can't find homes like this anymore.
Now all the sudden, if you aren't buying a fixer upper in a violent area, you're just a whiny brat who wants a McMansion.
This post was edited on 8/24/23 at 9:59 am
Posted on 8/24/23 at 9:58 am to A Smoke Break
quote:
A brand new 1100 square foot modular home that you want built in the triparish area is going to set you back at least 130k. I've been shopping with my wife (no pics) for about a year now for a new home and the prices we've seen for square footage up to 1500 is 180-200k.
Every post in this topic i've seen you make has been worse takes after worse takes.
Thanks for your entirely anecdotal evidence. I shall take it into consideration.
Everyone wants or thinks they deserve a nice big house as soon as they start working. That's not how I did it, not how my friends did it. Not how our parents did it.
My first job out of college (less than 20 years ago) I made 35K, wife made roughly the same, and we bought a 150K house in a shitty neighborhood. We fixed it up, made a profit, and moved on to a less shitty neighborhood. Rinse and repeat.
Posted on 8/24/23 at 9:59 am to GetCocky11
Dude the American dream has always been to get married to your high school sweetheart and buy an apartment in the ghetto to start your life and build wealth
Posted on 8/24/23 at 9:59 am to Darth_Vader
quote:
It’s like the banks didn’t learn anything from when the housing bubble burst.
Mortgage lending is a completely different world vs 2006-2008.
Posted on 8/24/23 at 9:59 am to lsupride87
quote:I am not political about everything. There are head winds. You just move on. There was a whole lot of shite thrown on Trumps plate and a shite load of money printed...there was a whole lot of shite left for Joe to deal with, and a whole lot of money printed.
So Joe made America great again and it isn’t going to shite?
Two sides to the same fricking coin. It is nice that the folks want to continue to fight over one dumbass side v the other.
Posted on 8/24/23 at 10:00 am to Thib-a-doe Tiger
Depends on what you mean by a shitty neighborhood. Did you hear gunshots at all hours of the night? Or did it just look run down.
Posted on 8/24/23 at 10:00 am to BabyTac
quote:
Can’t afford it, don’t buy it. That simple.
Its going to be hard for 25-30 yr olds just starting a family to get a mortgage in there price range. There salaries will have to almost to double now a days to live comfy with a mortgage.
Posted on 8/24/23 at 10:00 am to Thib-a-doe Tiger
quote:
Thanks for your entirely anecdotal evidence. I shall take it into consideration.
quote:
My first job out of college (less than 20 years ago) I made 35K, wife made roughly the same, and we bought a 150K house in a shitty neighborhood. We fixed it up, made a profit, and moved on to a less shitty neighborhood. Rinse and repeat.
that $150k house would be $300k today
that is the point that you are seemingly ignoring or just can't grasp
Posted on 8/24/23 at 10:00 am to lsupride87
quote:and home school your kids after they get shanked in first grade
Dude the American dream has always been to get married to your high school sweetheart and buy an apartment in the ghetto to start your life and build wealth
Posted on 8/24/23 at 10:00 am to Supermoto Tiger
I’m a registered R and agree with many/most of the platforms and issues championed by republicans but:
Isn’t universally true. You need fiscal conservatives, not just social conservatives that love spending money *Cough*Louisiana Republicans*Cough
quote:
Do you want inflation to get under control? vote Republican
Isn’t universally true. You need fiscal conservatives, not just social conservatives that love spending money *Cough*Louisiana Republicans*Cough
Posted on 8/24/23 at 10:00 am to Thib-a-doe Tiger
quote:Nope, only 10 years ago my wife and I got married
Everyone wants or thinks they deserve a nice big house as soon as they start working. That's not how I did it, not how my friends did it. Not how our parents did it.
We bought a 1500 sq foot house in river ridge that was built in 1965 for 230k at 4% interest
That same house now is 370k at 7.5%
You see how this works? You see how in just 10 years that mortgage is $1500 more a month just in principal and interest without even accounting for the huge rise in insurance too.
Same salary maybe went up $500 a month in that time
This post was edited on 8/24/23 at 10:02 am
Posted on 8/24/23 at 10:00 am to GetCocky11
quote:
Since when was it a requirement for a starter/basic home to be in the ghetto?
It's not. They are out there. Sure we can look at 1 or 2 areas and show a dilapidated house in the ghetto and assume thats what it's like across the entire county. But unless all of Houston and the burbs are ghetto, there are plenty options. I even went 30K under NIH's number
This post was edited on 8/24/23 at 10:02 am
Posted on 8/24/23 at 10:01 am to lsupride87
quote:
Nope, only 10 years ago my wife and I got married
We bought a 1500 sq foot house in river ridge that was built in 1965 for 230k at 4% interest
That same house now is 370k at 7.5%
You see how this works?
Things get more expensive over time. Groundbreaking stuff. You and your wife also bought it at historically low rates.
Posted on 8/24/23 at 10:02 am to Jcorye1
quote:
Life will be a lot better when interest goes back down to 4%
Interest rates now aren't really that high. What has been abnormal was the super low interest rates from 2009-2021. We may not see sub 5% mortgage interest rates again in our lifetime.
Mortgage rates Start of the decade End of the decade
1970s 7.31% 7.48%
1980s 7.48% 9.78%
1990s 10.13% 8.06%
2000s 8.06% 5.14%
2010s 5.14% 3.72%
2020s 3.72%
This post was edited on 8/24/23 at 10:07 am
Posted on 8/24/23 at 10:02 am to JohnnyKilroy
quote:This is true. However, the current market is unsustainable just the same, even if for different reasons. In the end, housing isn’t affordable for too large a percentage of people. That has to correct at some point. I’m not sure it’s a full on crash like the mid 2000s, but there has to be some correction.
Mortgage lending is a completely different world vs 2006-2008.
Posted on 8/24/23 at 10:02 am to Jcorye1
quote:That is bad. I will tell them not to move to Charlotte unless they can make more money
In Charlotte that's a crack den. Charlotte isn't even insanely expensive.
Thanks for the advice. See how easy that is.
Posted on 8/24/23 at 10:02 am to Thib-a-doe Tiger
quote:
and we bought a 150K house in a shitty neighborhood.
Honest question, what neighborhood?
Posted on 8/24/23 at 10:02 am to Thib-a-doe Tiger
quote:Except the rate at which it is growing is literally historic and groundbreaking. You can’t seem to grasp that
Things get more expensive over time. Groundbreaking stuff
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