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re: The age of the median home buyer in 07 was born in 1968, in 2024 it is still 1968.
Posted on 5/20/25 at 3:38 pm to Mingo Was His NameO
Posted on 5/20/25 at 3:38 pm to Mingo Was His NameO
quote:and I asked you specific questions about your hypothetical guy that you never answered...
You asked for the example I gave you and now you’re saying you’re incapable of understanding it
1
Posted on 5/20/25 at 3:39 pm to CatfishJohn
quote:
That is actually pretty wild to think about. 18 years. American homeownership dream is dying a swift death
The rate of homeownership in the USA hasn’t changed much at all in the past 50 years. I think everyone is commenting on a very misleading statistic.
Posted on 5/20/25 at 3:40 pm to Kodar
quote:yes, it sucks but people do it all the time in big cities, in order to live in an affordable home.
You say this but a 1 hour commute is a large ordeal for anyone.
Posted on 5/20/25 at 3:41 pm to Chicken
quote:
and I asked you specific questions about your hypothetical guy that you never answered...
They were irrelevant and this isn’t a dissertation. The length left on the car note doesn’t make a bit of material difference. You just want to “feel” a certain way. Which is crazy person behavior
Posted on 5/20/25 at 3:41 pm to Chicken
quote:And I've seen it take a toll on them and their families. Is that acceptable?
yes, it sucks but people do it all the time in big cities, in order to live in an affordable home.
Posted on 5/20/25 at 3:42 pm to Chicken
quote:
Look, I acknowledge that things cost more now, but i also feel confident that many people spend outside of their means, which doesn't help people save for home ownership.
But it's not just "things" that cost more, it's necessities.
This very thread had post after post lamenting coffee purchases, netflix, etc etc.
Those items are hardly anything when it comes to a household budget. Rent, healthcare, insurance, student loans, etc etc have all inflated MUCH moreso than wages and much moreso than "luxuries".
It would take literal years worth of rent payments to buy a normal tv, a microwave, a personal computer, and a cd player back in the 80s.
These days you can buy all that shite for ~14 days of rent.
Posted on 5/20/25 at 3:42 pm to Chicken
quote:
yes, it sucks but people do it all the time in big cities, in order to live in an affordable home.
And society is worse off for it. Which, for like the tenth time, is the whole fricking point
Posted on 5/20/25 at 3:42 pm to Kodar
quote:would you rather them live in the hood?
And I've seen it take a toll on them and their families. Is that acceptable?
Posted on 5/20/25 at 3:44 pm to chalmetteowl
quote:Nope. Neither are good answers. Is there not a reasonable middle ground? I ask genuinely as I see a problem, but I do not pretend to be knowledgeable enough to know the answer. I don't expect anyone here to know the answer either frankly
would you rather them live in the hood?
Posted on 5/20/25 at 3:45 pm to Chicken
quote:
yeah, but how picky were those buyers? did they balk at long commutes?
Prime white flight era so I think they were more concerned with crime
Posted on 5/20/25 at 3:45 pm to Mingo Was His NameO
quote:you don't think the interest rate and payoff date of debt is important in a discussion about saving money to afford home ownership?
The length left on the car note doesn’t make a bit of material difference.
Posted on 5/20/25 at 3:47 pm to Chicken
quote:
you don't think the interest rate and payoff date of debt is important in a discussion about saving money to afford home ownership?
Considering it’s not negotiable by the buyer and having a car is pretty much a non starter, no
This post was edited on 5/20/25 at 3:47 pm
Posted on 5/20/25 at 3:53 pm to Chicken
quote:It's not really relevant in this hypothetical, especially since the proposed solution involves buying a property with an hour (plus) commute, which means more money for gas, tires, oil changes, servicing, depreciation, and ultimately the need for another vehicle sooner.
you don't think the interest rate and payoff date of debt is important in a discussion about saving money to afford home ownership?
Posted on 5/20/25 at 4:03 pm to TideCPA
I tried to find it in this thread, but any proposed solutions to the rising portion of a persons pay it takes to own a home?
Posted on 5/20/25 at 4:09 pm to Dawgfanman
quote:
any proposed solutions to the rising portion of a persons pay it takes to own a home?
Kick out about 11million illegals, crack down on "offerpad" buying out all the houses for 2x their market value that turns them into eternal rentals.
Posted on 5/20/25 at 4:11 pm to TideCPA
quote:well, if this person just has a few years before both loans are paid off, then that bodes well for them to start saving more towards their home purchase, no?
It's not really relevant in this hypothetical, especially since the proposed solution involves buying a property with an hour (plus) commute, which means more money for gas, tires, oil changes, servicing, depreciation, and ultimately the need for another vehicle sooner.
In Mingo's example, that is $750 freed up monthly to go towards a home purchase...
This post was edited on 5/20/25 at 4:12 pm
Posted on 5/20/25 at 4:12 pm to SallysHuman
quote:
Kick out about 11million illegals
Are they living in nice homes that young professionals wish to buy?
quote:
crack down on "offerpad" buying out all the houses for 2x their market value that turns them into eternal rentals.
This sounds like some sortof plea for the govt to intervene in the market, this will likely drive up prices as govt intervention usually does.
Posted on 5/20/25 at 4:15 pm to Dawgfanman
quote:
Are they living in nice homes that young professionals wish to buy?
They are taking up housing stock, which causes shifts in the market.
quote:
This sounds like some sortof plea for the govt to intervene in the market, this will likely drive up prices as govt intervention usually does.
Government intervenes in the market anyway, might as well do so to BENEFIT young, American homebuyers.
Posted on 5/20/25 at 4:17 pm to SallysHuman
quote:
Government intervenes in the market anyway, might as well do so to BENEFIT young, American homebuyers.
Sounds like it might be at the expense of older home sellers. You know young homebuyers might eventually want to sell and probably won’t like the govt dictating who can buy and how much they can pay..
Posted on 5/20/25 at 4:24 pm to Dawgfanman
quote:
Sounds like it might be at the expense of older home sellers. You know young homebuyers might eventually want to sell and probably won’t like the govt dictating who can buy and how much they can pay..
Older sellers are going to be making a profit anyway...
These corporate buyers snatch us homes in neighborhoods at prices regular, first time buyers can't begin to afford.
People across from me bought in 99 for just under 100k... sold for over 220k to a corporate buyer and got turned into an expensive rental. I don't blame my neighbors, but damn... no wonder young adults can't get into homes- they are competing with endless pockets of large corporations.
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