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Started By
Message
re: The average age of U.S. homebuyers jumps to 56
Posted on 11/5/24 at 7:51 am to fareplay
Posted on 11/5/24 at 7:51 am to fareplay
quote:
Where are these 3/1 1k sq ft houses now days? A condo maybe
There are piles of them in town and near town. All over the south and mid-west for certain. Mill houses tend to be 3/1s and are very common.
0
Posted on 11/5/24 at 7:52 am to Dire Wolf
quote:
I know CPAs that didn’t make more than that working for a big 4 when they started 10 years ago.
No doubt. I was a Union Electrician at the time and was making around $24K working 8-9 months a year.
Posted on 11/5/24 at 7:55 am to chrome_daddy
I'd rather have more dirt than I would another room or two.
It's just my wife and I, so we fully remodeled the 1800 sq ft house we live in instead of building a new, bigger house. I love the privacy of a farm and acreage plus I have 3 shop buildings.
It's just my wife and I, so we fully remodeled the 1800 sq ft house we live in instead of building a new, bigger house. I love the privacy of a farm and acreage plus I have 3 shop buildings.
Posted on 11/5/24 at 7:59 am to TomRollTideRitter
quote:
Is it? If you ever sell you’ll just need to buy another home that has likely risen similarly in value or become a renter.
It makes your net worth number look better, but on a cash basis, I don’t see the benefit except for use in financing.
It is a wash if you sale and need a similar sized or finished home - it is a kick in the pants if you need a bigger home - it is, however, very sweet indeed if you are downsizing or moving to a lower cost of living area.
Young families SHOULD be buying smaller homes if buying is advisable at all. They are not. First off very few small homes being built....dirt is too expensive and buyers want a massive house and damn the cost. There are PILES of smaller, older homes all over the nation. Not many young buyers will even look at them. They are VERY attractive to investors because they are ideal rentals...tend to be close to town, small lots, low prices. It is FAR easier, too, to buy a 3500 square foot tract house in a HOA community than it is to buy a 1200 sq foot 3/2 that was built in the 1950s because the tract house is being heavily marketed and realtors and bankers have a vested interest in getting a buyer into it. Smaller existing homes do not have as many people interested in selling.
Posted on 11/5/24 at 8:10 am to stout
Young people buying Corvettes old people buying houses; clown world bruh...
Posted on 11/5/24 at 8:19 am to AwgustaDawg
quote:
Young families SHOULD be buying smaller homes if buying is advisable at all. They are not.
You should buy the most house you can afford.
Transaction costs when buying/selling a home are way too high to buy small with the plan to upsize within a few years as your family grows.
You're fricked if you buy that 2/1 for "cheap" and then need the extra space 2 or 3 years later. Even with significant appreciation you're coming out WAY behind if you have to sell not that long after you buy.
When I was looking for our first house, the advice my parents gave was just to buy something small and then get a bigger house once the kids start coming. If I had done that I would have probably come out 30-40k in the red on my first home purchase after just a couple years. And that area appreciated significantly over that timespan.
Posted on 11/5/24 at 8:58 am to AwgustaDawg
quote:
There are PILES of smaller, older homes all over the nation. Not many young buyers will even look at them. They are VERY attractive to investors because they are ideal rentals...tend to be close to town, small lots, low prices
my neighborhood is all 60/70s ranch style 3/2 to varying degrees of renovated. The average age of the owners is ~35. In my experience, these tend to be some of the most in-demand neighborhoods for younger couples.
quote:
3500 square foot tract house in a HOA community than it is to buy a 1200 sq foot 3/2 that was built in the 1950s because the tract house is being heavily marketed and realtors and bankers have a vested interest in getting a buyer into it. Smaller existing homes do not have as many people interested in selling.
they do that because the house is cheaper, newer, and likely has better schools out in the burbs.
why spend 400k to 500k to live in capitol heights or garden district when you can get a bigger house outside of BR for 350
This post was edited on 11/5/24 at 9:01 am
Posted on 11/5/24 at 9:00 am to Dire Wolf
quote:
and likely has better schools out in the burbs.
ding ding ding ding
Posted on 11/5/24 at 2:25 pm to JohnnyKilroy
quote:
You should buy the most house you can afford.
I completely disagree. I think its best to buy the house you need. A young couple with 2 kids and combined income of $120K can "afford" a $300K home....pile of them doing it. But they are house poor....have no savings, have to finance maintenance. If they had used the $30K down on a $225,000 home they'd have far more cash flow and some wiggle room.
On the other end you have older folks like my wife and myself. We could "afford" to live in a $2 million home. We live in a $600K home and it is about 2 times bigger than we need. There are 4 of us in it. 5 bedrooms and 5 baths and just under 4000 square feet. I am not even certain there is a kitchen in the damned thing as seldom as its used. I spend about 60 hours a week in the damned thing, my wife and daughter spend about the same amount and my decrepit old father spends about 168 hours a week in it. He is the only one who is ever there. My wife and I are either at work or doing something and our daughter sleeps in it and is gone almost anytime she is awake with school shite. Damned thing has 2 laundry rooms....one upstairs and one down stairs. Has a formal dining room that we haven't set foot in in except to sweep and mop ever that I can remember, 2 bedrooms that no one has been in in months, 2 bathrooms I have to remember to run water in or the traps go dry and start stinking, a "sitting" room attached to the MBR that my wife works our of and an Office that the dogs sleep in. The damned thing has closets in it that we forget exist and of course somehow anything that is lost in that monsterous mini-motel is always in one of those damned closets. Buying as much house as one can afford is a good way to be house poor.....
Posted on 11/5/24 at 2:29 pm to JohnnyKilroy
quote:
You're fricked if you buy that 2/1 for "cheap" and then need the extra space 2 or 3 years later. Even with significant appreciation you're coming out WAY behind if you have to sell not that long after you buy.
This is a valid point...and the reason no one should pay a real estate commission ever if there is not a relocation contract in place which reimburses them for real estate expenses. If one is not in a position to sell a house themselves they probably ain't in a position to own one. Its a simple process.
Posted on 11/5/24 at 2:35 pm to AwgustaDawg
I sold my first house in River Ridge, La in 2021 for $345,000
It was 1,550 sq feet and built in the 1960s….
People are fricking delusional saying it’s only large mansions that are expensive. Homes of all sizes are more expensive today relative to wages than ever before
It was 1,550 sq feet and built in the 1960s….
People are fricking delusional saying it’s only large mansions that are expensive. Homes of all sizes are more expensive today relative to wages than ever before
This post was edited on 11/5/24 at 2:37 pm
Posted on 11/5/24 at 2:42 pm to fareplay
quote:
Go to Zillow and check homes near you brother. You’re going to realize that 400k don’t get a lot
We are building a house currently. A little over 2000 sq. Ft. Nice corner lot in a quiet neighborhood where my house will be the smallest, average is around 2500. I will have a fair bit less than 400k in it. At least around here, you can get a LOT of house for 400k.
Posted on 11/5/24 at 2:44 pm to lsupride87
quote:
I sold my first house in River Ridge, La in 2021 for $345,000 It was 1,550 sq feet and built in the 1960s….
I sold my very first house (4/2, 2100 sqft on a smallish lot) for over 600 in 2022. It was built in the early 90s and the only update was a 2010 refresh (not remodel) of the kitchen. Original floors, original bathrooms.
Clown world.
Posted on 11/5/24 at 2:47 pm to MikeAV8s
I'm glad to see this come up again. Would anybody else care to debate whether or not $400k is a lot of money in Louisiana?
Posted on 11/5/24 at 2:50 pm to AwgustaDawg
quote:
I completely disagree. I think its best to buy the house you need. A young couple with 2 kids and combined income of $120K can "afford" a $300K home....pile of them doing it. But they are house poor....have no savings, have to finance maintenance. If they had used the $30K down on a $225,000 home they'd have far more cash flow and some wiggle room.
I’m mostly talking about first time homebuyers in the early part of their career. I’d much rather take the gamble of being house poor for a year or two before getting raises/promotion and ultimately being able to stay in my house indefinitely vs buying something that doesn’t accommodate my growing family and now I have to hope my house has appreciated hugely just to get my down payment out of it.
Posted on 11/5/24 at 3:11 pm to lsupride87
quote:
Homes of all sizes are more expensive today relative to wages than ever before
They are indeed.
In my case the people doing the same job I was doing in 1988 are making 12% more than I did adjusted for inflation. The house that I bought in 1988 is "valued" 34% higher than it was in 1988 adjusted for inflation. That is a MASSIVE difference. By comparison someone doing that same job in 1950 was making about 98% of what I was making in 1988 adjusted for inflation and the home was about 2% higher in 1988 adjusted for inflation. There is NO doubt that housing is more expensive as a % of earnings in 2024 than it has been in the past....substantially more expensive. Renting is directly correlated to buying, it too is far more expensive.
Posted on 11/5/24 at 3:21 pm to AwgustaDawg
quote:
A young couple with 2 kids and combined income of $120K
a couple with two kids making 120k should have used protection
Posted on 11/5/24 at 5:24 pm to stout
A lot of it isn't their fault (see white house last 4 years) but if they weren't such entitled pussies that would go a long way. 
Posted on 11/5/24 at 5:28 pm to Dire Wolf
quote:
a couple with two kids making 120k should have used protection
That's about 50% higher than the average household income in the US.
Posted on 11/5/24 at 6:08 pm to fallguy_1978
quote:
That's about 50% higher than the average household income in the US.
Median income for married couples is 110k
average is 146
Retarded to compare single households to married
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