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re: The High Cost of a Home Is Turning American Millennials Into the New Serfs
Posted on 8/22/17 at 2:24 pm to slackster
Posted on 8/22/17 at 2:24 pm to slackster
quote:
Minimum wage in 1981 was $3.35. Inflation adjusted equivalent in 2017 is $9.02. Actual minimum wage in 2017 is $7.25.
Are you making minimum wage? Are you paying 15-20% interest?
Interest makes a bit of a difference
1
Posted on 8/22/17 at 2:24 pm to Mingo Was His NameO
quote:
Im not describing myself when looking at this data,
Sureee....
Posted on 8/22/17 at 2:26 pm to RogerTheShrubber
quote:
Yes, Mingos academic knowledge is lacking. Are agreeing with him?
If we had a objective group of people familiar with this subject vote on who has displayed more knowledge I would be comfortable in the results.
Posted on 8/22/17 at 2:27 pm to RogerTheShrubber
quote:
Sureee....
I'm working on the experience requirement of the CPA, I think I'll be alright.
Posted on 8/22/17 at 2:28 pm to Mingo Was His NameO
quote:
If we had a objective group of people familiar with this subject vote on who has displayed more knowledge I would be comfortable in the results.
For someone who had to google how wages are set, then didn't know it was related exactly to the thing you were arguing against.,..anyone agreeing with you is an idiot.
Posted on 8/22/17 at 2:29 pm to Darth_Vader
quote:
Want some facts? Go look at unemployment rates and home loan interest rates in the 70s and compare them today.
How about inflation and short term CD rates?
All you and Roger want to discuss is borrowing costs without taking into account interest rates as a whole.
You were earning 5-17.5% on short term money during the late 70s and early 80s while you saved up to put a down payment on a home. Your money, on average, was generating a real return after inflation. That hasn't been the case for savers most of the time since 2008.
Posted on 8/22/17 at 2:31 pm to slackster
quote:
All you and Roger want to discuss is borrowing costs without taking into account interest rates as a whole.
Aren't we talking about cost of owning a home?
Your payment on a 75k home in 1975 would be equal or higher than a 200k home or condo today. Without considering inflation.
Posted on 8/22/17 at 2:31 pm to RogerTheShrubber
quote:
Are you making minimum wage? Are you paying 15-20% interest?
Interest makes a bit of a difference
That last part is what they keep ignoring. Interest rates then, coupled with the fact that home loans required huge down payments then compared to now.
Like I said, there is a reason 20 somethings in the 70s and 80s didn't bitch about how hard it was to buy a house. And that's beacuse back then it wasn't even a realistic option.
Posted on 8/22/17 at 2:33 pm to Darth_Vader
quote:
Interest rates then, coupled with the fact that home loans required huge down payments then compared to now.
The interest in my first new car in 1983 was 21%. The payment was $410.
Posted on 8/22/17 at 2:33 pm to Darth_Vader
quote:
That last part is what they keep ignoring. Interest rates then, coupled with the fact that home loans required huge down payments then compared to now.
So they didn't buy homes, they bought CD's that outpaced inflation causing them to see a real gain in their money. Then interest rates dropped and they bought a house at a decent rate partially with the money they made from when interest rates were high.
Posted on 8/22/17 at 2:38 pm to Mingo Was His NameO
quote:
So they didn't buy homes, they bought CD's that outpaced inflation causing them to see a real gain in their money.
If you were working. You seem to keep forgetting we went through a series of recessions from 73-83, another in the late 80's.
Posted on 8/22/17 at 2:41 pm to Mingo Was His NameO
quote:
So they didn't buy homes, they bought CD's that outpaced inflation causing them to see a real gain in their money. Then interest rates dropped and they bought a house at a decent rate partially with the money they made from when interest rates were high.
why don't you try doing this instead of whining and bitching about how hard it is now? Those who came before showed you how to do it.
Now do it.
Posted on 8/22/17 at 2:44 pm to RogerTheShrubber
Time to re-evaluate your position when you're arguing on Darth's side 
Posted on 8/22/17 at 2:45 pm to TheOcean
quote:
Time to re-evaluate your position when you're arguing on Darth's side
Maybe there's more than two sides here.
I find Millennials overwhelmingly positive. Tigerdroppings seems to be the outlier.
Posted on 8/22/17 at 2:47 pm to deeprig9
quote:
Now, take your 65k and subtract your student loan payments and tell me who makes more.
$1250 a month is student loans is a shite load. The person with that kind of student loan likely has MD behind their name and laughs at plumber salaries.
quote:
And realize half of the plumbers make more than that.
Average doesn't necessarily mean half make above and half make below. Perhaps you should have paid more attention in school.
Posted on 8/22/17 at 2:50 pm to RogerTheShrubber
quote:
Aren't we talking about cost of owning a home?
Your payment on a 75k home in 1975 would be equal or higher than a 200k home or condo today. Without considering inflation.
A 75k home in 1975 was basically double the median price of $37,200.
In January of 1975, 30 year conventional mortgages were at 9.43%. You put down 80%, and your principal and interest payment was $248.72/month - 118.4 times the minimum wage of $2.10/hr.
In August 2017, the median home price is $263,800 and 30 year conventional mortgages are at 3.9%. That principal and interest payment is $995.41/month - 137.3 times the minimum wage of $7.25/hr.
ETA: To be clear, the combination of median home prices and interest rates make for a cheaper home in 2017 than they were in 1975, but, this example points out the slow/no growth of wages during that time as well.
This post was edited on 8/22/17 at 3:09 pm
Posted on 8/22/17 at 2:51 pm to RogerTheShrubber
quote:
I find Millennials overwhelmingly positive. Tigerdroppings seems to be the outlier.
I train Millennials all the time and have the same experence as you. Really the only negative thing about them in real life that I've seen is they have really shitty taste in music.
This post was edited on 8/22/17 at 2:51 pm
Posted on 8/22/17 at 2:52 pm to Darth_Vader
quote:
why don't you try doing this instead of whining and bitching about how hard it is now? Those who came before showed you how to do it.
Because inflation is rising at essentially the same rate as the interest on a CD so there's no point.
Posted on 8/22/17 at 2:56 pm to Mingo Was His NameO
quote:
Because inflation is rising at essentially the same rate as the interest on a CD so there's no point.
So you think bitching will get you into that dream house somehow?
Posted on 8/22/17 at 3:03 pm to slackster
quote:Is this where I say Boom?
A 75k home in 1975 was basically double the median price of $37,200.
In January of 1975, 30 year conventional mortgages were at 9.43%. You put down 80%, and your principal and interest payment was $248.72/month - 118.4 times the minimum wage of $2.10/hr.
In August 2017, the median home price is $263,800 and 30 year conventional mortgages are at 3.9%. That principal and interest payment is $995.41/month - 137.3 times the minimum wage of $7.25/hr.
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