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Started By
Message
re: The math for buying a home no longer works, per WSJ
Posted on 12/20/23 at 6:41 pm to elprez00
Posted on 12/20/23 at 6:41 pm to elprez00
quote:
Of $10k
5% down at $12k is impossible to you.
What a sad life you lead.
quote:
Saving and buying a used car…. For $4k
My 19 year old literally did this 3 months ago. Honda Civic with 140,000 miles.
I even shared a link with 35 condos and townhomes available in Sandy Springs GA for under $250k.
Defeatists are going to be defeatists.
0
Posted on 12/20/23 at 6:41 pm to meansonny
quote:
Hell... with 401k contributions, HSA, and insurance, my take home today is still about $60k a year (total comp is close to $170k for me).
No frickin shot this is true. You are lying, dude.
Try again.
Posted on 12/20/23 at 6:42 pm to meansonny
quote:
Good decisions have a way of compounding.
Just like interest on the money you don't spend on shite you don't need and instead invest, knowing that you want to buy a home in five or 10 years.
But then again, this is the mindset of the generation we're dealing with:
quote:
We are perennially told we are a collective generation of You Only Live Once (YOLO), a mentality of act now, think later, of life experiences over life investments, of activism and lives lived online. We are swipe-right for love, tap for food, next-day delivery on everything from dinner to sex. We are a generation of instagrammers and YouTube stars, of DIY careers and remote working; from start-ups to freelancing. We are a generation of renting over buying, spending over saving. We live for today, not tomorrow.
That's fine if people want to live that way and ignore all traditional approaches to building wealth and things like a house(s), it's your choice. But then don't expect the rest of us to have sympathy for you when you can't afford a house, retirement, and all the other things we sacrificed to attain.
This post was edited on 12/20/23 at 6:51 pm
Posted on 12/20/23 at 6:45 pm to meansonny
Let’s assume under your ridiculous scenario here that it’s plausible. Take home after taxes is going to net them about $4400/month in income
Conservatively, let’s assume your couple making 75 grand is going to pursue this house using your original $1100/m note. Add in insurance and escrow and that becomes about $1750.
Car insurance is going to run $250
Utility bills about $200
Cell phone for 2 people is $200
Internet is $65
Fuel, very conservative, $200
General upkeep and consumables, $300
Very conservative, let’s limit a car note (or two since they’re going to drive beaters) to $500.
That leaves them with $985 out of their original $4400, or $246/wk of disposable income. That buys groceries, whatever entertainment, and account for crazy fluctuations like car insurance increasing $100/m because reasons, or your electric bill going from $150/m to $500/m because fuel, or gas doubling, etc.
And don’t give me that bullshite about “they don’t need internet or a cell phone.” Yes they do. It’s 2023. Literally every aspect of the modern world involves you using the internet, from job seeking to banking to paying your bills.
So just stop. This is silly.
Conservatively, let’s assume your couple making 75 grand is going to pursue this house using your original $1100/m note. Add in insurance and escrow and that becomes about $1750.
Car insurance is going to run $250
Utility bills about $200
Cell phone for 2 people is $200
Internet is $65
Fuel, very conservative, $200
General upkeep and consumables, $300
Very conservative, let’s limit a car note (or two since they’re going to drive beaters) to $500.
That leaves them with $985 out of their original $4400, or $246/wk of disposable income. That buys groceries, whatever entertainment, and account for crazy fluctuations like car insurance increasing $100/m because reasons, or your electric bill going from $150/m to $500/m because fuel, or gas doubling, etc.
And don’t give me that bullshite about “they don’t need internet or a cell phone.” Yes they do. It’s 2023. Literally every aspect of the modern world involves you using the internet, from job seeking to banking to paying your bills.
So just stop. This is silly.
Posted on 12/20/23 at 6:46 pm to alajones
quote:
Also, I’ve been saying for years that there are an assload of affordable houses, they’re just in neighborhoods where people don’t want to live. Addressing this issue would bring housing prices down also
This is the truth. Decay of urban cities is making a lot of houses not appealing to live in. That plus the short term rental come up has destroyed inventory
Posted on 12/20/23 at 6:49 pm to GetCocky11
Thank you. I’m going to show this post to my wife and kids and show them I’ve been right all along.
Posted on 12/20/23 at 6:52 pm to yaboidarrell
quote:
Drive around any neighborhood in the Austin area
And you lost me right there. Love Texas, no desire to live in Austin or do things that Austin residents do.
Politicians
Creative director
Hippie
Douchebag
Microbrewist
Yeah no. I'll keep a real job and live in a real place and drive a real car.
Posted on 12/20/23 at 6:55 pm to jclem11
quote:
No frickin shot this is true. You are lying, dude.
Try again.
As your pay goes up, don't increase your spending.
I've got 401k, HSA, pension.
My insurance comes out of my paycheck too (life insurance, car insurance, and home insurance).
Take home the past 8 years has been $60k a year (average $5k a month).
My wife has been back in the workforce for 10 years. So my income isn't the only one any more.
Like I said, our goal was to survive on the same take home as when we were both waiting tables.
Over time, it increased.
But my income increased exponentially as well.
Posted on 12/20/23 at 6:56 pm to GreatLakesTiger24
quote:
an ~1800/month mtg payment (not including pmi) easily within budget of someone making about 6k/month?
I've got a house listed around $220k and mortgage, insurance, and untilities total just under $1,400/month on average. Less than 25% of that $6k/month.
quote:
and the word "good" is doing a lot of work here
No, it really isn't. Some of you just have zero idea what's out there. My fiancée and I have bought two houses that are under $250k in the last 2 years, quiet & clean neighborhoods.
Posted on 12/20/23 at 7:00 pm to GreatLakesTiger24
Fake elections have consequences
Posted on 12/20/23 at 7:03 pm to GreatLakesTiger24
I’m not going to read all 17 pages but it’s pretty simple. People want to live beyond their means.
Debt can only be carried so far before it’s time to pay it back.
Debt can only be carried so far before it’s time to pay it back.
Posted on 12/20/23 at 7:07 pm to meansonny
quote:
As your pay goes up, don't increase your spending.
Wage increases aren’t keeping up with inflation over the last few years. So you’re actually either spending less than you did last year and each year before that in terms of purchasing power, or you’re spending more dollars with the same purchasing power. Option 3 is to find a higher paying position that drastically increases your income, but we’re talking about the average American here.
Posted on 12/20/23 at 7:10 pm to elprez00
quote:
fricking people talking about don’t go to Starbucks or watch Netflix and you’ll save enough money to put a 30% down payment on a house
I'm so sick of reading this in this thread so let's play this out.
Estimated savings:
Netflix: $20 x 12 = $240/year
HBO Max: $20 x 12 = $240/year
1 less brunch a week: $50 x 52 = $2,600/year
2 less takeout dinners per week: $20 x 52 = $1,040/year
Cancel gym membership: $80 x 12 = $960/year
Starbucks: $5 x 20 days/month = $1,200/year
2 less trips per year: $1,000 x 2 = $2,000/year
New phone every 4 years instead of every 2: $400/year
50% less on hair/nails: $150/month = $1,800/year
2 less bar tabs/month: $200/month = $2,400/year
These numbers are not unreal...total is $12,880/year, and there are likely other things I'm not thinking of.
If that is done consistently and that money is invested at 5% (which is also low), in five years you'd have $72,993. In 10 years you'd have $166,670.
There's your 20% or 30%. Unless you all think you can just save for a year and expect to have a massive down payment on a nice house, in which case holy shite.
This post was edited on 12/20/23 at 7:14 pm
Posted on 12/20/23 at 7:11 pm to Chucktown_Badger
quote:a plumber in Houston only makes $28/hr ?
Houston: $28.38/hour
Posted on 12/20/23 at 7:12 pm to SuperSaint
Posted on 12/20/23 at 7:14 pm to Chucktown_Badger
quote:
Starbucks and Netflix
These numbers are not unreal...total is $12,880/year, and there are likely other things I'm not thinking of.
That’s ~$12200 worth of stuff not Netflix and Starbucks twice a week that you’re assuming everyone does lol
This post was edited on 12/20/23 at 7:16 pm
Posted on 12/20/23 at 7:14 pm to meansonny
quote:
Take home the past 8 years has been $60k a year (average $5k a month).
Then you are lying about grossing $170K.
Posted on 12/20/23 at 7:15 pm to ansertiger
quote:
That’s ~$12200 worth of stuff not Netflix and Starbucks twice a week that you’re assuming everyone does lol
I knew this was coming. If you don't get the point of the exercise, where I was illustrating using things that many young people do, then you're beyond help. You will likely never make enough to own a house.
But who knows, perhaps young people don't go out to the bar, or brunch, or take trips. JFC.
This post was edited on 12/20/23 at 7:17 pm
Posted on 12/20/23 at 7:15 pm to Chucktown_Badger
quote:show us the receipts on your 5+% annual returns the last 5 years Baw
These numbers are not unreal...total is $12,880/year, and there are likely other things I'm not thinking of. If that is done consistently and that money is invested at 5% (which is also low), in five years you'd have $72,993.
Posted on 12/20/23 at 7:16 pm to Chucktown_Badger
I'd have guessed it was double that. shite you can get over $20/hr being a non skilled dishwasher at taco bell
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