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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 10:59 am to meansonny
Posted on 12/20/23 at 10:59 am to meansonny
quote:
As I said, there are 50,000,000 rental units available in the US. To equate median income to median price when there are 50,000,000 rental units available shows intellectual dishonesty.
How many of those rentals are ST only? Have you seen what it costs to rent in a decently sized metropolitan area lately? It’s not exactly a bargain.
2
Posted on 12/20/23 at 10:59 am to Paul Allen
quote:
The beauty of the proliferation of remote work from home jobs is that one doesn’t have to necessarily be in the city or the suburbs. They can live wherever they want to.
Wow Paul. So insightful
Posted on 12/20/23 at 11:02 am to Paul Allen
quote:what if you’re not an email job pussy?
The beauty of the proliferation of remote work from home jobs is that one doesn’t have to necessarily be in the city or the suburbs. They can live wherever they want to.
Posted on 12/20/23 at 11:04 am to jordan21210
quote:
It’s not exactly a bargain.
You are changing the subject.
The subject is that the article is BS because it compares median household income to median prices.
Why would a first time homebuyer care about median prices even if he/she/they are at the median income?
Posted on 12/20/23 at 11:05 am to GreatLakesTiger24
Depends on where. Find a LCOL area near to your employment.... buy a piece of unrestricted acreage (5-10), and put a used trailer on it. Yeah - I'm aware that mobile homes/trailers are stupid expensive now too, but you can still get one in decent shape for $30K-$50k. You'll need to have a decent amount of cash saved up for this. So try to avoid buying an expensive truck/car and search for land. Build a relationship with your local banker and find a realtor that knows what they are doing.
Build a house when you can afford it, then lease the trailer or sell it.
Now in 10 years, if you need cash - you might be able to subdivide your acreage around your home. Or maybe find ways to generate a small stream of cash from it by raising chickens, cattle, or harvesting nuts.
Build a house when you can afford it, then lease the trailer or sell it.
Now in 10 years, if you need cash - you might be able to subdivide your acreage around your home. Or maybe find ways to generate a small stream of cash from it by raising chickens, cattle, or harvesting nuts.
This post was edited on 12/20/23 at 11:14 am
Posted on 12/20/23 at 11:07 am to GreatLakesTiger24
quote:
51% of Americans make a median annual salary
Posted on 12/20/23 at 11:08 am to GreatLakesTiger24
Don’t even get me started on homeowners insurance rates (NOLA).
Posted on 12/20/23 at 11:11 am to GreatLakesTiger24
I bet you wouldn’t say that to my face.
Posted on 12/20/23 at 11:24 am to meansonny
quote:
Comparing median income to median home prices is a fools tale.
Disagree.
I don’t think the median income should be purchasing the median home, but you can make observations about the state of the market by comparing this ratio to years past.
Posted on 12/20/23 at 11:40 am to PhiTiger1764
quote:
but you can make observations about the state of the market by comparing this ratio to years past.
You could pull any data point and make arguments to the contrary.
It is building an argument using statistics.
Not using statistics to build an argument.
It is the opposite of a scientific approach.
Frankly, it is intellectually dishonest.
On top of all of that, the US is the #3 nation in population.
The US is the #4 nation in the world in size.
To homogenized a populous and territory that large would imply that the area and demographics (income/cost of living) are homogenous across the country.
That in and of itself is a stretch in the practical use of such a study.
Posted on 12/20/23 at 11:41 am to jordan21210
quote:
How many of those rentals are ST only?
When this bubble bursts I'm going to load up on rental properties.
And it won't be short term bullshite.
Posted on 12/20/23 at 11:41 am to dewster
quote:
Find a LCOL area near to your employment.... buy a piece of unrestricted acreage (5-10), and put a used trailer on it.
Gen Z would never be caught dead doing this. It's beneath them.
ETA: Just FYI, insurance is kind of a pain in the arse on the gulf coast with trailers. So there is a hidden cost there at least south of I-10.
This post was edited on 12/20/23 at 11:42 am
Posted on 12/20/23 at 11:43 am to GreatLakesTiger24
These analyses seem to ignore wealth while focusing on “median income.”
I know a fair number of people that bought seemingly above their pay grade thanks to help or an early “inheritance” from the parents.
I know a fair number of people that bought seemingly above their pay grade thanks to help or an early “inheritance” from the parents.
Posted on 12/20/23 at 11:45 am to frequent flyer
quote:
When this bubble bursts I'm going to load up on rental properties
And this is why the “bubble” won’t be bursting anytime soon.
Posted on 12/20/23 at 11:46 am to Steadyhands
quote:
Don't buy houses you can't afford and that are over priced, and this current income to cost ratio wouldn't exist.
How does that work with a hyper inflated housing market and a booming rental industry?
This post was edited on 12/20/23 at 11:47 am
Posted on 12/20/23 at 11:51 am to dewster
quote:
Find a LCOL area near to your employment.... buy a piece of unrestricted acreage (5-10)
Hope you don't work in a city.. where the majority of everyone else works
Posted on 12/20/23 at 11:52 am to i am dan
quote:
How does that work with a hyper inflated housing market and a booming rental industry?
Buy on the low end of the market.
Buy a townhouse or condo.
Save money (shocker) and borrow less.
This isn't rocket science.
Hell... you can pull from your retirement accounts for your first down-payment.
Posted on 12/20/23 at 11:52 am to meansonny
quote:
You could pull any data point and make arguments to the contrary.
Contrary to what? That the housing market is not currently out of whack? Please feel free to provide your data points.
quote:
It is building an argument using statistics. Not using statistics to build an argument.
It is literally using the historical statistics, as shown on the chart, as the basis of the argument.
I am not sure what you are getting at..
Posted on 12/20/23 at 11:54 am to frequent flyer
quote:
Gen Z would never be caught dead doing this. It's beneath them.
It’s a largely irrelevant and unreasonable suggestion.
Where are finding affordable 5+ acres reasonably near your place of employment (which for nearly all people is in or in the immediate vicinity of a large metro area)?
Or is this the classic OT suggestion where people should be spending 10-15 hours a week on their commute to work?
Posted on 12/20/23 at 11:55 am to PhiTiger1764
quote:
quote:
You could pull any data point and make arguments to the contrary.
Contrary to what? That the housing market is not currently out of whack? Please feel free to provide your data points.
Waste my time pulling self described "irrelevant data points"?
You are an idiot.
quote:
I am not sure what you are getting at..
The article is junk.
Click bait for people who hyperventilate over this shite.
What is the correlation to a first time homebuyer at the median income level from Nebraska to the median price of homes across the entire country?
It isn't even a borderline retarded concept. It is full blown stupid.
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