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re: WSJ Piece: Young Americans Are Getting Left Behind by Rising Home Prices, Higher Stocks
Posted on 4/28/24 at 4:06 pm to ragincajun03
Posted on 4/28/24 at 4:06 pm to ragincajun03
quote:
But when you think about it, the current 7% to 8% if what 80s and early 90s babies' parents were used to as the norm.
Yeah but buying power was almost triple then what it is today.
This post was edited on 4/28/24 at 4:11 pm
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Posted on 4/28/24 at 4:08 pm to bad93ex
quote:
It was “easier” to a point in years past since you had more options for employment with just a HS diploma (manufacturing jobs vs service jobs of today) but we are saying this with the benefit of hindsight. There are still opportunities today but we have an overabundance of information and it’s tough to separate the wheat from the chaff.
Those are not small things. My dad went to LSUA for 2 years because he couldn’t afford LSU for 4 years, which was already absurdly cheap by today’s standards (inflation adjusted, too). He’s gainfully employed now.
If he couldn’t afford LSU in the 70s, what do you think he would do today? Colleges are literally 50 times more expensive, inflation has outpaced wages and houses have skyrocketed. On top of that, college degrees don’t mean anywhere near what they meant back then.
I also don’t see what hindsight has to do with it. I’m not necessarily saying the boomers did it intentionally, at least at first. I am saying that boomers who think there’s a comparison between their generation and ours are total retards.
I’m all about calling out lazy, entitled Gen Z and millennials. I’m all about ending worthless degrees. In fact I’m against college entirely except for a handful of occupations.
But we are faced with absurdly different environments now. Is there opportunity? Sure. But not like it was. Kind of like being a musician in New Orleans today. You can still technically do it, but nothing like it was in the 20s.
Posted on 4/28/24 at 4:09 pm to ragincajun03
Private Equity is buying up all the homes and renting them. It’s big business. That’s a big part of the equation.
People need to recalibrate expectations and realize that buying a home in a high demand area is not to be expected for everyone right now.
People need to recalibrate expectations and realize that buying a home in a high demand area is not to be expected for everyone right now.
Posted on 4/28/24 at 4:09 pm to dgnx6
quote:
I don’t really buy into it was easier for everyone and now it’s harder for everyone.
What is post-WW2 American-led order for 2000, Alex?
Do some research on demographics and geopolitics and you' should become a believer or you're bad at math and shouldn't be trusted to do your own taxes or drive a car.
Read Peter Zeihan's book: Accidental Superpower and you'll understand how the boomers had such amazing opportunities that the generations after will not have.
Posted on 4/28/24 at 4:17 pm to Displaced
quote:
We are going this now. Our starter "5 year" home we bought in 2016 has gotten too small for us now with 2 kids. We have an offer on a bigger house with a yard, but will be selling our house with a 15 year 2.25% mortgage we refinanced in 2020... We will be almost doubling our mortgage payment even with the move to a 30 year loan.
How small is too small?
Personally, I’d rather stay and instead invest that almost extra mortgage payment amount worth of $ and retire earlier?
Posted on 4/28/24 at 9:38 pm to TN Tygah
quote:Boomer here confirming this. Hell, LSU was only $500 / semester in the mid-80's when I was there. But guess what youngster? I didn't pay a dime for it as my employer did. Why did they do that? BC I worked my arse off for them. Took me a few extra years but I worked my way through college. And had no student loans.
Spoken like a true boomer who paid less than $1000 a semester for college
And when I got out of school, I immediately got a part-time job even though I did well in technology. I held one of these doing various things such as teaching college, consulting, and buying / flipping houses. Until kids came along. To give all you boomer blamers another target to sky scream at, I'll say the inevitable "I got mine, you all get yours".
However, I do know that times have changed and the housing market is fundamentally different than it was 30-40 years ago. I'm aware of how housing costs are dramatically higher vs income. Why is this? Interest rates are coming up to normal typical levels, corp buying, oh and maybe the fact that the average house size is much larger than years ago. And the bar for minimal luxury must include granite countertops, ceramic tile baths, etc., etc.Developers can't build a starter home, no-one would buy it.
I believe younger buyers do have it worse. The question remains, what policies would effect meaningful change?
Posted on 4/28/24 at 9:45 pm to chrome_daddy
quote:
But guess what youngster? I didn't pay a dime for it as my employer did. Why did they do that? BC I worked my arse off for them
Bruh, they paid for it because $1,000 a year of tuition of your $15,000 salary in 1985 was only 6% of your annual comp.
Posted on 4/29/24 at 6:06 am to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
People were having the same conversations in the early 80’s. Comparable homes were 8-10x what they cost in the early 60’s, rates were close to double digit versus low single digits in the early 60’s, and wages were still a bit behind. It’s cyclical.
The one difference I notice now a lot of first time homeowners are less likely to want to purchase a fixer upper vs 30-40 years ago.
Posted on 4/29/24 at 6:10 am to SelaTiger
quote:Been the liberal plan from the beginning.
They want it to be like China. Families of 3 generations living in little homes together.
Posted on 4/29/24 at 6:16 am to AGGIES
quote:
Private Equity is buying up all the homes and renting them. It’s big business. That’s a big part of the equation.
If you really think they are making a dent, you don’t have a brain
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