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Message
re: 57% of US households can't afford to buy a $300K home today. The median is around $408K
Posted on 5/14/25 at 9:29 am to ronricks
Posted on 5/14/25 at 9:29 am to ronricks
lol, Blackrock will swoop in and pay cash faster than a couple that is local to the area and starting out.
I will own nothing and will be happy about it.
I will own nothing and will be happy about it.
1
Posted on 5/14/25 at 9:29 am to stout
quote:quote:
So what's the solution?
Deflation
I don't disagree but you need a strong recession to get that kind of deflation (because it needs to be across the board, not just housing).
We're likely in a recession already (defined as two consecutive quarters of negative GDP growth). How strong it will be is another matter, but if it pops the consumer debt bubble then it's going to be strong indeed.
Posted on 5/14/25 at 9:31 am to stout
I get a half dozen “WE WANT TO BUY YOUR HOUSE!” Cards a week. I live in a nice but older neighborhood with lots of retirees, and these companies can practically smell their impending funerals, and are trying to swoop in like vultures and turn all the single family houses into rentals. Kids today are paying more for rent on houses than I was paying in mortgage notes 7 years ago. They'll never be able to actually buy at this rate.
Posted on 5/14/25 at 9:31 am to roadGator
quote:
Are you saying people in their 50s are being handed cash for down payments as a general rule?
Nowhere did I say all Boomers. And I was speaking of Boomers with kids mostly in their 30's. And lets be very clear here there are two subsets of Boomers - the greedy selfish kind who wouldn't give their kid $100 bucks if it would save their life and the generous unselfish kind who will help their kids starting out in life with things like a 20% down payment on a home. Also, I'm not advocating for Boomer parents to just hand over tens or hundreds of thousands of dollars to their kids. Heck, some Boomers don't have it and can't even if they wanted to.
Here are two things that are going to transform this country in the next 10 years:
-Boomers dying off and transferring Trillions in wealth to their kids/nephews/nieces.
-Automation, AI, Robotics are going to eliminate A LOT of Blue AND White collar jobs. We are going to have a glut of people out of work not by their own choosing.
Off the top of my head I can name several family members and friends who had Boomer parents pay the down payment on a home they otherwise could not afford. Are they all doing this? Absolutely not but its more common than you think.
Posted on 5/14/25 at 9:32 am to stout
quote:
We also have whole neighborhoods that could benefit from gentrification but gentrification is racist.
There are no federal regulations stopping gentrification. It just happens. People are going to sell their houses and properties to the highest bidder 99% of the time.
I agree with the premise of your post, though. As a homeowner, idc if my house is worth less if all the rest of the houses are also worth less.
The over-inflated market is starting to correct in New Orleans, it seems.
Posted on 5/14/25 at 9:32 am to stout
double
This post was edited on 5/14/25 at 9:41 am
Posted on 5/14/25 at 9:34 am to stout
quote:
shrinking group of buyers who can actually afford your house.
You seem to not understand that these same folks know how to save the environment and they can identify all the various genders popping up daily.
That is truly knowledge. Follow that up with a 4 year degree in Liberal Arts.
They claim to know everything, but are going no where but becoming a burden to society to support.
I mean, who needs public schooling on reading, writing, and arithmetic? Knowing how to cook and sew for yourself? Typing and writing cursive? Learning basic banking? Having trade profession courses in high school?
Posted on 5/14/25 at 9:38 am to stout
bought my first house in nashville in 1997 for 135k and i was TERRIFIED i wouldn't be able to afford the mortgage. i remember thinking i would never be able to pay 6 figures for a house.
if i hadn't, i would have never been able to 'move up' the house ladder to where i am today.
it makes me feel bad for young people who are buying their first homes in this area. the houses haven't gotten any better; my first house is still a crappy little vinyl siding cape code on a postage stamp yard on a busy road but its crazy how much its sold for recently.
if i hadn't, i would have never been able to 'move up' the house ladder to where i am today.
it makes me feel bad for young people who are buying their first homes in this area. the houses haven't gotten any better; my first house is still a crappy little vinyl siding cape code on a postage stamp yard on a busy road but its crazy how much its sold for recently.
Posted on 5/14/25 at 9:38 am to swamptiger99
quote:
I will own nothing and will be happy about it.
Your happiness doesn’t depend on you owning things
Posted on 5/14/25 at 9:41 am to swamptiger99
quote:
Wages have NOT kept up! Nor have job expectations.
This is what I never understood about people complaining about the salaries of gov employees. The truth is gov wages have somewhat kept up with inflation while the private sector has not.
People on here have been conditioned to believe that the current wages are fair, free market, blah blah.
You can see the class gap increasing and wage growth has played a major part of it.
Posted on 5/14/25 at 9:41 am to swamptiger99
quote:
Many of you scoff at those who ask for more than 70k for a starting salary.
Gen X here. I scoff at the kids walking in asking for 70k starting salary because 90% of the kids who are starting in the workforce today are absolutely terrible.
If they were as capable and prepared as earlier generations, people wouldn't scoff as much.
Posted on 5/14/25 at 9:42 am to 4cubbies
quote:
There are no federal regulations stopping gentrification.
I didn't say that. I am saying we need to encourage it more.
Posted on 5/14/25 at 9:46 am to riccoar
Look at the size of the houses they are building compared to 100 years ago, fifty years ago. My parents first house was a little over 1000 square feet. That house was built in 1924, fifty years later houses were 1600-1800 square feet. Now the average house is 2687 square feet. No wonder people can’t afford that. Fewer children and bigger houses doesn’t make sense.
Posted on 5/14/25 at 9:47 am to ronricks
quote:
There is going to be a huge transfer of wealth when Boome
Nope. Boomers are spending that inheritance away. Only 1out of 5 Boomers will leave anything behind for their descendants:
quote:
Retirees of the “Me” generation have done plenty for their children, thank you, and want to spend their remaining years enjoying their money.
And their wealth was always exaggerated anyway. Lots are in bad shape:
quote:
The typical senior with a retirement account has about $200,000 saved, according to data from the 2022 Survey of Consumer Finances for households in the 65-74 age range. But only about half of those households report having retirement accounts at all. The other half might fear there will be nothing left after their death. Indeed, retirement experts say much of the Great Wealth Transfer may go to hospitals and long-term care facilities as boomers confront the perils of old age.
Living longer means bigger expenses.
USA Today article on Northwest Mutual’s study on Boomer financials
Posted on 5/14/25 at 9:47 am to weagle1999
Sure wish I could buy a home, instead I'll be renting forever
Posted on 5/14/25 at 9:48 am to swamptiger99
Get a degree in engineering if you want that wage.
Posted on 5/14/25 at 9:49 am to ronricks
quote:
There is going to be a huge transfer of wealth when Boomer parents and aunt and uncles start dying off en masse
This money is all going to end of life care, not descendants.
Posted on 5/14/25 at 9:49 am to swamptiger99
If you can't afford to purchase a home where you "want" to live, it's time to grow up and live where you can afford.
Posted on 5/14/25 at 9:51 am to RollTide4547
quote:
it's time to grow up and live where you can afford.
There are no jobs.
What a shite take you have
Posted on 5/14/25 at 9:51 am to stout
quote:
I didn't say that. I am saying we need to encourage it more.
Encouraged how?
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