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Posted on 4/26/22 at 9:43 am to weagle99
quote:
What is ‘crazy’ about high prices in a time of high demand and scarcity?
It has more to do with what Larry Fink and the Federal Reserve have done in the last 20 years than supply and demand.
Posted on 4/26/22 at 9:43 am to Eli Goldfinger
I'm not sure how other folks pull it off at such a young age (early 20s) but the only way I was able to purchase my first home was with a VA loan. I was a year or two into my second enlistment in the Corps. No down payment needed and I kept my monthly payment (Principal, Interest, Insurance, Taxes) below what the Corps was paying me for my basic housing allowance. Prior to purchasing our first home, my wife and I rented for two years. There's nothing wrong with renting a place when you are starting out...hell, it's to be expected. There has never been a time that someone just graduating from school could expect to have the recourse needed to purchase a home.
Posted on 4/26/22 at 9:44 am to Tmo Sabe
quote:
It has more to do with what Larry Fink and the Federal Reserve have done in the last 20 years than supply and demand.
I would honestly like to learn more about this, maybe I was wrong. Can you elaborate? Thanks
Posted on 4/26/22 at 9:44 am to Eli Goldfinger
I built my first my first home.
Posted on 4/26/22 at 9:45 am to Eli Goldfinger
If you can prove that they're saving cash instead of piling into "equities" because they've been brainwashed by the retirement system to permabid illiquid vanguard funds I might actually have some empathy. I have a very hard time believing most of these kids (mid to late 20s) aren't yoloing at the bar and partying a Coachella for years before they even begin hoarding cash. Not to mention the lack of education on mortgage products that have down payment assistance and first time homebuyer products.
There's no solution to the housing issue for young people. The tradeoffs have to be accepted and kids need to grow TF up earlier to get into a house at a resonable time.
There's no solution to the housing issue for young people. The tradeoffs have to be accepted and kids need to grow TF up earlier to get into a house at a resonable time.
Posted on 4/26/22 at 9:46 am to Eli Goldfinger
As a millennial. I say "frick millennials". My generation is mostly worthless and deserves everything they get. They voted and wanted this. While batching about their student loans.
Posted on 4/26/22 at 9:46 am to Cuz413
quote:
Glorified advertising shows young people this lifestyle of having material possessions and such that conflicts with other things such as homeownership.
Not to mention people think they ‘deserve’ a house that would have been considered a pseudo-mansion years ago.
Our Boomer parents weren’t starting off in Instagram-approved farmhouses with granite and home movie theaters.
This post was edited on 4/26/22 at 9:47 am
Posted on 4/26/22 at 9:46 am to YumYum Sauce
quote:
The fact that a 20 something thinks they deserve a 400k house is laughable
My wife and I bought our first house when we were 30-31 5 years ago and it was $275k. It's a 3 story townhouse, it's now going for $425k today. Back in 2017, that was definitely out our price range, today, the interest rates are even higher than they were back then.
Right now is just an absolutely terrible time to buy a home between the housing prices skyrocketing and interest rates doing the same. Average 30 year mortgage with average points paid was about 5.2% last week according to freddie mac.
We got our townhouse for 4.25% back in 2017 at $275k, at 5.2% and at $425k now, the picture is quite different. With no down payment for simplicity sake, our original mortgage was $1,353/mo ($275k @ 4.25%). If someone wanted to buy our same townhouse today, it would be $2,334/mo ($425k @ 5.2%). Literally almost $1k more a month in a span of 5 years is nuts. that's a 72% increase in mortgage cost for the same place over a 5 year span.
This housing bubble is definitely different from 2007's, but the market has got to correct itself soon. Even with the lack of supply, as even more people will be hunkering down now on their low rate mortgages from the past few years as rates rise to 6 maybe 7%....the rise in rates has to have an affect on what homes are being sold for soon enough. We are sitting at 2.375% off a refi in 2020 and dont plan on doing anything any time soon
If we were in the same situation now as we were 5 years ago, we simply wouldnt be buying right now, the market is just awful in that respect.
This post was edited on 4/26/22 at 9:50 am
Posted on 4/26/22 at 9:46 am to Lynxrufus2012
quote:
Hell, I couldn't afford today to buy where I am living.
Me either. 3000 square feet with a 1200 sq ft detached garage (plumbed, wired and bricked like the house) on 5 acres. I gave 270k in 2019. I could probably sell it for double to someone from Cali or NY looking to move to the rural south.
Posted on 4/26/22 at 9:48 am to Gravitiger
quote:
People bitch about liberal arts majors, but this is what architects in an established firm in a booming city are making?
Don't think Starbucks is paying that much, so what's your point?
Posted on 4/26/22 at 9:48 am to Eli Goldfinger
Then wait to buy a house until you can afford to do so.
I was married at 27. My wife an I could not REASONABLY afford a starter home in a decent neighborhood. So we rented a condo. It wasn't the biggest or the best condo in town, but it was plenty good enough for our needs. We lived there for nearly two years...all the while putting money away for a down payment on an eventual home. Once we had the money saved and had advanced in our careers a bit more we purchased our starter home. It was small, but in a good neighborhood. Could I have gotten a loan for a bigger home and bigger mortgage? Sure. But that wasn't a smart decision based upon our income at the time.
Ultimately we stayed there for over a decade and started our family. Eventually, we outgrew the house. But, because we knew we would eventually do so we continued to put money away for an eventual bigger home. We could have moved several times over during that decade, but didn't. Over that period our house slowly became the smallest house among our friend group. But we didn't let envy force us into a poor financial decision. Our "small" house met all of our basic needs...even while it continued to become more crammed.
Eventually, my wife and I had advanced far enough in our careers and saved enough over a decade where we could comfortably afford the "bigger" house. But it didn't happen over night. The biggest problem with "younger folks" is at 26 and just starting out in their careers they want (and expect to have) the "American Dream" of someone in their 40's.
I was married at 27. My wife an I could not REASONABLY afford a starter home in a decent neighborhood. So we rented a condo. It wasn't the biggest or the best condo in town, but it was plenty good enough for our needs. We lived there for nearly two years...all the while putting money away for a down payment on an eventual home. Once we had the money saved and had advanced in our careers a bit more we purchased our starter home. It was small, but in a good neighborhood. Could I have gotten a loan for a bigger home and bigger mortgage? Sure. But that wasn't a smart decision based upon our income at the time.
Ultimately we stayed there for over a decade and started our family. Eventually, we outgrew the house. But, because we knew we would eventually do so we continued to put money away for an eventual bigger home. We could have moved several times over during that decade, but didn't. Over that period our house slowly became the smallest house among our friend group. But we didn't let envy force us into a poor financial decision. Our "small" house met all of our basic needs...even while it continued to become more crammed.
Eventually, my wife and I had advanced far enough in our careers and saved enough over a decade where we could comfortably afford the "bigger" house. But it didn't happen over night. The biggest problem with "younger folks" is at 26 and just starting out in their careers they want (and expect to have) the "American Dream" of someone in their 40's.
This post was edited on 4/26/22 at 9:50 am
Posted on 4/26/22 at 9:49 am to salty1
quote:
There's nothing wrong with renting a place when you are starting out...hell, it's to be expected. There has never been a time that someone just graduating from school could expect to have the recourse needed to purchase a home.
Growing up, we went from a trailer in Prairieville, to an apartment in BR, to a house in Central, and that was 40+ years ago; and we didn't take many family vacations. My dad's commute was 45-60 min one way.
People don't want to give up all of their luxury items (new cars, multiple vacations, etc) when it's time to make a serious financial commitment.
This post was edited on 4/26/22 at 9:51 am
Posted on 4/26/22 at 9:49 am to YumYum Sauce
quote:
The fact that a 20 something thinks they deserve a 400k house is laughable
Ding, Ding, Ding - winner
There are so many entitled 20 somethings, it is just damn annoying.
I grew up in the 70s and into the 80s. Houses were small, cheap and shitty. Home loans were over 10%. The McMansion lifestyle did not exist and we were OK.
Posted on 4/26/22 at 9:51 am to LSUAlum2001
quote:
You know what prior generations did? Bought in the suburbs and made the long drive to work.
It would be difficult to find a decent home within 60 miles of Nashville for less than $400K
Posted on 4/26/22 at 9:52 am to LNCHBOX
quote:That architecture sounds like a highly underpaid profession for the effort and training that go into it. Can easily beat that waiting tables. A server should not be making more than a architect five years out of school.
Don't think Starbucks is paying that much, so what's your point?
This post was edited on 4/26/22 at 9:55 am
Posted on 4/26/22 at 9:53 am to Eli Goldfinger
quote:
It would be difficult to find a decent home within 60 miles of Nashville for less than $400K
Becoming the same in ATL area.
Starter homes in decent areas around where me/wife live and our friends live bought around the city in suburbs were $200k-$300k back when we all bought between 3-6 years ago.
These same homes are now closing in at $400k and up to $450k or so....on higher interest rates now.
We have friends who live in a 2 bed 1 bath 1000sq-ft bungalow in Tucker, GA and it's like a $375k house now (bought for $225k a few years ago).
This post was edited on 4/26/22 at 9:55 am
Posted on 4/26/22 at 9:53 am to YumYum Sauce
quote:
The fact that a 20 something thinks they deserve a 400k house is laughable
A $400k house is nothing special now
Posted on 4/26/22 at 9:54 am to Eli Goldfinger
quote:
For all the sh!t we give younger folks, I do feel for them.
Housing cost is out of control you say? IMO all by design (no pun intended) my friend. You see the tree huggers don't want wood frame construction. (Trees be the good locust). According to the climate change whackos, they (brother and sister trees) absorb all that nasty CO2 put out by all those nasty gas-guzzling automobiles and O&G Refineries. Plus all those carbon-consuming machines, saws, and labor to frame and build a wood frame habitat.
So they want to do a changeover to clay - mud - computer-printed housing. Yep, you heard me right. When they're finished you get a not so shiny new computer-printed house with stacked clay rope for walls.
The future in the eyes of the climate change crowd? Tofu Burgers, Tofu Chicken Nuggets, Soybean Milk, and clay rope walled computer-printed housing. Oh, I almost forgot......and battery-powered sewing machines for transportation. But remember, do realize the big wigs keep their gas-guzzling SUVs. You know to keep watch on us.
Thank you.
This post was edited on 4/26/22 at 3:00 pm
Posted on 4/26/22 at 9:54 am to LSUAlum2001
quote:It sounds like your family did what it took to achieve a better life.
People don't want to give up all of their luxury items (new cars, multiple vacations, etc) when it's time to make a serious financial commitment.
Nobody wants to "do what it takes" anymore. They want what they want without compromise. And if they can't have it like that then it's "unfair".
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