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re: So all I need to do to afford a $750,000 house
Posted on 3/17/25 at 8:07 pm to SlowFlowPro
Posted on 3/17/25 at 8:07 pm to SlowFlowPro
quote:
Older millennials are too old to enjoy a 30-year mortgage.
Of course they aren't. The oldest millennials are 44. They can rock a 30 year mortgage and pay it off early if they want to.
And you fricking whiners need to decide what your whining is about. I thought everyone was complaining about the cost of homes going up in the past few years. Now you're talking about since 2008.
Here's a link to a graph of housing affordability index since 1970. That index considers the inflation adjusted median home prices, interest rates, and median household income.
Whiners
From the post associated with the graph:
quote:
A few observations I made after completing the graph:
??In the early 1980s, it was in fact less affordable to buy a home than it is today.
??From an affordability standpoint, the best time to buy a home was 2012. Prices hadn’t fully recovered from the GFC and mortgage rates had fallen dramatically.
??From an affordability standpoint, it was a sensational time to buy a home from 2008 through 2021.
??The extraordinary affordability levels during that decade added to the exceptional rise in home values over that time. That in turn…along with a quick and dramatic rise in mortgage rates…has led to the affordability challenges we face today.
Today, he says. Meaning, since 2021 (he only had data through 2023).
So which is it? What exactly are you claiming is so unprecedented?
When you factor all of those numbers—just like I've been saying—it was harder to buy a house from the mid to late 70s through the mid 80s. And it was way easier from roughly 2010 to 2020.
We're talking about a five year trend that you say is ripe to correct any time now.
2
Posted on 3/17/25 at 8:24 pm to AuburnTigers
quote:
I mean, straight out of college? Shithole?
Like i said, lower your fricking standards, swallow your pride and save some money
I mean yeah. Looks like a shitehole for a 22yr old in 25 (in this example making 70k) Maybe if people were smart and did the rehab loan that place would be nice. But you need like 50k i would imagine to make it nice
I just googled two complexes in Mobile and Huntsville that were 1000x nicer with amenities that you would pay the same to have deal with that beater. You know something will break at that place
But i dont know much about Alabama maybe those neighborhoods are wonderful
Posted on 3/17/25 at 8:27 pm to David_DJS
quote:
FWIW from ChatGPT -
Why did you ask Chat GPT a question different question than the one I asked and then reply to me as if it has answered my question?
Are you volunteering to answer my question?
Posted on 3/17/25 at 8:28 pm to AuburnTigers
Did you look at the neighborhood it’s in?
I wouldn’t pay 75k for that house
I wouldn’t pay 75k for that house
Posted on 3/17/25 at 8:32 pm to wackatimesthree
quote:
it was harder to buy a house from the mid to late 70s through the mid 80s.
Quick question that no one in the thread has been able to answer.
How many years of median salary would it take for you to earn the median home's price now vs the 70s and through the mid 80s?
Posted on 3/17/25 at 8:34 pm to LSUconvert
You’re the poster that thinks median and average are exactly the same right?
Posted on 3/17/25 at 8:35 pm to texag7
quote:
You’re the poster that thinks median and average are exactly the same right?
If I think that it should be really easy to find a post where I state that.
Link?
Posted on 3/17/25 at 8:52 pm to Ostrich
quote:Neighborhood may not be the best, but you have to start somewhere. Man up. That House will cost you less than a thousand a month with taxes and insurance. Save up money, build equity and level up after a couple years.
Cmon man do a quick tour on google street view and tell me that's not a shite hole.
Posted on 3/17/25 at 8:57 pm to AuburnTigers
quote:
Neighborhood may not be the best, but you have to start somewhere
If your “starting somewhere” is paying 150k in a neighborhood of 60k-80k houses you’re a fricking retard.
Your suggestion is priced at 200% of what everything around it is worth.
And it’s been on the market coming up on a year so clearly its 150k ask is grossly overpriced.
quote:
Save up money, build equity and level up after a couple years.
Build equity
you’re underwater as soon as you step away from the closing table. This post was edited on 3/17/25 at 9:01 pm
Posted on 3/17/25 at 9:01 pm to SDVTiger
quote:Who cares about neighborhood when you are starting out in life. Apartment complexes are shitholes too. Might as well learn how to build equity and flip real estate while your working.
But i dont know much about Alabama maybe those neighborhoods are wonderful
70k example? straight out of college? Thats a pretty stout starting salary and could easily afford a 250k+ home. shite tons of those homes are available. And Mobile isnt the only affordable place to live. tons of smaller towns all across this country that could provide this opportunity.
Sadly, young adults today or mere spoiled children who think they are suffering on their 1k cell phones, endless subscriptions and instant gratification lifestyles
Posted on 3/17/25 at 9:03 pm to AuburnTigers
quote:
Sadly, young adults today or mere spoiled children
Hey quick question
Does it take more years of the median salary to earn the median home price now or 40 years ago?
Thanks!
Posted on 3/17/25 at 9:03 pm to AuburnTigers
quote:
Who cares about neighborhood when you are starting out in life
Anyone who wants to not lose money on their home purchase.
quote:
Sadly, young adults today or mere spoiled children who think they are suffering on their 1k cell phones
Cell phones!!!!!!!!!!!
This post was edited on 3/17/25 at 9:05 pm
Posted on 3/17/25 at 9:03 pm to wackatimesthree
We bought out first house in 1981 
Posted on 3/17/25 at 9:04 pm to JohnnyKilroy
quote:I did zero research on the home, nor do i give a frick about resale value while arguing. Its a home, less than 150k, that is affordable. If you spent half as much time researching the example i presented, looking for your own affordable home within your budget, you would be a homeowner by now
If your “starting somewhere” is paying 150k in a neighborhood of 60k-80k houses you’re a fricking retard.
Your suggestion is priced at 200% of what everything around it is worth.
And it’s been on the market coming up on a year so clearly its 150k ask is grossly overpriced.
Posted on 3/17/25 at 9:08 pm to AuburnTigers
quote:
Who cares about neighborhood when you are starting out in life.
Im not sure if you are serious
quote:
70k example? straight out of college? Thats a pretty stout starting salary and could easily afford a 250k+ home. shite tons of those homes are available
That was the example being used. Obviously they should being looking at 250-300k homes. Wackastime or whatver his name is and now you are trying to find houses under 150k that arent shiteholes but they are. That was the point. No one would buy that shitehole house in that sketch area vs renting in the apartments i saw on google in huntsville and mobile
Posted on 3/17/25 at 9:11 pm to JohnnyKilroy
quote:Tell me you know nothing about building equity without telling me you know nothing about building equity
Anyone who wants to not lose money on their home purchase.
Renting is throwing your money away. Buying a home and paying down the principal is building equity. Amazing you dont know this
Posted on 3/17/25 at 9:12 pm to AuburnTigers
quote:
I did zero research on the home, nor do i give a frick about resale value while arguing. Its a home, less than 150k, that is affordable.
It literally took 30 seconds of looking on the link you posted to see that it was insanely overpriced at 150k.
paying 150k for a ~90k (on its absolute best day) house is not affordable.
quote:
If you spent half as much time researching the example i presented, looking for your own affordable home within your budget, you would be a homeowner by now
I own 3.
Posted on 3/17/25 at 9:14 pm to AuburnTigers
quote:
Tell me you know nothing about building equity without telling me you know nothing about building equity
Tell me how to build equity when paying 60%+ above fmv dumbfrick
I guarantee one of the reasons that house is still on the market nearly a year later is because not a single bank will lend more than 40-50% of the asking price.
This post was edited on 3/17/25 at 9:21 pm
Posted on 3/17/25 at 9:16 pm to SDVTiger
quote:Yeah i didnt read the entire thread, just picked up on the last page
That was the example being used
quote:Oh i own a home and should have it paid off by the end of the year. Im retired
Wackastime or whatver his name is and now you are trying to find houses under 150k that arent shiteholes but they are. T
Just saying that this wackastime doesnt have to be house broke starting out. Buy something small, preferably a fixer upper, and work your way up to that family home he's looking to buy.
Posted on 3/17/25 at 9:17 pm to Flats
In 1980, the average home sale price was $76,400, and in 2025, that same average home would cost around $279,40. n the U.S. housing market for 2025, the median sale price of a home was $418,284 as of January 2025
The average 30-year fixed mortgage rate in 1980 was 13.74%
In 1980, the median family income was $21,020. This was based on one income.
$21,000 in 1980 is equivalent in purchasing power to about $80,959.84 today.
In 2025, the median household income in the United States is estimated to be $75,580, based on two incomes.
I
The average 30-year fixed mortgage rate in 1980 was 13.74%
In 1980, the median family income was $21,020. This was based on one income.
$21,000 in 1980 is equivalent in purchasing power to about $80,959.84 today.
In 2025, the median household income in the United States is estimated to be $75,580, based on two incomes.
I
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