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re: So all I need to do to afford a $750,000 house
Posted on 3/18/25 at 1:40 pm to RollTide4547
Posted on 3/18/25 at 1:40 pm to RollTide4547
You right about that.
America is much better today after 24/28 years under bushes, clinton and obama.
America is much better today after 24/28 years under bushes, clinton and obama.
1
Posted on 3/18/25 at 1:43 pm to JohnnyKilroy
quote:
I own 3.
Every one of these whiny threads is littered with posts like this. Every Millennial posting about how hard they have it/how boomers stole their wealth, always post this caveat - "I'm talking about people my age in general, I'm super successful and have 3 homes and 2 yachts" ... and I have no reason to doubt every one of you are as successful as you say - but when it's true of all of you, wouldn't you start to think, "hmm, maybe my professors were wrong and life really is pretty good for my generation, too"?
With every generation, life in the US has gotten better and easier, and this is as true for yours as it was for mine. It's weird that you guys cling to victimhood like it's some sort of virtue.
Posted on 3/18/25 at 1:45 pm to JohnnyKilroy
quote:That would depend on what we're looking at. If we look at mortgage interest rates, I'd agree we are better off today. Other than that, not sure I can find much that those three groups helped us with.
America is much better today after 24/28 years under bushes, clinton and obama.
Posted on 3/18/25 at 1:46 pm to David_DJS
Where have I claimed to be a victim?
My only real contribution to this thread is laughing at some dumbass posting some house asking double the fair market value as an example of an affordable home.
My only real contribution to this thread is laughing at some dumbass posting some house asking double the fair market value as an example of an affordable home.
Posted on 3/18/25 at 1:48 pm to RollTide4547
quote:
That would depend on what we're looking at. If we look at mortgage interest rates, I'd agree we are better off today. Other than that, not sure I can find much that those three groups helped us with.
Holistically. I agree with you that the past 30 years of leadership in this country has led to a lot of improvements vs 1980s america.
Posted on 3/18/25 at 1:48 pm to David_DJS
quote:
Every Millennial posting
I think you’re right here. I’ve been calling these dudes Gen Z, but the whine definitely sounds more like millennials. That’s their calling card. Also the most left-wing generation ever, so it all makes sense now.
This post was edited on 3/18/25 at 1:49 pm
Posted on 3/18/25 at 1:49 pm to JohnnyKilroy
quote:No.
You must have had shitty credit.
30yr rates peaked at 18.5% in 1981 early into Reagan's 1st term. Poor credit rates were higher still, if one could get them at all. Hard to imagine? Yep. It was a different time. What do you think 18% rates did to home prices btw? "Cheap" ain't so "cheap" when the borrow cost is well into the double digits.
Posted on 3/18/25 at 1:51 pm to JohnnyKilroy
quote:
My only real contribution to this thread is laughing at some dumbass posting some house asking double the fair market value as an example of an affordable home.
Although that was laughable that they thought that hpuse wasnt a shitehole and still try and defend it i dont know where you got that they would need 50-60k for a down/closing costs
No wonder ppl default doing that
Posted on 3/18/25 at 1:54 pm to JohnnyKilroy
quote:
Where have I claimed to be a victim?
My only real contribution to this thread is laughing at some dumbass posting some house asking double the fair market value as an example of an affordable home.
Apologies if I lumped you in with the sniveling Millennials that think they have it so hard, and particularly so when compared to boomers. If you haven't bought into that nonsense and realize how fortunate your generation is, I commend you.
Posted on 3/18/25 at 1:57 pm to NC_Tigah
quote:
30yr rates peaked at 18.5% in 1981 early into Reagan's 1st term.
He said he bought during carter, which had rates far below 18.5%
quote:
"Cheap" ain't so "cheap" when the borrow cost is well into the double digits.
You also earned nearly 18% on CDs. In fact, CD rates were even higher than mortgage rates for a decent period in reagan’s first term.
Posted on 3/18/25 at 2:00 pm to SDVTiger
quote:
dont know where you got that they would need 50-60k for a down/closing costs
Because that house would never appraise for 135k.
If it was appraised appropriately at 90k or so, the lender isn’t going to give you 130% LTV.
They’d only lend you about 85k for that house. Buyer gonna need to come up with the rest plus closing costs.
Posted on 3/18/25 at 2:02 pm to JohnnyKilroy
quote:
You also earned nearly 18% on CDs. In fact, CD rates were even higher than mortgage rates for a decent period in reagan’s first term.
Yes, I’m sure the interest on those $300 CDs were making up for the $80k mortgages.
Posted on 3/18/25 at 2:03 pm to Sailin Tiger
quote:
Older generations lived in 2/3 bed 1 bath houses fairly commonly and did all their own repairs. Comparing this housing market where a home with 2+ bathrooms is the expectation to 30+ years ago is an apples to oranges situation. If you want to get the most bang for your buck in this economy go find an updated 3 bed 1 bath house in a good part of town and good school zone get a thorough inspection and then work to add a bathroom over time. You'll have a true investment home and be paying less than it would cost to rent.
In my area, these get snatched up by investors 5 minutes after they enter MLS, they are turned into rentals OR torn down to build a $500,000 house on the lot if it's in a "good" area.
Posted on 3/18/25 at 2:04 pm to JohnnyKilroy
quote:
Because that house would never appraise for 135k.
If it was appraised appropriately at 90k or so, the lender isn’t going to give you 130% LTV
Well you dont know that.
What agent would have there client buy a house that way
Posted on 3/18/25 at 2:07 pm to SDVTiger
Well no one. Hence why that “affordable” home was sitting for coming up on a year.
My whole point is he used it as an example of being affordable despite the fact that the house is grossly overpriced in an incredibly shitty area. It was a joke.
Like most of the dumbasses in these threads, he looked at price alone and ignored every other factor why that was totally undesirable to just about anyone who could come up with the funds to buy it.
My whole point is he used it as an example of being affordable despite the fact that the house is grossly overpriced in an incredibly shitty area. It was a joke.
Like most of the dumbasses in these threads, he looked at price alone and ignored every other factor why that was totally undesirable to just about anyone who could come up with the funds to buy it.
This post was edited on 3/18/25 at 2:09 pm
Posted on 3/18/25 at 2:09 pm to JohnnyKilroy
quote:
My whole point is he used it as an example of being affordable despite the fact that the house is grossly overpriced in an incredibly shitty area. It was a joke
For sure. If you actually clicked the street view there was a pick pf two WTs shirtless smoking crack as your neighbor
But Auburntigers says suck it up and pay 1300 for that dump vs renting a 1bd room for 1100 in downtown complex brand new
And Drrtiger thinks he wont be wealthy not buying a shotehole
Posted on 3/18/25 at 2:09 pm to JohnnyKilroy
quote:You lack of understanding is hilarious in this thread.
My only real contribution to this thread is laughing at some dumbass posting some house asking double the fair market value as an example of an affordable home.
affordable housing = housing that is not too expensive for people of limited means.
70k salary,. 150k Home purchase = AFFORDABLE
buying home double the market value = POOR PURCHASE
THEREFORE, it is an AFFORDABLE HOME, but NOT a WISE purchase.
If I had a crayon for you, i'd draw it out for you so you could comprehend
Posted on 3/18/25 at 2:10 pm to llfshoals
quote:
Financed 100,000 on a 120,000 build cost. 1900 sf custom build (my design)
On the calculator it has payment of 1,252. It’s been a long time but seems like it was 1300-1400, but that was a long time ago and my memory isn’t what it was. My wife and I had a combined income of about 80k. No daycare, MIL kept them.
Fast forward to now. Bought a house last year, financed 220k on a 320k purchase (1900 sf track builder house built in 2023). Didn’t pay for it outright because we wanted to get liquid for what I expect to happen. Payment is 1730, last year’s income just under 200k
Equivalent house size, fairly close on age. 80k went further as far as gas/groceries, but leaving taxes out of the equation that’s still a bigger chunk of the income that also has to allow for 2 car payments. Interest rates on those were high too which constantly gets overlooked.
That's great and all but that's anecdotal.
Please use statistics so that everyone can verify the legitimacy of the specific numbers and figures you're using to calculate.
Posted on 3/18/25 at 2:11 pm to JohnnyKilroy
quote:Believe he said he paid points to get down to 13% from 16% in the carter years. According to the Great Google, the average mortgage interest rate in 1980 (carter's last year) was 13.74. It is possible that in Dec of 1980 that rates could have been 16 and the average still be 13.74. The average interest rat in 1981 was 16.63
He said he bought during carter, which had rates far below 18.5%
Posted on 3/18/25 at 2:11 pm to RollTide4547
quote:
Taking media price of 313454 and dividing by median salary of 77540 in 2024 we get 4.04 years. Doing the same for 1981 we get 3 years.
Thanks!
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