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re: So all I need to do to afford a $750,000 house
Posted on 3/18/25 at 6:51 pm to SlowFlowPro
Posted on 3/18/25 at 6:51 pm to SlowFlowPro
quote:
This is the same site that says "Never go to a MLK Boulevard at night" while then telling us the house a block away from MLK Boulevard is a good starter home option
honkies get really skeert around black folks
0
Posted on 3/18/25 at 6:52 pm to SlowFlowPro
quote:
This is the same site that says "Never go to a MLK Boulevard at night" while then telling us the house a block away from MLK Boulevard is a good starter home option
MLK blvd wasn't a thing when I was buying a starter home but commutes were a big deal. How long a commute would you be willing to do in order to get into a starter home? First home I bought brought a 75 minute (one way) commute with it. Later in my career, in order to max my income and keep my wife working in her field, I did a 2-hour (one way) commute. We wanted to get ahead financially and be in a home before we started having kids, so my wife could be a stay-at-home mom.
Posted on 3/18/25 at 6:52 pm to scottydoesntknow
quote:
Median family income 1981: 22390
Median home price 1981: 65446
Mortgage at 20% down: 52356
-------------------------
Interest 13%
-------------------------
Total paid after 30 years: 208498
Total paid/median income: 9.31
Median family income 2023(latest data): 80610
Median home price 2025: 429000
Mortgage at 20% down: 343200
Interest 6.7%
Total paid after 30 years: 797253
Total paid/median income: 9.89
People in 1981 would have KILLED for a 13% interest rate.
Posted on 3/18/25 at 6:55 pm to SDVTiger
Starter home generally is a young married couple from southeast with a small kid
You want:
- 1200-1500 sq ft home
- 2+ bed 1+ba
- In a school zone with an elementary school with majority white kids
- Less than 1 hour commute from job center(downtown metro city in the South)
-Low crime neighborhood
Good luck finding anything below $200/sq ft
You want:
- 1200-1500 sq ft home
- 2+ bed 1+ba
- In a school zone with an elementary school with majority white kids
- Less than 1 hour commute from job center(downtown metro city in the South)
-Low crime neighborhood
Good luck finding anything below $200/sq ft
Posted on 3/18/25 at 7:00 pm to NC_Tigah
quote:Average 30 yr mortgage rate was 16.63% in 1981
People in 1981 would have KILLED for a 13% interest rate.
Posted on 3/18/25 at 7:01 pm to SDVTiger
quote:Good.
Ummm. They posted a very nice starter home at 250k
That payment would be about 300 more
The 1980 starter home point is made.
Posted on 3/18/25 at 7:01 pm to NC_Tigah
quote:
People in 1981 would have KILLED for a 13% interest rate.
There are people in this thread that said they negotiated this in 1981....but lets be real...nobody would pay 16% for 30 years. In 1983 rates were 13% 1985 11.85% 1986 10.39% 1990 9.97% 1993 7.17%
Even if you paid 16%, youd refinance...not even 15 years later, rates were 8.3% lower
LINK
Posted on 3/18/25 at 7:03 pm to scottydoesntknow
quote:
There are people in this thread that said they negotiated this in 1981....but lets be real...nobody would pay 16% for 30 years. In 1983 rates were 13% 1985 11.85% 1986 10.39% 1990 9.97% 1993 7.17%
So it only took ten years for rates to get within 1% of where they are today. Okay, but how does this matter to the discussion about the financial prospects for boomers 40 years ago v. later generations today?
Posted on 3/18/25 at 7:06 pm to scottydoesntknow
quote:
Even if you paid 16%, youd refinance.
Since you can grasp the concept that interest rates don't get frozen in time forever, now just apply that to home prices.
Posted on 3/18/25 at 7:08 pm to goldennugget
I’ll sell my house to you for $450k.
Posted on 3/18/25 at 7:09 pm to AuburnTigers
quote:
Average 30 yr mortgage rate was 16.63% in 1981
Cool, two years later you refinance. You are also making more money
Posted on 3/18/25 at 7:10 pm to scottydoesntknow
quote:bullshite !
There are people in this thread that said they negotiated this in 1981...
There are people in this thread that said they bought down rates with points in 1981...
Posted on 3/18/25 at 7:13 pm to Flats
quote:
quote:
Even if you paid 16%, youd refinance.
Since you can grasp the concept that interest rates don't get frozen in time forever, now just apply that to home prices.
Interest rates have risen and fallen. With the exception of a housing crisis, home prices have steadily risen...until recently when they more than made up for the drop after the 08 housing crisis.....due to the 6x of the money supply
Posted on 3/18/25 at 7:14 pm to scottydoesntknow
quote:Average 30 yr mortgage rate is 6.63% in 2025.
Average 30 yr mortgage rate was 16.63% in 1981
-----
Cool, two years later you refinance. You are also making more money
Cool, two years later you refinance. You are also making more money
Posted on 3/18/25 at 7:15 pm to NC_Tigah
quote:
bullshite !
There are people in this thread that said they bought down rates with points in 1981...
quote:
said they negotiated this in 1981
What do you think this means dumbass?
Posted on 3/18/25 at 7:17 pm to NC_Tigah
quote:
quote:
Average 30 yr mortgage rate was 16.63% in 1981
-----
Cool, two years later you refinance. You are also making more money
Average 30 yr mortgage rate is 6.63% in 2025.
Cool, two years later you refinance. You are also making more money
Rates dropped over 8% from 1981 to 1993. Do you think rates will be -1.5% in 2037?
You are leaving out that real wage growth has DECLINED since 2020
https://www.statista.com/chart/32428/inflation-and-wage-growth-in-the-united-states/
This post was edited on 3/18/25 at 7:22 pm
Posted on 3/18/25 at 7:20 pm to goldennugget
I’m sorry an Indian stole your house bro
Posted on 3/18/25 at 7:21 pm to NC_Tigah
quote:
The 1980 starter home point is made.
So is the you cant find a home that isnt a shitehole for 150k
You have one guy claiming fully renovated but it looked like I could blow the house over with my breath
No 22yr old making 70k would ever buy that
Posted on 3/18/25 at 7:24 pm to scottydoesntknow
quote:I think it means exactly what I said, dumbass. Do you understand the ramifications of buying down rates as opposed to "negotiating lower rates" dumbass?
What do you think this means dumbass?
Posted on 3/18/25 at 7:26 pm to David_DJS
quote:
quote:
There are people in this thread that said they negotiated this in 1981....but lets be real...nobody would pay 16% for 30 years. In 1983 rates were 13% 1985 11.85% 1986 10.39% 1990 9.97% 1993 7.17%
So it only took ten years for rates to get within 1% of where they are today. Okay, but how does this matter to the discussion about the financial prospects for boomers 40 years ago v. later generations today?
I already demonstrated with math that despite the high interest rates, folks in the 80s were still paying less relative to their income. To make it even close, youd have to have someone buy a house in 81 at the highest interest rates...and pay those rates for 30 years. Then MAYBE youd have the 80s purchaser pay more per income...you can do that math but its a dumb presumption
This post was edited on 3/18/25 at 7:27 pm
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