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re: The Medium income Amercan Family now earns 1/2 the income needed to buy the avg home.
Posted on 3/13/25 at 12:10 pm to Eric Nies Grind Time
Posted on 3/13/25 at 12:10 pm to Eric Nies Grind Time
quote:
owns a large home
Keeping up with the Joneses?
1
Posted on 3/13/25 at 12:13 pm to SlowFlowPro
quote:Obviously none of these places are Mar-a-lago.
Just FWIW
But that doesn't mean they're off-the-charts terrible as domiciles.
Plus there's pretty good legal assistance in the community.
Posted on 3/13/25 at 12:13 pm to Night Vision
No I would just like to have a slightly larger house since I have kids now. Four people in a 1200 sq foot home is pretty cramped.
Posted on 3/13/25 at 12:13 pm to GeauxBurrow312
quote:How many of those looking to buy their first home voted for biden? If they did, they are getting exactly what they voted for and deserve. If they voted for Trump, I have a bit more compassion for them. But either way, that's the cards they are delt. Adapt and overcome.
If you borrowed 200k for a home in 2020 your monthly interest/principal payment would be about $820, today that same loan would cost about $1300
Posted on 3/13/25 at 12:14 pm to NC_Tigah
Median income in lake Charles is $30k.
No one making $30k is buying a $200k+ house.
Edit: adjusted figures, was thinking of st charles parish at first
No one making $30k is buying a $200k+ house.
Edit: adjusted figures, was thinking of st charles parish at first
This post was edited on 3/13/25 at 12:17 pm
Posted on 3/13/25 at 12:14 pm to RollTide4547
quote:\
How many of those that are complaining today voted for biden in 2020? If they voted for biden, they are getting exactly what they asked for in 2020. If they voted for Trump in 2020, I might have a little more compassion. But again, adapt and overcome. If you can't have what you want where you are, go somewhere else.
Way to go way off topic, but just before you try and pretend like D or R has anything to do with the housing problem in general, understand I've never voted for a D in my life, so you cant use that scapegoat.
We're in this situation now not due to any specific party, it's becuase for decades we havent built enough housing in general and affordable housing as well. On top of that, interest rates shot up all of sudden and due to the lack of supply finally catching up to us, housing prices still skyrocketed after we had a very low interest rate environment and people bought up housing left and right at that time.
Posted on 3/13/25 at 12:14 pm to VADawg
quote:No disagreement here. But are they really worse than democrats and GOPe?
Any lending company caught doing this on purpose should have their entire leadership team lined up against a wall and shot.
Posted on 3/13/25 at 12:15 pm to thunderbird1100
quote:Actually it has much to do with the interest rates....
Way to go way off topic, but just before you try and pretend like D or R has anything to do with the housing problem in general, understand I've never voted for a D in my life, so you cant use that scapegoat.
Posted on 3/13/25 at 12:15 pm to GeauxBurrow312
quote:
Your seriously referencing someone who purchased 5 years ago with a sub 3% mortgage to make a point about home ownership today?
I'm referencing an article written in September
Posted on 3/13/25 at 12:16 pm to GeauxBurrow312
quote:Then move or increase your skill set and make more money.
No one making $30k is buying a $200k+ house.
Posted on 3/13/25 at 12:17 pm to NC_Tigah
... yes, but these baws need pools, landscapers, ...
Posted on 3/13/25 at 12:18 pm to RollTide4547
quote:
True, but that might be the goal. Make the loan, allow the couple to make payments for a few years, collect the interest, when the couple defaults take the home and resell....
If this money making scheme was a good idea why havent banks given as money bogus loans to people who cant afford the house in the past?
Hint - Probably because foreclosures typically sell for 70-80% of the market value. They dont WANT to foreclose on someone who just took on a loan in the last year or two, they lose money
Posted on 3/13/25 at 12:18 pm to RollTide4547
quote:
Then move or increase your skill set and make more money.
The fact you are this oblivious to the point being made, i'd say is shocking, but at this point it really isn't.
Posted on 3/13/25 at 12:18 pm to RollTide4547
I own my own home
If you dont see how this is a problem for the country as a whole I dont know what to tell you. Our birth rate is collapsing, most people cant afford to start a family
If you dont see how this is a problem for the country as a whole I dont know what to tell you. Our birth rate is collapsing, most people cant afford to start a family
Posted on 3/13/25 at 12:18 pm to GeauxBurrow312
quote:
No one making $30k is buying a $200k+ house.
Manage your money wisely beforehand and you could.
Posted on 3/13/25 at 12:19 pm to GeauxBurrow312
quote:
Our birth rate is collapsing, most people cant afford to start a family
Someone finally mentioned the real problem with this.
Japan is the use case currently.
Posted on 3/13/25 at 12:20 pm to BarberitosDawg
quote:Yea on a 98k home don't pretend you went through the same shite as buyers today.
My first home after marriage in 1979 was a fixed 30 year at 13.4% interest 30% down.
Posted on 3/13/25 at 12:20 pm to GeauxBurrow312
quote:
If you dont see how this is a problem for the country as a whole I dont know what to tell you. Our birth rate is collapsing, most people cant afford to start a family
Yep. When the housing prices compared to median income of an area are that far out of balance with each other, it is a major problem.
Posted on 3/13/25 at 12:21 pm to thunderbird1100
quote:Right.
2. Buying a house and being able to AFFORD the house are 2 very different things. Point being, 2 people could own the same exact house but 1 can AFFORD it much better than the other. Case in point my very own house once aga
Then, hopefully, it becomes a highly profitable acquisition in a levered purchase for both. Granted, the house-poor fellow has to budget differently.
Posted on 3/13/25 at 12:21 pm to Night Vision
quote:
Manage your money wisely beforehand and you could.
You have 30k.
How will you invest to obtain a loan value of a 200k house? Since you believe it is possible show us how you think it is.
Remember you still need to pay for the following:
Insurance
Rent
Groceries
Utilities (Electric/Water/Gas)
Telecom (Because you cant function in todays society without cell or internet)
Vehicle + Fuel
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