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Started By
Message
re: The Medium income Amercan Family now earns 1/2 the income needed to buy the avg home.
Posted on 3/13/25 at 8:31 am to thunderbird1100
Posted on 3/13/25 at 8:31 am to thunderbird1100
Move further out or to a different state.
1
Posted on 3/13/25 at 8:32 am to RiverCityTider
This is going to be a huge problem moving forward. If you didn’t buy a home 4+ years ago and are under the age of 35 you would have to be in the top 10% of earners in your age bracket to afford a home in a metro area
I’m 33, single and make a little over $100k in the DFW area. I want to buy a 1600 sqft home and could qualify for about $350k but any home I can afford in a safe area would be at least 1 hour away. A 1600 sqft older fixer upper home in a decent part of Dallas proper is $550k+. I could move to a smaller town where things are cheaper but that would mean a 30-40% cut in income which would make the transition pointless. I feel stuck
I’m 33, single and make a little over $100k in the DFW area. I want to buy a 1600 sqft home and could qualify for about $350k but any home I can afford in a safe area would be at least 1 hour away. A 1600 sqft older fixer upper home in a decent part of Dallas proper is $550k+. I could move to a smaller town where things are cheaper but that would mean a 30-40% cut in income which would make the transition pointless. I feel stuck
Posted on 3/13/25 at 8:35 am to MC5601
They don't care man. They have been in their house for 20 years. Bought the house you are looking for @ 150k.
Pull yourself up by the boot straps.
Pull yourself up by the boot straps.
This post was edited on 3/13/25 at 8:37 am
Posted on 3/13/25 at 8:37 am to Night Vision
quote:
Move further out or to a different state.
Thats a hell no. We love it here in ATL, will be moving actually a little further out coming up for better school districts but housing is the same or even more expensive where we're going. We are fine being suburban people but theres zero chance we're moving out to the middle of nowhere. Doesnt fit either of our lifestyles or especially the work my wife does around Atlanta.
We also have a great combined income we would not walk away from at all (my job is movable for most part, the 2 jobs she has is definitely not in their current state).
This post was edited on 3/13/25 at 8:39 am
Posted on 3/13/25 at 8:37 am to RiverCityTider
the average home is a mansion by 1950s standards.
Posted on 3/13/25 at 8:40 am to GeauxTigers123
quote:
Bro problem is that jobs are moving to big metros.
Give me a break. There are plenty of jobs outside “big metros.”
quote:
High 200s will get you a starter home that will be 1.5 hours in traffic to the parts of town that people actually work in.
You think a long commute is a new thing ginned up just for your generation?
Posted on 3/13/25 at 8:45 am to NC_Tigah
quote:
That is such a tired, dull, strained yarn. Sorry, but come on
The truth hurts.
Remote work would help, but the RTO boomers don't want to hear that either
Posted on 3/13/25 at 8:46 am to DrrTiger
Well the areas with the starter homes in referencing were cow pastures 5 years ago.
Posted on 3/13/25 at 8:46 am to DrrTiger
quote:
Give me a break. There are plenty of jobs outside “big metros.”
Plenty compared to major metro areas that are high paying? Good luck
quote:
You think a long commute is a new thing ginned up just for your generation?
You havent lived a commute unless you have lived in a major metro area. I've been ATL most of my life and the traffic here was almost tolerable when my dad was working here in the 80s, 90s and 00s. It's absolutely hilariously stupid these days. Just a few years ago I had a reverse commute from Smyrna to Kennesaw (~20 miles) for work and leaving Kennesaw, again, a REVERSE commute - I was going back towards the city, would take almost an hour 1x-2x a week for whatever reason. With no traffic this is a 20-22 minute drive. Again keep in mind this isnt somebody living 20 miles outside the city and commuting into/out of it. This is a REVERSE commute basically going outside the city when people are going in and going towards the city when people are coming out. Practically no one I know wants to move "way out" from the ATL area if their job is in ATL because they dont want to live in their car basically. Company I work for owns a brand that's near Athens (just west of it called Bogart) and they service the ATL area. You should see some the drive time we have to pay for the technicians driving around
This post was edited on 3/13/25 at 8:51 am
Posted on 3/13/25 at 8:48 am to DrrTiger
quote:
You think a long commute is a new thing ginned up just for your generation?
In DFW, Richardson was considered a long commute to Dallas 20 years ago and it’s a 35 minute drive with traffic. Now the suburbs are Anna, McKinney, Allen which are 1.5 hours each way. This is a recent phenomenon
Posted on 3/13/25 at 8:49 am to Auburn80
quote:
What’s keeping the prices up then? Somebody must be paying it.
Blackrock alone buys greater than 40% of homes sold in US YoY. It’s anticipated they will spend close to 200 billion in 2025.
They will ultimately own the majority share of every cookie cutter neighborhood in the US unless laws are passed to stop them.
Buy land in the nicest area you can afford. Even if you can only afford a used single wide trailer afterwards, buy land.
Posted on 3/13/25 at 8:51 am to DrrTiger
quote:
You think a long commute is a new thing ginned up just for your generation?
My father is in his late 70’s, and his commute to the same job from the same house went from 35 minutes to 75 minutes in the 80’s to 00’s
Posted on 3/13/25 at 8:52 am to RiverCityTider
quote:
It is very dangerous for the upper and upper middle classes to be so self absorbed as to be oblivious to the fate of the majority of the population.
The trade debate and the "free traders" are the quintessential example of such reckless indifference.
Let them learn from history's examples,
The weapons game has changed big time.
Posted on 3/13/25 at 8:53 am to SlayTime
quote:
Blackrock alone buys greater than 40% of homes sold in US YoY.
They’re buying 2M+ homes per year?
Your math seems off.
Posted on 3/13/25 at 8:59 am to MC5601
quote:
I’m 33, single and make a little over $100k in the DFW area. I want to buy a 1600 sqft home and could qualify for about $350k but any home I can afford in a safe area would be at least 1 hour away. A 1600 sqft older fixer upper home in a decent part of Dallas proper is $550k+. I could move to a smaller town where things are cheaper but that would mean a 30-40% cut in income which would make the transition pointless. I feel stuck
I was you 5 years ago. Townhouse. Preferably one with a decent HOA. In fact I know a few in my area (Viridian) are for sale low 4's, the problem is the HOA payment is CRAZY.
Posted on 3/13/25 at 9:00 am to MC5601
quote:
In DFW, Richardson was considered a long commute to Dallas 20 years ago and it’s a 35 minute drive with traffic. Now the suburbs are Anna, McKinney, Allen which are 1.5 hours each way. This is a recent phenomenon
If that area has exploded over the last 20 years, it would logically follow that companies are also being created in those communities that used to be considered the outskirts. Businesses need affordable real estate too. I doubt all the good jobs are concentrated solely in downtown Dallas.
Regardless, I wouldn’t stay in an area that I couldn’t afford.
Posted on 3/13/25 at 9:03 am to DrrTiger
I’m fortunate. I’m still young and I am a physician in a high paying specialty. My mortgage is high but it’s ok.
I feel bad for the 20 and 30 something year old guys I meet that can’t sniff buying a house even if they make 100k+.
I feel bad for the 20 and 30 something year old guys I meet that can’t sniff buying a house even if they make 100k+.
Posted on 3/13/25 at 9:04 am to SlowFlowPro
quote:Just goes to show how little you know about real estate.
quote:. There’s very few developers building neighborhoods with 1200 square foot homes. Let me fix this a bit: There are few neighborhoods being built with 1200 square foot homes that aren't meant for Section 8/lower income populations. Lots of these homes get built, but they're being built specifically for poor people in undesirable areas.
Rausch Coleman builds a lot of these. LINK
That’s just one of many. Lower income yes, undesirable areas no. HOA’s will specifically restrict out section 8.
Posted on 3/13/25 at 9:05 am to GeauxTigers123
quote:
can’t sniff buying a house even if they make 100k+.
What are they blowing all their money on?
Posted on 3/13/25 at 9:06 am to GeauxTigers123
quote:
that can’t sniff buying a house even if they make 100k+.
This is the opposite of the boomer argument that you need to stop buying lattes everyday.
A person making $100k+ can buy a home.
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