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Posted: 4/24/2024 10:45:04 AM EDT
[#1]
I have a 700 dollar a month house payment, there is no way I could afford my house if I bought it today. If I were to sell tomorrow it would go for a little under 500K. I live in a double wide BTW.
 . The houses in town are going for much more and people are still buying them.
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Posted: 4/24/2024 10:46:26 AM EDT
[#2]
Thank goodness my wife tugged on my bootstraps towards buying a house in 2016.
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Posted: 4/24/2024 10:47:28 AM EDT
[#3]
@JLPettimoreIII
I swear you got a story about this
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Posted: 4/24/2024 10:48:12 AM EDT
[#4]
Quote HistoryOriginally Posted By JimEb: Boomers? Hell this is probably true of anyone that’s owned their house now for 10+ years. The thread has nothing to do with housing prices. |
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TN, USA
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Posted: 4/24/2024 10:48:34 AM EDT
[#5]
Quote HistoryOriginally Posted By BeRzErKaS: Dumb article. Clickbait title. Meaningless statistics. Boomers are almost 80 years old. So an 80yo couldn't afford to buy their current home, at the current price, on a retiree's income? No shit. Did they compare the Boomer's historical income and original purchase price to to inflation adjusted figures representing modern dollars? Nope. Right. But also it’s like saying “boomer invested $20k in an IRA in the 80s and now it’s worth $1m. Theres no way a boomer could afford to invest $1m today”. I mean it’s kind of the whole point of owning assets the appreciate over decades as inflation reduces the value of the dollar. |
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TX, USA
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Posted: 4/24/2024 10:49:22 AM EDT
[#6]
supply and demand
there is only so much land in the cool hip parts of town that millennials and zillenials want to love in. Also housing demand was REDUCED after the Great Recession so inventory was lower in 2020 when all MILLENIALS SUDDENLY Wanted to buy. |
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Posted: 4/24/2024 10:49:51 AM EDT
[#7]
Originally Posted By phungus: https://fortune.com/2024/04/23/housing-market-baby-boomers-home-prices-mortgage-rates-redfin/ Home prices have doubled over the past decade, rising almost 50% in the past five years alone. And the cost of owning a home is the highest on record. This means a lot of people wouldn’t be able to afford their current home if they had to buy it today, according to a Redfin-commissioned survey. Homeowners were asked, “If you were looking to purchase a home, do you think you could afford a home like yours in your neighborhood today?” And almost 40% of respondents said they “probably” or “definitely” couldn’t. Most homeowners who responded to the survey (roughly 80%) have lived in their home for at least five to 10 years. “That means the majority of respondents have seen housing prices in their neighborhood skyrocket since they purchased their home,” the analysis said This goes beyond boomers, we’re talking the vast majority of every generation pre-gen Z would struggle to buy a home right now. Especially in the metropolitan areas where the higher paying jobs tend to be. As far as the solution? Nobody really knows what to do so we just screech about how young folk buy too much Starbucks, avocado toast, and iPhones as an effort to justify their situation. |
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Posted: 4/24/2024 10:50:15 AM EDT
[Last Edit: eagarminuteman]
[#8]
Double tap
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Posted: 4/24/2024 10:53:44 AM EDT
[#9]
Quote HistoryOriginally Posted By ScopeScar: F the government that caused this. Quote HistoryOriginally Posted By ScopeScar: Originally Posted By Dano556x45mm: F the boomers. F the government that caused this. F both |
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Posted: 4/24/2024 10:53:47 AM EDT
[#10]
Quote HistoryOriginally Posted By Dano556x45mm: F the boomers. Should have been born earlier. Should have bought when rates were lower. Should have bought when houses were cheaper. Should have bought boots with straps. Should have married better. Should have..... But you got dealt the same cards I did so...... Play the hand the best you can. |
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Posted: 4/24/2024 10:55:00 AM EDT
[#11]
Quote HistoryOriginally Posted By durtychemist: I’m pretty sure the baby boomers made it through a stock market collapse, gas shortages, another economic depression, and still found a way to keep their dream alive. Millennials can toughen up, and Generation Z can be the ones crying about home prices. Maybe Gen X could learn the difference between Z and Millennial. There it is. "We had it hard too, toughen up" How about acknowledge that the government is absolutely fucking up everything in astronomical ways for Millennials right now? There is less net freedom today than 50 years ago. Even with all those things going on back then, there was widespread opportunity. Now there is limited opportunity, limited jobs, stagnant wage growth, and record inflation. Also, let Gen Z worry about housing prices? That's the attitude I'm talking about. Boomers have this generational disdain for anyone younger than them. It's incredible. "It's their problem". Wow. Way to be a team player, stud. I actually care about what I'm doing for my kids. Almost every single politician that has fucked this situation up is a boomer. |
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Posted: 4/24/2024 10:56:08 AM EDT
[#12]
Quote HistoryOriginally Posted By pestilence12: It's not hate. It's a statement of fact. Housing prices have skyrocketed. If you secured a mortgage for a home 15-25 years ago (when most millennials were still in high school), your home would be double, triple, or quadruple the value today (depending on area). Boomers are lucky they were in the market before this. Boomers I know will say "yeah the house was only 40k, but my interest rate was 12%! I got rejected for 2 mortgages before I finally got a house!". Yeah that's unfortunate and all, but at least there were houses for sale that you could actually afford with your current pay. That is not the case today. Also, if you did have to rent, it wasn't costing 40% of your fucking monthly income. I don't hate boomers. I hate the attitude that seems to come with them. "bootstraps, wasting money on cell phones and Netflix, get a better job, etc. etc.". Man, I DID ALL THAT. I lived poor as fuck from 18-28. I'm still not in a wealthy state. I have a little spending money now and then but man, shit is tight. I went to college, I believed all the lies. School grades -> college -> high paying job -> house, car, family. Bullshit. I'm not blaming boomers for the current situation, I'm blaming them for sitting smug and telling millennials that it's not that bad and to toughen up. It's BAD right now. Quote HistoryOriginally Posted By pestilence12: Originally Posted By cavedog: Ah, boomer hate Wednesdays. It's not hate. It's a statement of fact. Housing prices have skyrocketed. If you secured a mortgage for a home 15-25 years ago (when most millennials were still in high school), your home would be double, triple, or quadruple the value today (depending on area). Boomers are lucky they were in the market before this. Boomers I know will say "yeah the house was only 40k, but my interest rate was 12%! I got rejected for 2 mortgages before I finally got a house!". Yeah that's unfortunate and all, but at least there were houses for sale that you could actually afford with your current pay. That is not the case today. Also, if you did have to rent, it wasn't costing 40% of your fucking monthly income. I don't hate boomers. I hate the attitude that seems to come with them. "bootstraps, wasting money on cell phones and Netflix, get a better job, etc. etc.". Man, I DID ALL THAT. I lived poor as fuck from 18-28. I'm still not in a wealthy state. I have a little spending money now and then but man, shit is tight. I went to college, I believed all the lies. School grades -> college -> high paying job -> house, car, family. Bullshit. I'm not blaming boomers for the current situation, I'm blaming them for sitting smug and telling millennials that it's not that bad and to toughen up. It's BAD right now. I agree with you that it is horribly bad right now. I try to help my daughter as much as I can via grandpa school pickup and activities, handyman services at her house, and investing for generational wealth. My house is paid for, and she will inherit it, along with whatever I can invest before I shed this mortal coil. |
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VA, USA
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Posted: 4/24/2024 10:56:29 AM EDT
[#13]
WTF is wrong with you people? Real estate almost always goes up. My parents would pay $20,000 for a house in 1963, and I paid $125,000 for my house 30 years ago - its now at 3x that much. Its inflation and its a fact of life.
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Posted: 4/24/2024 10:58:43 AM EDT
[Last Edit: pestilence12]
[#14]
Quote HistoryOriginally Posted By 1saxman: WTF is wrong with you people? Real estate almost always goes up. My parents would pay $20,000 for a house in 1963, and I paid $125,000 for my house 30 years ago - its now at 3x that much. Its inflation and its a fact of life. Whats wrong is that while investments and value has gone up, income has not. 
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Posted: 4/24/2024 10:59:18 AM EDT
[#15]
Quote HistoryOriginally Posted By cavedog: I agree with you that it is horribly bad right now. I try to help my daughter as much as I can via grandpa school pickup and activities, handyman services at her house, and investing for generational wealth. My house is paid for, and she will inherit it, along with whatever I can invest before I shed this mortal coil. God bless you 
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USA
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Posted: 4/24/2024 11:01:19 AM EDT
[#16]
Quote HistoryOriginally Posted By Firearmsenthusiast: It's not just boomers. We bought a project house in 2018, and moved in. We are only half way done with it, and we could not afford to buy it today. Well we could, but there is no way I would. Our payment would be double. When we are done with renovations, we will be living in house we could not otherwise have afforded. Yeah ok, it great for us, but it is no way a sustainable market. Pretty much this. I could probably afford it but I wouldn’t spend that money. I’d scale back to a small retirement sized house with less tax implications. They’re raping the shit out of us on property and school taxes. My house is likely a median cost house in the county, they upped my assessment $120 k in the short ten years I’ve owned it. |
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AZ, USA
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Posted: 4/24/2024 11:01:37 AM EDT
[#17]
Quote HistoryOriginally Posted By Dano556x45mm: F the boomers. I am assuming you are saying this for comedic effect. The truth is: FUCK all Liberals from all generations. FUCK them in every orifice with a rusty barb wire coated cactus. Fuck them to death and may they rot in hell for eternity for their ignorance and evil. The reason all the bad things are accelerating is because the latest generations are far more Liberal than Boomer and Xers ever were. |
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Posted: 4/24/2024 11:02:19 AM EDT
[#18]
Originally Posted By QueenDeNile: I would swap my house for anyone's youth. We bought our house for 127k in 1994. Our combined income was about 45500. Our house is now worth 400000 and our combined income is around 155000. I wouldn't finance my house currently. Anyone’s youth? As in anyone? Originally Posted By Waldo: How many thousands of times have you heard "your home is not an investment? Literally never heard that. Not even once. |
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Posted: 4/24/2024 11:02:57 AM EDT
[#19]
Quote HistoryOriginally Posted By redfish86: The government caused homes to increase in value? Hasn’t real estate historically done that all on its own? Yes. I can think of several ways: -interest rates which increase monthly mortgages and of course the ultimate total paid. -interest rates causing less flux in the market which increases price due to scarcity. -various real estate transaction taxes which deter people from right-sizing their homes. Or, say, moving from job rich areas to retirement areas. -building permit fees. Many localities require exorbitant "buy-in" fees for routine connections to utilities, school districts, and even transit related fees. -zoning restrictions which cause scarcity. -high taxes in general. -excessive building code requirements such as energy consumption mandates or surface water management. |
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Posted: 4/24/2024 11:03:39 AM EDT
[#20]
Bought my home in 2014 at age 31 for $250k.
I’m now 41 and it’s worth over $500k easily. Probably couldn’t buy it today. |
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TX, USA
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Posted: 4/24/2024 11:04:23 AM EDT
[#21]
$325k 11 years ago, $775k now
Nope |
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Posted: 4/24/2024 11:06:18 AM EDT
[#22]
Hell no I couldn’t. 7.5%? Huge property tax increase.
My payment would be 2x or more. |
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CT, USA
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Posted: 4/24/2024 11:07:00 AM EDT
[#23]
Quote HistoryOriginally Posted By Sharkman74: supply and demand there is only so much land in the cool hip parts of town that millennials and zillenials want to love in. Also housing demand was REDUCED after the Great Recession so inventory was lower in 2020 when all MILLENIALS SUDDENLY Wanted to buy. There's still rural property but most people don't want to live rural . There was a thread a few days ago about wanting rural but still close to jobs . Sometimes that's just not possible because a lot of those places have high home prices . Long commutes do suck though |
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Posted: 4/24/2024 11:07:05 AM EDT
[#24]
Quote HistoryOriginally Posted By Dano556x45mm: F the boomers. lol...f the renters. 
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Posted: 4/24/2024 11:12:32 AM EDT
[#26]
Quote HistoryF the hippy generation (boomers) that sent this country into a tailspin and has effectively ruined it, stealing wealth and opportunity from younger generations and consistently holding the attitude of "tug your bootstraps, toughen up".  60 years ago, almost to the day, was the beginning of the downward slide in America. Only one generation to blame for that, eh? I wasn't there, I can't do anything about the past, but because I'm reaping the rewards for that generations poor behavior, I should just "toughen up", huh? |
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Posted: 4/24/2024 11:13:11 AM EDT
[#27]
Quote HistoryOriginally Posted By beitodesstrafe: GOTDAM MILLENNIALS YEH ITS THEIR FAULT 
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Posted: 4/24/2024 11:13:13 AM EDT
[#28]
Quote HistoryOriginally Posted By Dan1918A2: Bought my home in 2014 at age 31 for $250k. I’m now 41 and it’s worth over $500k easily. Probably couldn’t buy it today. Bought mine at 26 with 11.125% interest for $59,950 (I think). Now worth about the average King County house, $800k. My parents bought theirs for $23,500 and sold last year for $925,000. It's obscene. Are we going to say F the greatest, F the silent? Open the zoning, eliminate the new development fees, cut the building codes, cut taxes. |
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LA, USA
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Posted: 4/24/2024 11:13:45 AM EDT
[#29]
If your home is not paid off or you missed 2% interest it will much harder to purchase a home.
My home is paid for and has almost doubled in value. It would be much harder to purchase it back with today’s interest rates and prices. Happy boomer here. Lol |
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WV, USA
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Posted: 4/24/2024 11:14:07 AM EDT
[#30]
Quote HistoryOriginally Posted By 1saxman: WTF is wrong with you people? Real estate almost always goes up. My parents would pay $20,000 for a house in 1963, and I paid $125,000 for my house 30 years ago - its now at 3x that much. Its inflation and its a fact of life. $125,000 30 years ago(1994) adjusted for inflation is $263,000 Not $375,000. My wife and I bought a house 25 years ago. We were just able to afford it with 5% down and had to pay PMI for several years. Our local realestate price went thru the roof a few years after we bought(like almost double) and have remained high. If we had waited until we could swing 20% we would have been fucked. Paid the house off early and have poured the money into investments. We are in our late fifties and don't need to work. |
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MD, USA
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Posted: 4/24/2024 11:14:09 AM EDT
[#31]
Respect your elders, work harder, and make sure you pay your SS.
Stop being so lazy. And pickup that can. |
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Posted: 4/24/2024 11:15:51 AM EDT
[#32]
Quote HistoryOriginally Posted By pestilence12: F the hippy generation (boomers) that sent this country into a tailspin and has effectively ruined it, stealing wealth and opportunity from younger generations and consistently holding the attitude of "tug your bootstraps, toughen up". 60 years ago, almost to the day, was the beginning of the downward slide in America. Only one generation to blame for that, eh? I wasn't there, I can't do anything about the past, but because I'm reaping the rewards for that generations poor behavior, I should just "toughen up", huh? yes....it's not going to get easier. 
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Posted: 4/24/2024 11:16:17 AM EDT
[#33]
Quote HistoryOriginally Posted By BombCrater: I am assuming you are saying this for comedic effect. The truth is: FUCK all Liberals from all generations. FUCK them in every orifice with a rusty barb wire coated cactus. Fuck them to death and may they rot in hell for eternity for their ignorance and evil. The reason all the bad things are accelerating is because the latest generations are far more Liberal than Boomer and Xers ever were. In my opinion, it’s fuck the progressives. |
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Posted: 4/24/2024 11:17:00 AM EDT
[#34]
Quote HistoryOriginally Posted By pestilence12: F the hippy generation (boomers) that sent this country into a tailspin and has effectively ruined it, stealing wealth and opportunity from younger generations and consistently holding the attitude of "tug your bootstraps, toughen up". 60 years ago, almost to the day, was the beginning of the downward slide in America. Only one generation to blame for that, eh? I wasn't there, I can't do anything about the past, but because I'm reaping the rewards for that generations poor behavior, I should just "toughen up", huh? I don’t throw it all on the boomers, though I think their generation plays a bigger role than many of them are willing to admit. March 4, 1913 is when this country started to slide. May Woodrow Wilson rot in hell. |
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Posted: 4/24/2024 11:17:24 AM EDT
[#35]
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Posted: 4/24/2024 11:20:34 AM EDT
[#36]
Quote HistoryOriginally Posted By redfish86: The government caused homes to increase in value? Hasn't real estate historically done that all on its own? |
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WA, USA
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Posted: 4/24/2024 11:20:54 AM EDT
[#37]
House prices go up, my grandma paid $1500 for her house in 1955, my mom paid $15000 in 1972, can you see the pattern?
I could not afford a house in 1998 so I bought 2 acres cleared and septic and well and sold it, then bought a clearcut 20 acres and lived in my truck for two years while I built my cabin. I have since bought and sold one house and bought another. If you can't get their directly, go around. |
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Posted: 4/24/2024 11:21:12 AM EDT
[#38]
Quote HistoryOriginally Posted By Ulster: yes....it's not going to get easier. https://i.postimg.cc/ZnMbzn3Y/gamer-life.jpg No shit. I'm fine, like I said earlier. But the boomer generalized attitude of "f the younger generations" is beyond obnoxious. |
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Posted: 4/24/2024 11:22:54 AM EDT
[#39]
Quote HistoryOriginally Posted By pestilence12: No shit. I'm fine, like I said earlier. But the boomer generalized attitude of "f the younger generations" is beyond obnoxious. Quote HistoryOriginally Posted By pestilence12: Originally Posted By Ulster: yes....it's not going to get easier. https://i.postimg.cc/ZnMbzn3Y/gamer-life.jpg No shit. I'm fine, like I said earlier. But the boomer generalized attitude of "f the younger generations" is beyond obnoxious. guess you missed my first quote huh? Not surprising, people see what they want to see. |
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Posted: 4/24/2024 11:23:58 AM EDT
[#40]
Ok. What a brilliant article.
That's why you buy what you can afford when you can afford it. Buying a house when you have an income planned for an extended time versus after you've been spending down your retirement savings for an extended amount of time...might be a little difference what you'd afford. Also, most people own more than one home during their working life, using the equity they've gained in their current house, plus increased income levels, to step up in their house value. That's part of the equation that resulted in a large percentage of old people being in valuable newer houses now. Others buy once and maintain and add on and pay it off over a few decades and let the gains of time do their thing. |
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Posted: 4/24/2024 11:24:42 AM EDT
[#41]
Quote HistoryOriginally Posted By redfish86: The government caused homes to increase in value? Hasn’t real estate historically done that all on its own? Quote HistoryOriginally Posted By redfish86: Originally Posted By ScopeScar: Originally Posted By Dano556x45mm: F the boomers. F the government that caused this. The government caused homes to increase in value? Hasn’t real estate historically done that all on its own? The government created and continues to create inflation which is the root cause of all things "costing more money". That house doesn't "cost" appreciably more now than it did then, you're money is worth a tiny fraction of what it was and that is 100% the sole product of the government. They print and distribute he money, nobody else. |
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Posted: 4/24/2024 11:25:47 AM EDT
[#42]
Quote HistoryOriginally Posted By Brutus_15: What if they stopped going to Starbucks and eating avocado toast? This. They have more adult toys than ever before and on credit no less. Remember when some people owned new Cadillacs but lived in trashed-out homes? It is all about misplaced values. Lucky me, I hate avocados. Looks like green baby shit and tastes like it looks. |
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CT, USA
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Posted: 4/24/2024 11:25:57 AM EDT
[#43]
If they increased the social security withholding tax just on young workers that could raise boomers social security checks
so they could afford to buy the same home at todays prices . |
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Posted: 4/24/2024 11:26:11 AM EDT
[#44]
Quote HistoryOriginally Posted By Ulster: guess you missed my first quote huh? Not surprising, people see what they want to see. I saw that one, and I disagree with its sentiment. I also disagree with the f the renter sentiment. See how I can believe what I see with my own eyes, and disagree with generational hatred at the same time? |
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USA
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Posted: 4/24/2024 11:26:56 AM EDT
[Last Edit: miseses]
[#45]
Quote HistoryOriginally Posted By piciphant: House prices go up, my grandma paid $1500 for her house in 1955, my mom paid $15000 in 1972, can you see the pattern? I could not afford a house in 1998 so I bought 2 acres cleared and septic and well and sold it, then bought a clearcut 20 acres and lived in my truck for two years while I built my cabin. I have since bought and sold one house and bought another. If you can't get their directly, go around. Going from clearcut 20 acres to a cabin, with a guy and a truck, is way way more difficult to navigate now than in 1972 or 1955 when if you needed any permit at all it was basically a declaration on a map with a square on it along with some estimated values. Starting in the ~70s anywhere experiencing booms the county development office got captured by developers and their consumers who lobbied for zoning and code ordinances that made guy and his truck weak competition and/or locked in their properties as cheaper to build than anyone that comes after them. It's gotten to the point where the guy and his truck is pushed to extreme fringes or a couple of fairly libertarian hold out counties -- a very small fraction of the country. And even in rural areas I've found a large portion of properties have been poisoned by essentially irrevocable CC&Rs boomers injected into the titles which in many case ban starter homes. |
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Posted: 4/24/2024 11:28:32 AM EDT
[#46]
Quote HistoryOriginally Posted By DDalton: Ok. What a brilliant article. That's why you buy what you can afford when you can afford it. Buying a house when you have an income planned for an extended time versus after you've been spending down your retirement savings for an extended amount of time...might be a little difference what you'd afford. Also, most people own more than one home during their working life, using the equity they've gained in their current house, plus increased income levels, to step up in their house value. That's part of the equation that resulted in a large percentage of old people being in valuable newer houses now. Others buy once and maintain and add on and pay it off over a few decades and let the gains of time do their thing. Bingo. Stupid article and just creating class warfare and more "woe is me" for the younger generations to generate unrest, to embrace the concept of a great reset. |
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Posted: 4/24/2024 11:28:56 AM EDT
[#47]
I bought my house at the very start of 2020. I got it just in time before prices exploded. Then I locked in a 30yr mortgage below 3%. No way in hell I could buy it now at current prices and rates. Not even close.
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WA, USA
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Posted: 4/24/2024 11:29:02 AM EDT
[#48]
The news is always talking about the need for more housing in Seattle, if it wasn't for all the illegals maybe there would be enough.
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Posted: 4/24/2024 11:30:08 AM EDT
[#49]
Quote HistoryOriginally Posted By pestilence12: I saw that one, and I disagree with its sentiment. I also disagree with the f the renter sentiment. See how I can believe what I see with my own eyes, and disagree with generational hatred at the same time? Quote HistoryOriginally Posted By pestilence12: Originally Posted By Ulster: guess you missed my first quote huh? Not surprising, people see what they want to see. I saw that one, and I disagree with its sentiment. I also disagree with the f the renter sentiment. See how I can believe what I see with my own eyes, and disagree with generational hatred at the same time? Really? Not seeing it... Originally Posted By pestilence12: F the hippy generation (boomers) |
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Posted: 4/24/2024 11:30:12 AM EDT
[#50]
Quote HistoryOriginally Posted By pestilence12: 60 years ago, almost to the day, was the beginning of the downward slide in America. The oldest boomer was 18. The youngest wasn't born yet. |
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