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Posted: 4/24/2024 12:19:50 PM EDT
[#1]
Quote HistoryOriginally Posted By redfish86: Lol. https://www.ar15.com/media/mediaFiles/136311/02CB8AEE-3ACD-4268-9E82-C51B4559EBBC_png-3196657.JPG Why the lol? |
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USA
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Posted: 4/24/2024 12:20:29 PM EDT
[#2]
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. Gen X doesn't care about the difference the same way younger generations don't care about the difference between Gen X and Boomers. What's these young revolutionaries' latest excuse for that again..."it's a mindset, not an age range" or some such BS. |
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CA, USA
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Posted: 4/24/2024 12:20:50 PM EDT
[#3]
I just turned 60.
I bought my first place, a condo at 23. 80k. Bought my second place at 26. 174k 10.5/8 % was the cost of the money. Condo next to mine just sold for 660k. I'm still in the second purchase, the house. it appraised for right at 900k I'm a heavy equipment mechanic. Eat me. Eat me part two. Mom's house in Goleta is walking distance from the beach. Mother in law lives in Irvine hills. Neither have any other family. I'm not interested in selling anything. My kids will be well off. My parents game was to leave their kids something. It would suck to leave nothing of value when I'm worm food. Work for it. |
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Posted: 4/24/2024 12:21:16 PM EDT
[Last Edit: DK-Prof]
[#4]
Quote HistoryOriginally Posted By JeepersCreepers: Problem is people in their 20s don't want a true "starter house" anymore They want the McMansions they've grown up seeing on Pinterest and Instagram I guarantee she could buy a house today, it just wouldn't be the one she wants ... I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am.  But, not a Boomer!  |
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Posted: 4/24/2024 12:22:07 PM EDT
[#5]
Quote HistoryOriginally Posted By CoyoteGray: Yep, an investment you get to live in. Not a great investment because where do you live if you liquidate? |
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OR, USA
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Posted: 4/24/2024 12:22:07 PM EDT
[#6]
I'm not sure why you have to preface this topic with the word "boomers." This is just an example of supply and demand working in the real world and it effects everybody of all ages. We build 1-1.3 million new housing units per year. This doesn't even cover the natural growth rate. Now, add in 1 million legal immigrants per year, another 1 million guest workers per year, and another 2 million illegal immigrants per year plus the cost of inflation, brought about by shutting down the economy over covid fear, and you have unaffordable housing.
There are only two ways to correct this; either increase the amount of new housing units built or send illegal immigrants back to their home countries. |
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USA
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Posted: 4/24/2024 12:23:50 PM EDT
[#7]
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? Nobody is this ignorant of the .gov's role in interest rates. Fake question. |
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USA
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Posted: 4/24/2024 12:24:20 PM EDT
[Last Edit: miseses]
[#8]
Quote HistoryOriginally Posted By DK-Prof: I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am. But, not a Boomer! Quote HistoryOriginally Posted By DK-Prof: Originally Posted By JeepersCreepers: Problem is people in their 20s don't want a true "starter house" anymore They want the McMansions they've grown up seeing on Pinterest and Instagram I guarantee she could buy a house today, it just wouldn't be the one she wants ... I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am. But, not a Boomer! I live in a libertarian county with no codes. 2/3 of the properties I initially tried to buy asshole boomers filed a CC&R on their title to make it impossible to build a 1000 sq ft home on the property. This CC&R is irrevocably binding on every heir and conveyance of the title. I don't know why so many did that, but it was absolutely enraging, because often they did not even disclose it and it was uncovered in the title search on some ancient scanned document. |
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DE, USA
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Posted: 4/24/2024 12:24:30 PM EDT
[#9]
Am I the only one who thinks the premise is stupid? I save money over time. Then buy house over time. Then retire. Now I can’t afford to double my assets.
Just seems dumb |
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Posted: 4/24/2024 12:24:49 PM EDT
[#10]
Quote HistoryOriginally Posted By ranging-by-zipcode: https://i.postimg.cc/KjWbx3hB/Green-Rock-Glamping-Pic2-1024x1024.webp In 1884, we built our dream log home on 1.25 acres of woods. We lived in a 19' travel camper with three kids and later one on the way for a year and a half. I did most of the labor myself. The 2400 sq ft log home cost $60,000. Not many are willing to make such a sacrifice. That is the problem with many today. They aren't willing to sacrifice for what they want. |
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USA
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Posted: 4/24/2024 12:25:26 PM EDT
[#11]
Quote HistoryOriginally Posted By JimEb: Boomers? Hell this is probably true of anyone that’s owned their house now for 10+ years. Or a decent truck. |
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Posted: 4/24/2024 12:26:31 PM EDT
[#12]
So what? Economic times are always changing.
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Posted: 4/24/2024 12:26:36 PM EDT
[#13]
Quote HistoryOriginally Posted By Mall-Ninja: More bitching about how it's SO HARD for young people today. My parents' home isn't their first house. Or even their second. There was a long line of houses that were bought/sold before it, as their careers progressed. I know the article says baby boomers, but I think it's generally true of most people who bought prior to like 2020. We bought our first house ~7 years ago and since then the value has more than doubled and interest rates have gone up more than 2x. Despite the substantial career progression both of us have experienced, we probably couldn't buy our house again (at least without a significant reduction in quality of life being house poor), which is the sentiment of this article. FTHBs post 2020 really are screwed but I'm also not one of those 'abolish SFH zoning' and build towers in the suburbs nutjobs. It wasn't population growth in the past four years that caused this. |
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Posted: 4/24/2024 12:28:18 PM EDT
[#14]
Quote HistoryOriginally Posted By Brutus_15: What if they stopped going to Starbucks and eating avocado toast? Or deported 40 million illegals and freed up millions of apartments and houses and banned large private corporations from owning tens of thousands / millions of homes ? |
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Posted: 4/24/2024 12:28:24 PM EDT
[#15]
Quote HistoryOriginally Posted By redfish86: The government caused homes to increase in value? Hasn’t real estate historically done that all on its own? Are you being obtuse or retarded? |
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CT, USA
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Posted: 4/24/2024 12:29:55 PM EDT
[Last Edit: ranging-by-zipcode]
[#16]
Quote HistoryOriginally Posted By DK-Prof: I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am. But, not a Boomer! But a lot of those homes are listed now for sale at prices that are affordable for kids . That poster in the thread that said his daughter has 40K saved and lives in Northern Virginia can't afford to buy . She absolutely can but it's not the type of homes she wants . She wants the 2000 square feet 4 bedroom with garage . Well yeah that's going to cost there 400K or 500K there but there are tons of small starter homes there also for under 200K but they are small and built in the 70's They just don't want them . A starter home doesn't have to be new |
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Posted: 4/24/2024 12:30:20 PM EDT
[#17]
Quote HistoryOriginally Posted By Paul_Sothern: If the average person cannot afford the cost of the average house what does that tell you? It tells you there will be a crash in prices sooner or later. Then there will be belly aching as people owe more than their house is worth. Government bailout for these hapless people comes next. Government has started offering zero down home loans directly to illegals , it’s going the way of college education, prices won’t drop until government goes broke and can’t interfere anymore. |
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USA
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Posted: 4/24/2024 12:30:32 PM EDT
[#18]
If I were to buy my current house of 8 years at its new tax evaluations and current rates my monthly would be three times what it is now even before adjusting for insurance increases.
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USA
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Posted: 4/24/2024 12:30:32 PM EDT
[Last Edit: PDP_Main]
[#19]
Quote HistoryOriginally Posted By CoyoteGray: Yep, an investment you get to live in. That's what they have you believing, so you can justify all that debt. A house is a lousy "investment", unless it is in the most affluent areas. It's more of a savings vehicle. You spend just as much to finance it as the house costs. People like to talk about how much they paid for their house, and how much they got when they sold it, but they never include the finance charges. Then you have to add all the taxes, repairs, insurance, HOA fees, pest control, etc., to the overall total of your "investment". Very few people do this. The increased valuation rarely outpaces the finance costs. If there was any other "investment vehicle" where people put as much in, and got so little out, the SEC would be putting people in prison for selling it. If Vanguard sold you a fund with those numbers, they would lose their license. |
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Posted: 4/24/2024 12:30:55 PM EDT
[#20]
Yep, it’s getting to the point that no one can afford anything these days. Yea double the mortgage with current interest rates. Yep boomer were paying mortgage for 30 years as well.
There are always options, sometimes a few hours outside cities, sometimes a fixer upper in a pioneer neighborhood. Yep sweet equity is involved, no one got time for that. |
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Posted: 4/24/2024 12:31:05 PM EDT
[#21]
We bought our home a dozen years ago, and then bought a rental property about 7 years ago.
I think we are going to have to keep the rental and give it to our kids to live in so they can acrually have a place to live.  I don't think we could afford either of them if we were buying today. I wanted to buy more rentals for passive income but that's impossible now. |
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Posted: 4/24/2024 12:32:11 PM EDT
[#22]
Quote HistoryOriginally Posted By PDP_Main: So much stupidity and envy. Most people are too stupid to realize that if you had to finance your home through a lender, you couldn't afford it. Even boomers didn't buy their homes with cash, they financed them through a lender. Easy credit is why housing prices run up like they do. That's why location, location, location, is a thing. Houses don't cost more to build in affluent areas, it's just that people will pay more for them. They pay the extra because a lender will loan them the additional money. Milli's and Gen Xers grew up getting participation trophies, so they think they are entitled to something they didn't earn. They certainly aren't going to wait until they can afford a house to buy one. At least those who aren't living in their parents basement. Lenders know they can run the rates up and those idiots will pay it. But you can always buy points: slaps knee When nobody is buying, prices go down. If credit isn't available, nobody is buying. |
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USA
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Posted: 4/24/2024 12:32:22 PM EDT
[#23]
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. Quote HistoryOriginally Posted By durtychemist: Originally 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. 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. Gen X doesn't care. |
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TX, USA
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Posted: 4/24/2024 12:32:52 PM EDT
[Last Edit: tsg68]
[#24]
Because investment firms overpaid artificially inflating values.
Kill Larry Fink… |
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USA
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Posted: 4/24/2024 12:33:15 PM EDT
[#25]
Quote HistoryOriginally Posted By R2point0: Well, I've heard dumber theories, but I can't think of one right now. Says the typical American who is neck deep in debt. |
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USA
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Posted: 4/24/2024 12:33:38 PM EDT
[#26]
Quote HistoryOriginally Posted By MHowski: I bought right after the housing market collapsed last time, no way I could buy it today. I will either buy the next crash in cash, or stay where I am at 3 percent interest, 70% equity. |
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TX, USA
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Posted: 4/24/2024 12:36:25 PM EDT
[#27]
Quote HistoryOriginally Posted By Steamedliver: Those politicians were boomers. Quote HistoryOriginally Posted By Steamedliver: Originally Posted By 73RR: Oh look another boomer hate thread. How about hate the politicians who engineered this shitstorm. Who engineered the whole COVID bullshit who spend all our money. And allow us to be invaded. But lets blame your fellow citizen and take the spotlight off the politicians who are happy to see us fight each other. Those politicians were boomers. Boom headshot |
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SC, USA
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Posted: 4/24/2024 12:37:33 PM EDT
[#28]
Quote HistoryOriginally Posted By PDP_Main: Says the typical American who is neck deep in debt. Quote HistoryOriginally Posted By PDP_Main: Originally Posted By R2point0: Well, I've heard dumber theories, but I can't think of one right now. Says the typical American who is neck deep in debt. |
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TX, USA
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Posted: 4/24/2024 12:39:24 PM EDT
[#29]
Its not so much i couldn't afford it as i would just never pay the current market value for my home. Its insane how much the value has increased.
if i was going to spend that much i would move elsewhere and not buy this one. |
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Posted: 4/24/2024 12:39:31 PM EDT
[#30]
Quote HistoryOriginally Posted By MikeSSS: Prices have not gone up. Our home cost 6 Honda Accords when we bought it. Today it is valued at 6 Honda Accords. . Mine was like 14 accords and now it’s about 27 accords. 
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Posted: 4/24/2024 12:39:58 PM EDT
[#31]
It’s not just Boomers.
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Posted: 4/24/2024 12:41:17 PM EDT
[#32]
Quote HistoryOriginally Posted By ranging-by-zipcode: But a lot of those homes are listed now for sale at prices that are affordable for kids . That poster in the thread that said his daughter has 40K saved and lives in Northern Virginia can't afford to buy . She absolutely can but it's not the type of homes she wants . She wants the 2000 square feet 4 bedroom with garage . Well yeah that's going to cost there 400K or 500K there but there are tons of small starter homes there also for under 200K but they are small and built in the 70's They just don't want them . A starter home doesn't have to be new Quote HistoryOriginally Posted By ranging-by-zipcode: Originally Posted By DK-Prof: I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am. But, not a Boomer! But a lot of those homes are listed now for sale at prices that are affordable for kids . That poster in the thread that said his daughter has 40K saved and lives in Northern Virginia can't afford to buy . She absolutely can but it's not the type of homes she wants . She wants the 2000 square feet 4 bedroom with garage . Well yeah that's going to cost there 400K or 500K there but there are tons of small starter homes there also for under 200K but they are small and built in the 70's They just don't want them . A starter home doesn't have to be new The other issue for that particular example is that the LAND in Northern Virginia is really expensive - so of course someone cannot afford a "reasonable" starter house there, because the land alone will make it unaffordable for someone starting out. They can still buy an affordable house, but it's going to be further out, and they better get used to a one-hour commute to work. If they are not willing to suck up a long commute in a place where land is expensive, then yeah, of course they cannot afford a house. But again, it's partly because of the choices they are making, not because the houses don't exist. They just don't exist in particular locations. Our house in NoVA is on a half acre, and the land alone is worth at least $400k. So a small unrenovated shitty house in our neighborhood is going to cost at least half a million dollars. So nobody is buying those as starter homes; instead developers are buying them, tearing them down, and building $2M McMansions on the land. |
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CT, USA
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Posted: 4/24/2024 12:41:20 PM EDT
[#33]
Quote HistoryOriginally Posted By Chisum: In 1884, we built our dream log home on 1.25 acres of woods. We lived in a 19' travel camper with three kids and later one on the way for a year and a half. I did most of the labor myself. The 2400 sq ft log home cost $60,000. Not many are willing to make such a sacrifice. That is the problem with many today. They aren't willing to sacrifice for what they want. Were you wearing buckskins when you were building it |
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SGP
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Posted: 4/24/2024 12:41:36 PM EDT
[#34]
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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Posted: 4/24/2024 12:42:26 PM EDT
[#35]
Quote HistoryOriginally Posted By JeepersCreepers: Problem is people in their 20s don't want a true "starter house" anymore They want the McMansions they've grown up seeing on Pinterest and Instagram I guarantee she could buy a house today, it just wouldn't be the one she wants They cry about boomers "pricing them out of the market" because they can't have this RIGHT NOW They ignore the fact that most boomers worked 50 years to afford this, and lived in some shitboxes along the way https://i.pinimg.com/564x/ab/53/4a/ab534ae6fe085f1b3ad29e30c650022e.jpg A) the starter homes you speak of are rare as hen's teeth in this area. Or rather, all the small homes that used to qualify as starter homes have inflated in price well beyond inflation, as referenced above. B) I'm her Dad, and I'm helping her look. She's definitely not looking at McMansions - she actually hates them. But you keep walking to school uphill both ways if that's what gets you through the night. |
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CO, USA
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Posted: 4/24/2024 12:42:53 PM EDT
[#36]
Quote HistoryOriginally Posted By Dano556x45mm: F the boomers. this |
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Posted: 4/24/2024 12:44:56 PM EDT
[#37]
Poor snowflakes/renters are mad.
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TX, USA
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Posted: 4/24/2024 12:46:24 PM EDT
[#38]
Quote HistoryOriginally Posted By PDP_Main: That's what they have you believing, so you can justify all that debt. A house is a lousy "investment", unless it is in the most affluent areas. It's more of a savings vehicle. You spend just as much to finance it as the house costs. People like to talk about how much they paid for their house, and how much they got when they sold it, but they never include the finance charges. Then you have to add all the taxes, repairs, insurance, HOA fees, pest control, etc., to the overall total of your "investment". Very few people do this. The increased valuation rarely outpaces the finance costs. If there was any other "investment vehicle" where people put as much in, and got so little out, the SEC would be putting people in prison for selling it. If Vanguard sold you a fund with those numbers, they would lose their license. Quote HistoryOriginally Posted By PDP_Main: Originally Posted By CoyoteGray: Yep, an investment you get to live in. That's what they have you believing, so you can justify all that debt. A house is a lousy "investment", unless it is in the most affluent areas. It's more of a savings vehicle. You spend just as much to finance it as the house costs. People like to talk about how much they paid for their house, and how much they got when they sold it, but they never include the finance charges. Then you have to add all the taxes, repairs, insurance, HOA fees, pest control, etc., to the overall total of your "investment". Very few people do this. The increased valuation rarely outpaces the finance costs. If there was any other "investment vehicle" where people put as much in, and got so little out, the SEC would be putting people in prison for selling it. If Vanguard sold you a fund with those numbers, they would lose their license. Biden is proposing to increase the long term capital gains tax to 40% in FY25, so the government doesn’t want you making any money on equities either. |
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Posted: 4/24/2024 12:46:45 PM EDT
[#39]
My parents built themselves a decent house for about $5000.00. In 1950.
My first house cost a lot more than that, but I just shrugged and paid up. Admittedly, when my parents' second home went on the market in 2019, it was more than I could afford, and I really wanted to buy it.
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CA, USA
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Posted: 4/24/2024 12:47:03 PM EDT
[#40]
Quote HistoryOriginally Posted By BeRzErKaS: So an 80yo couldn't afford to buy their current home, at the current price, on a retiree's income? No shit. This, it happens to every generation that builds their wealth during their working years, and pay down their house. Once they retire, they have housing costs that are less than renting. These are working class people, not idle rich, trust fund babies, and connected people like Mom Jeans. |
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CT, USA
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Posted: 4/24/2024 12:47:35 PM EDT
[Last Edit: ranging-by-zipcode]
[#41]
Quote HistoryOriginally Posted By DK-Prof: The other issue for that particular example is that the LAND in Northern Virginia is really expensive - so of course someone cannot afford a "reasonable" starter house there, because the land alone will make it unaffordable for someone starting out. They can still buy an affordable house, but it's going to be further out, and they better get used to a one-hour commute to work. If they are not willing to suck up a long commute in a place where land is expensive, then yeah, of course they cannot afford a house. But again, it's partly because of the choices they are making, not because the houses don't exist. They just don't exist in particular locations. Our house in NoVA is on a half acre, and the land alone is worth at least $400k. So a small unrenovated shitty house in our neighborhood is going to cost at least half a million dollars. So nobody is buying those as starter homes; instead developers are buying them, tearing them down, and building $2M McMansions on the land. Yep page two I think I posted about a long commute . Most of the kids don't want that hour or so drive each way . I mean I get it sucks to drive that far everyday but it gets them out of paying a rental if their desire is homeownership ETA when my daughter and son in law were buying their first home I drove down to NC and they had 4 homes set up that day to look at . We drive up to the first one and Ill be honest I'm stunned at the size of it Beautiful new home 2800 square feet I ask them are all the ones we are looking at like this ? They said yeah why |
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Posted: 4/24/2024 12:53:23 PM EDT
[#42]
This is the beauty of boomerhood! Life goes our way because we worked hard for it. Now we can reap multiple rewards as we fade into eternity!🤣
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Posted: 4/24/2024 12:53:43 PM EDT
[#43]
Quote HistoryOriginally Posted By ranging-by-zipcode: Yep page two I think I posted about a long commute . Most of the kids don't want that hour or so drive each way . I mean I get it it sucks to drive that far everyday but it gets them out of paying a rental if their desire is homeownership |
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OH, USA
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Posted: 4/24/2024 12:56:28 PM EDT
[#44]
Quote HistoryOriginally Posted By Dano556x45mm: F the boomers. The Boomers proudly say F you back |
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TN, USA
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Posted: 4/24/2024 12:58:01 PM EDT
[#45]
Quote HistoryOriginally Posted By DK-Prof: I think this is definitely part of it, combined with the fact that lots of new homes today are MUCH nicer than homes used to be, with bigger bedrooms, bigger bathrooms, etc. A starter home in the 60 and 70 was a small (maybe 1000 sq ft) one-level two-bedroom with ONE bath and no garage, and with nothing architecturally exciting about it - just a rectangular box with a roof. Nowadays, it seems like many people think that a "starter" home is a two story house with three-four bedroom, two and a half baths, and an attached two-car garage - and maybe some nice gables, or a covered porch, etc. It's a little like people complaining about cars/trucks being more expensive - but the vast majority of people DON'T WANT an unsafe and unreliable stripped car with manual crank windows, no radio/audio, and no A/C. Instead, people want all of the bells and whistles and cool gadgets and heated seats, in addition to all of the safety improvements over the years, AND they expect the car to be reliable, to start in cold weather, not have a carburetor or choke, etc. ... of course, I could just be an old curmudgeon. In fact, I am pretty sure I am. But, not a Boomer! The overwhelming majority of new homes are larger yes, but they are built like shit. It may look nice on the outside, but everything you cannot see is very bad. |
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Posted: 4/24/2024 12:58:26 PM EDT
[#46]
Don't need to be a baby boomer not to be able to afford to buy your current house at today's rates versus when you purchased it. The majority of the inventory that is going to be available will be new construction for a while because of this. They're building about 200 new houses in my neighborhood. Most of them are little smaller than my house, and don't have the high ceilings, large windows, LVP flooring throughout, and an upgraded kitchen like mine does. Just basic spec homes rather than an upgraded spec home. With the increase in cost since 3 years ago when I bought mine, combined with the interest rates, if I put down $10K more than I did on my house, my mortgage payment would be more than double on one of those houses. I could do it, but I sure wouldn't have been able to have the upgrades, add HVAC to the garage, landscaping with a couple dozen trees, and all new furniture and electronics throughout the entire house. My neighbor that bought a year later with a VA loan and almost nothing down is trapped unless he wants to lose about $40K-$50K just to sell his house since he overpaid on top of the prices being at the peak of where the got to before going down slightly here. He's no baby boomer, but if he wants to move, it's going to have to borrow money just to sell his house. Then he's going to have to figure out how to buy a house with no down payment, while in debt, and is going to have to buy a smaller, cheaper house for his family.
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TX, USA
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Posted: 4/24/2024 12:59:17 PM EDT
[#47]
Quote HistoryOriginally Posted By Hillcountry: This is the beauty of boomerhood! Life goes our way because we worked hard for it. Now we can reap multiple rewards as we fade into eternity!🤣 Life went Boomer’s way because boomers had the benefit of being born right at the beginning of the Pax Americana. Now we’re living at the end of American hegemony, and things are going to get a lot worse before they get better. |
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CT, USA
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Posted: 4/24/2024 1:01:37 PM EDT
[#48]
Quote HistoryOriginally Posted By R2point0: More like 2-3 hours for the NVA area. She's been looking in West Virginia, Western MD, and Southern PA. I truly hope she finds one 2 hour commute is just too long one way 1 hour is doable one way but 2 hours yeah I wouldn't want that either . |
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USA
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Posted: 4/24/2024 1:02:09 PM EDT
[Last Edit: anothermisanthrope]
[#49]
Quote HistoryOriginally Posted By PDP_Main: That's what they have you believing, so you can justify all that debt. A house is a lousy "investment", unless it is in the most affluent areas. It's more of a savings vehicle. You spend just as much to finance it as the house costs. People like to talk about how much they paid for their house, and how much they got when they sold it, but they never include the finance charges. Then you have to add all the taxes, repairs, insurance, HOA fees, pest control, etc., to the overall total of your "investment". Very few people do this. The increased valuation rarely outpaces the finance costs. If there was any other "investment vehicle" where people put as much in, and got so little out, the SEC would be putting people in prison for selling it. If Vanguard sold you a fund with those numbers, they would lose their license. Quote HistoryOriginally Posted By PDP_Main: Originally Posted By CoyoteGray: Yep, an investment you get to live in. That's what they have you believing, so you can justify all that debt. A house is a lousy "investment", unless it is in the most affluent areas. It's more of a savings vehicle. You spend just as much to finance it as the house costs. People like to talk about how much they paid for their house, and how much they got when they sold it, but they never include the finance charges. Then you have to add all the taxes, repairs, insurance, HOA fees, pest control, etc., to the overall total of your "investment". Very few people do this. The increased valuation rarely outpaces the finance costs. If there was any other "investment vehicle" where people put as much in, and got so little out, the SEC would be putting people in prison for selling it. If Vanguard sold you a fund with those numbers, they would lose their license. If I sold tomorrow, I'd make money per month to live here. After all costs, utilities and major improvements. In the home for ~12 years. |
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Posted: 4/24/2024 1:02:15 PM EDT
[#50]
Quote HistoryOriginally Posted By lumper: I would question who's inflation numbers you are using? One based on a realistic purchasing power of the US dollar, or the one announced by the government which happens to exclude several important categories of expenses. The number you gave (while it may the official number) is nowhere near reality, and for you to claim otherwise is simply dishonest. What other falsehoods do you choose to believe simply because of the government entity that uttered them? Quote HistoryOriginally Posted By lumper: Originally Posted By 8nbait: $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. I would question who's inflation numbers you are using? One based on a realistic purchasing power of the US dollar, or the one announced by the government which happens to exclude several important categories of expenses. The number you gave (while it may the official number) is nowhere near reality, and for you to claim otherwise is simply dishonest. What other falsehoods do you choose to believe simply because of the government entity that uttered them? I don't think was geared toward me, but there is nothing dishonest about it. In the post I made, I used the DOL CPI calculator. I used round numbers and approximated time frame with a commonly accepted benchmark tool that was readily available. It is one of many tools commonly used by economists and banks. It can effect bond and mortgage rates on the open market. It can effect if a person is or is not approved for a mortgage. It is absolutely germane to the conversation. One can rightly debate the accuracy of the CPI. I agree inflation is higher than what the government reports. That is why there are many tools used by economists. My parents probably could have afforded their house under the same circumstances today. They would not have been able to afford many other things in doing so. One of those things would have been putting me through business school without incurring student debt. |
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