Why can't young people afford houses?

101,132 Views | 1327 Replies | Last: 7 min ago by boognish_bear
nein51
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Realitybites said:

Quote:

Been there done that. My kids are on my ass for a lakehouse and no thank you. Told them we can go rent one anytime.


Get an RV/fifth wheel/travel trailer. It is a lake house you can take to more than one lake.

They are a money pit into which you will throw more money than buying a house and after approx 36 months have no value and you can't get rid of.
4th and Inches
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nein51 said:

Realitybites said:

Quote:

Been there done that. My kids are on my ass for a lakehouse and no thank you. Told them we can go rent one anytime.


Get an RV/fifth wheel/travel trailer. It is a lake house you can take to more than one lake.

They are a money pit into which you will throw more money than buying a house and after approx 36 months have no value and you can't get rid of.
so I read this as buy a 3 year old RV for cheap..
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nein51
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4th and Inches said:

nein51 said:

Realitybites said:

Quote:

Been there done that. My kids are on my ass for a lakehouse and no thank you. Told them we can go rent one anytime.


Get an RV/fifth wheel/travel trailer. It is a lake house you can take to more than one lake.

They are a money pit into which you will throw more money than buying a house and after approx 36 months have no value and you can't get rid of.
so I read this as buy a 3 year old RV for cheap..

If you want a money pit to bury your money then hell yes
sombear
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nein51 said:

4th and Inches said:

nein51 said:

Realitybites said:

Quote:

Been there done that. My kids are on my ass for a lakehouse and no thank you. Told them we can go rent one anytime.


Get an RV/fifth wheel/travel trailer. It is a lake house you can take to more than one lake.

They are a money pit into which you will throw more money than buying a house and after approx 36 months have no value and you can't get rid of.

so I read this as buy a 3 year old RV for cheap..

If you want a money pit to bury your money then hell yes

I knew nothing about the RV world until 3 years ago when two of our neighbors both purchased $1 million RVs. They are incredible. We had drinks in both. King beds, bathroom you'd see in a decent house, full-size fridges and appliances, marble floors, granite tops, hardwood cupboards, multiple built-in TVs, sleep 6 comfortably, automation everywhere, and on and on. Wife and I actually started talking about jumping in at some point, envisioning endless road trips.

And, yes, the neighbors have had a great time with them. But with both, it's been 3 years of problems and breakdowns. Every trip they've taken something serious has gone wrong. And there are RV repair companies regularly parked here. I've never asked, but I assume it's all covered by warranty. But what a royal pain in the arse.
nein51
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sombear said:

nein51 said:

4th and Inches said:

nein51 said:

Realitybites said:

Quote:

Been there done that. My kids are on my ass for a lakehouse and no thank you. Told them we can go rent one anytime.


Get an RV/fifth wheel/travel trailer. It is a lake house you can take to more than one lake.

They are a money pit into which you will throw more money than buying a house and after approx 36 months have no value and you can't get rid of.

so I read this as buy a 3 year old RV for cheap..

If you want a money pit to bury your money then hell yes

I knew nothing about the RV world until 3 years ago when two of our neighbors both purchased $1 million RVs. They are incredible. We had drinks in both. King beds, bathroom you'd see in a decent house, full-size fridges and appliances, marble floors, granite tops, hardwood cupboards, multiple built-in TVs, sleep 6 comfortably, automation everywhere, and on and on. Wife and I actually started talking about jumping in at some point, envisioning endless road trips.

And, yes, the neighbors have had a great time with them. But with both, it's been 3 years of problems and breakdowns. Every trip they've taken something serious has gone wrong. And there are RV repair companies regularly parked here. I've never asked, but I assume it's all covered by warranty. But what a royal pain in the arse.

Pushers are mini class 8 semis. Every problem a big truck has they have and the repairs bills are huge. My little Freightliner burned up a fan clutch; clutch, tensioner and belts were over $3,000.

Truck shops are busy and slow to work on stuff and all the upfit (the amenities you mention) aren't done by the manufacturer so then you get to go to an RV repair shop. Even if it's under warranty it's a pain and they all have problems. Like 100% of them regardless of price.
boognish_bear
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Redbrickbear
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nein51
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Redbrickbear said:




Useless graph without both plot points. Unmarried at 30 is largely a result of the internet and dating apps. Go out sometime and see if you can spot a first date.

My stepson is about to go to college, this weekend was the first time I've seen a girl at my house in his nearly 18 year existence. By his age I was on GF number who the hell knows.

I don't think a single one of his male friends has a GF largely because they spend exactly 0 time with other kids that isn't virtual.

So it's possible that "owns home" is down but "single at 30" is way, way up.
cowboycwr
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Redbrickbear said:

boognish_bear said:





On a complete unrelated note are Frisco schools even that good anymore? Or good enough to be worth that kind of price point…







I would say yes they are. You only showed one of their like 8 high schools. And the oldest one. Meaning lowest income. They have some that are good both academically and sports wise. I also know that frisco isd is good at all their high schools of having lots of dual credit, AP, and trade certifications so students get a step ahead of the average high school graduate.
FLBear5630
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nein51 said:

Redbrickbear said:




Useless graph without both plot points. Unmarried at 30 is largely a result of the internet and dating apps. Go out sometime and see if you can spot a first date.

My stepson is about to go to college, this weekend was the first time I've seen a girl at my house in his nearly 18 year existence. By his age I was on GF number who the hell knows.

I don't think a single one of his male friends has a GF largely because they spend exactly 0 time with other kids that isn't virtual.

So it's possible that "owns home" is down but "single at 30" is way, way up.

I agree. I honestly believe the two go together. Guys on their own typically will not look at settling down in a house and 1/4 acre. The house ownership has always been driven by raising a family in the modern era. School districts, low crime, and other "raising children" metrics drove home ownership. With less marrying and less having kids, the need for a 3 bedroom home with a yard in a good Middle School (I found middle school drove things more than elementary) area is less.

But, we seem to be trying to go back to the 1870's with using tariffs for revenue, midwifes for births not hospitals, so maybe we are going back to people buying 40 acres and a mule to sharecrop...
Realitybites
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Multi generational households have been a thing in the third world since time immemorial. The concept of a young man striking out on his own to make his way in the world and setting up a household independent of his family is a historical abberatiom made possible by capitalism and the new frontier of the new world. With free trade having sent our wealth to the third world, our living standards will equalize.
KaiBear
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Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.
nein51
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You're skipping the "I don't need no man" segment and the ever growing LGBT community. Both of which are less likely to get married and/or have kids.

We spent the last 30 or so years destroying the nuclear family. Can't be shocked by the fall out.
nein51
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KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.
KaiBear
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nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?
Mitch Blood Green
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nein51 said:

You're skipping the "I don't need no man" segment and the ever growing LGBT community. Both of which are less likely to get married and/or have kids.

We spent the last 30 or so years destroying the nuclear family. Can't be shocked by the fall out.


I don't need no man!
RD2WINAGNBEAR86
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KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

Bought my first house in 1987 at a 10 percent interest rate (which was considered a great rate at the time).

My salary out of college was $25,000. The house, which was new, was $86,000.

Yep. Times have sure changed.
Call it a tax, the people are outraged! Call it a tariff, the people get out their checkbooks and wave their American flags!!!
J.R.
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RD2WINAGNBEAR86 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

Bought my first house in 1987 at a 10 percent interest rate (which was considered a great rate at the time).

My salary out of college was $25,000. The house, which was new, was $86,000.

Yep. Times have sure changed.

Yup. I made $20k out of undergrad, rented for 3 yrs till we could muster a down payment for a $118k home. Full circle, renting an apartment which really works for me. Rent ain't cheap either
nein51
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KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k
FLBear5630
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nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.
Redbrickbear
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cowboycwr said:

Redbrickbear said:

boognish_bear said:





On a complete unrelated note are Frisco schools even that good anymore? Or good enough to be worth that kind of price point…







I would say yes they are. You only showed one of their like 8 high schools. And the oldest one. Meaning lowest income. They have some that are good both academically and sports wise. I also know that frisco isd is good at all their high schools of having lots of dual credit, AP, and trade certifications so students get a step ahead of the average high school graduate.


Gotcha....I assumed it was still a good area for kids education.

Just wondered it was worth the price point of buying a home there for access
whiterock
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nein51 said:

You're skipping the "I don't need no man" segment and the ever growing LGBT community. Both of which are less likely to get married and/or have kids.

We spent the last 30 or so years destroying the nuclear family. Can't be shocked by the fall out.

Bingo.

One could argue it started with no-fault divorce.....
nein51
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FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.
KaiBear
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nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k


You can not buy any single family home here for less than 400k
nein51
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KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k


You can not buy any single family home here for less than 400k

Then either your spouse needs to work or you need to move.

Maybe my mindset is just too old school. If I had to have a house and couldn't afford one I would get another job, maybe work two jobs, my wife would go to work or we would move. I know that because we did all of those things.

And where is "here" because outside of a handful of cities you can definitely find houses less than that. They won't be nice and the neighborhood will suck but they exist.
KaiBear
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nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k


You can not buy any single family home here for less than 400k

Then either your spouse needs to work or you need to move.

Maybe my mindset is just too old school. If I had to have a house and couldn't afford one I would get another job, maybe work two jobs, my wife would go to work or we would move. I know that because we did all of those things.

And where is "here" because outside of a handful of cities you can definitely find houses less than that. They won't be nice and the neighborhood will suck but they exist.

A. Most people can not 'just move'. Got to stay where the job is.
B. Not all wives can work if they have children and usually day care is too expensive.
C. Can NOT build a single family house here for under 400k....period.
D Many people are working 2 jobs.......and life is still too expensive to purchase a single family home.

FLBear5630
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nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.

I am with you. We moved for jobs our whole life. I don't get the deliver pizzas because I love Austin thing.
nein51
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KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k


You can not buy any single family home here for less than 400k

Then either your spouse needs to work or you need to move.

Maybe my mindset is just too old school. If I had to have a house and couldn't afford one I would get another job, maybe work two jobs, my wife would go to work or we would move. I know that because we did all of those things.

And where is "here" because outside of a handful of cities you can definitely find houses less than that. They won't be nice and the neighborhood will suck but they exist.

A. Most people can not 'just move'. Got to stay where the job is.
B. Not all wives can work if they have children and usually day care is too expensive.
C. Can NOT build a single family house here for under 400k....period.
D Many people are working 2 jobs.......and life is still too expensive to purchase a single family home.



Where did this notion that everyone has a right to own their home come from?
cowboycwr
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nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.


The "just move" option is not always an option. Especially right now with the job market the way it is. It can take a lot of money to move. If you are meaning just move small areas like from Hewitt to Waco that is different.
nein51
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cowboycwr said:

nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.


The "just move" option is not always an option. Especially right now with the job market the way it is. It can take a lot of money to move. If you are meaning just move small areas like from Hewitt to Waco that is different.

If you don't have $5,000 to move then you don't have enough money to own a home regardless of its location.

If you can't make a living where you live then you're going to have to move or take on more work. It's quite literally what happened to the American Midwest 100 years ago and how we ended up in cities to begin with.
boognish_bear
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J.R.
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nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k


You can not buy any single family home here for less than 400k

Then either your spouse needs to work or you need to move.

Maybe my mindset is just too old school. If I had to have a house and couldn't afford one I would get another job, maybe work two jobs, my wife would go to work or we would move. I know that because we did all of those things.

And where is "here" because outside of a handful of cities you can definitely find houses less than that. They won't be nice and the neighborhood will suck but they exist.

A. Most people can not 'just move'. Got to stay where the job is.
B. Not all wives can work if they have children and usually day care is too expensive.
C. Can NOT build a single family house here for under 400k....period.
D Many people are working 2 jobs.......and life is still too expensive to purchase a single family home.



Where did this notion that everyone has a right to own their home come from?

Agreed.
FLBear5630
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cowboycwr said:

nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.


The "just move" option is not always an option. Especially right now with the job market the way it is. It can take a lot of money to move. If you are meaning just move small areas like from Hewitt to Waco that is different.

There is a reason that you have traffic jams between 6-9 AM and 4-7 PM. People that are driving from where they can afford their preferred lifestyle to their jobs that pay for them. Everything has a cost. You can find good neighborhoods and nice bedroom communities, but you will drive. Or, you will pay to live in the Urban core.

Ever hear the term "Drive until you qualify"? Generations have made this choice going back to the 50's and 60's. Now, the current generation doesn't want to do it, so the Government has to help? Change the whole thing. All those "Boomers" that bought wisely, improved their property and stay for 20 years now they are supposed to just walk away with little profit. Nevermind many are counting on that for retirement.
nein51
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FLBear5630 said:

cowboycwr said:

nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.


The "just move" option is not always an option. Especially right now with the job market the way it is. It can take a lot of money to move. If you are meaning just move small areas like from Hewitt to Waco that is different.

There is a reason that you have traffic jams between 6-9 AM and 4-7 PM. People that are driving from where they can afford their preferred lifestyle to their jobs that pay for them. Everything has a cost. You can find good neighborhoods and nice bedroom communities, but you will drive. Or, you will pay to live in the Urban core.

Ever hear the term "Drive until you qualify"? Generations have made this choice going back to the 50's and 60's. Now, the current generation doesn't want to do it, so the Government has to help? Change the whole thing. All those "Boomers" that bought wisely, improved their property and stay for 20 years now they are supposed to just walk away with little profit. Nevermind many are counting on that for retirement.

There's a whole bunch of people that work in LA and live in Temecula. That's 90+ miles. That's a 2 hour commute at almost any time of the day. Like driving from Waco to Austin.
FLBear5630
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nein51 said:

FLBear5630 said:

cowboycwr said:

nein51 said:

FLBear5630 said:

nein51 said:

KaiBear said:

nein51 said:

KaiBear said:

Three of our single family rentals came due for their contract renewals.

For the first time in several years we did not increase the rent on any of the houses involved.

As the demand for rentals has dramatically eased off and the number of houses available for sale has increased. Home prices have dropped by at least 10%.

Jobs are still plentiful here, but most are low paying ( under 35 dollars an hour ). Suspect many people are moving in with family or friends to save money.

Without a significant drop in interest rates the real estate market is about to get crushed. Surprised it has taken this long.

In no world except California, NYC and maybe Chicago is $35/hr low paying.


How much house can one purchase with an income of 35 dollars an hour and mortgage rates of 6.5% ?

I have no idea. That's $72k a year so around $1,700/mo which should fall somewhere in the mid $200k range which is very doable in my area.

That's said the majority of households are dual income so around $3500/mo which will get you in the low to mid 400k

The key thing you said was "in your area".

Younger generations won't move somewhere for a job or for better economics. They want to live where they want to live. My daughter lives in Boston. He fiance will not move from Boston. You need some serious bank to buy in Cambridge or Lexington.


Sure. Ok. Whose problem is that? They can either sit online and ***** or they can move. I can tell you which one is productive and which one isn't.


The "just move" option is not always an option. Especially right now with the job market the way it is. It can take a lot of money to move. If you are meaning just move small areas like from Hewitt to Waco that is different.

There is a reason that you have traffic jams between 6-9 AM and 4-7 PM. People that are driving from where they can afford their preferred lifestyle to their jobs that pay for them. Everything has a cost. You can find good neighborhoods and nice bedroom communities, but you will drive. Or, you will pay to live in the Urban core.

Ever hear the term "Drive until you qualify"? Generations have made this choice going back to the 50's and 60's. Now, the current generation doesn't want to do it, so the Government has to help? Change the whole thing. All those "Boomers" that bought wisely, improved their property and stay for 20 years now they are supposed to just walk away with little profit. Nevermind many are counting on that for retirement.

There's a whole bunch of people that work in LA and live in Temecula. That's 90+ miles. That's a 2 hour commute at almost any time of the day. Like driving from Waco to Austin.

As I said, it is a choice for your preferred lifestyle. I grew up with my Dad commuting the Long Island Expressway everyday. To this day, if you meet someone from Long Island ask them "what exit"? They will tell you a number... We were Exit 61...
 
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