KaiBear said:
Redbrickbear said:
cowboycwr said:
nein51 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.
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.
Sorry but that is a horrible take and bordering on elitist think.
You seriously sound like the people telling people to "learn to code" and then also telling those same people to just deal with it as their job is replaced by AI.
There is a huge difference between not being able to afford a house in an upscale neighborhood and not being able to afford a house at all.
Not to mention we have basically nuked the social contact and the old cultural America of the 1950s
There are places you just can't live in America anymore…because the jobs have been shipped over seas or the social standards of behavior have collapsed to such a sad low point your kids will get murdered if you try to send them to the local public schools.
Hell in modern America buying a $700,000 dollar house in Frisco will not even necessarily save your child from being stabbed to death at a school event by some low IQ/low impulse control psychopath
Bingo
It is not enough just to buy a house in order to have shelter.
Current realities involve buying a house where you and your family can SURVIVE.
Yeah, you can buy a house in East Saint Louis for a bargain price…..but it still isn't the common sense move.
I spent 13 years living in Bedford, OH there was a woman shot and killed by her BF not 4 blocks from my old house 2 weeks ago.
Never one time did I feel unsafe in my home.
I didn't buy just up the road in Solon because I couldn't afford to.
Someone mentioned Frisco. When I lived in DFW I live in Coppell, I wanted to live in Southlake because it was so much closer to my job but I couldn't afford to.
When I lived in Chicago I lived about 2 miles from where Prison Break was filmed and commuted easily 90 mins a day to my office which was across the street from Medina Country Club (we closed for PGA events) and I did that because I couldn't afford to live near the office.
I'm in my mid 40s, I've made 6 figures for the last 25 years and I finally bought a home I actually like about 40 days ago and even it is a compromise because I couldn't afford what I wanted nearer to my business.
This notion that you're going to go to college, get your first job and buy a 4/3 in Park Cities is utterly insane. Especially when you consider that people aren't getting married until much later in life which limits the amount of time you have dual income and no kids.