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Thread: It's astonishing how awful real estate market is now for young people

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08-12-2024, 03:51 PM
#1

It's astonishing how awful real estate market is now for young people

The median house in america is 400-450K. At a 7-8% rate, that's about a 3000-4000 payment. This is a median house, not some mansion. Where I live, there are dumpy places that are very old for 350K. You're talking about a 1500 square foot place that's almost 3k a month


the median income in america is 70-80k a year. For people under 40, it's more like 60-70k. That's about 4k a month income post taxes



Literally the median house in america is about the same cost as the median income for young people. How the hell is this sustainable?
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08-12-2024, 03:57 PM
#2
Yup it’s a fkin disaster. I’m 28 years old and I’ll probably never be able to own a home in my life, let alone support a family or have children. Tour was over before it even started.
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08-12-2024, 03:58 PM
#3
They can start by pulling themselves up by their Yeezy's. No cap, they fuked.
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08-12-2024, 04:03 PM
#4
Originally Posted By GuineaDago585⏩
Yup it’s a fkin disaster. I’m 28 years old and I’ll probably never be able to own a home in my life, let alone support a family or have children. Tour was over before it even started.
Not with that attitude you won't.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
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08-12-2024, 04:09 PM
#5
Originally Posted By GuineaDago585⏩
Yup it’s a fkin disaster. I’m 28 years old and I’ll probably never be able to own a home in my life, let alone support a family or have children. Tour was over before it even started.

your income?
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08-12-2024, 04:31 PM
#6
bumpp
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08-12-2024, 04:33 PM
#7
This is why interest rates will stay high for a lot longer. And lower all of the boomers property values.
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08-12-2024, 04:39 PM
#8
Originally Posted By Orion1818⏩
The median house in america is 400-450K. At a 7-8% rate, that's about a 3000-4000 payment. This is a median house, not some mansion. Where I live, there are dumpy places that are very old for 350K. You're talking about a 1500 square foot place that's almost 3k a month


the median income in america is 70-80k a year. For people under 40, it's more like 60-70k. That's about 4k a month income post taxes



Literally the median house in america is about the same cost as the median income for young people. How the hell is this sustainable?
Depending on electives, 60k-70k isnt 4k a month.
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08-12-2024, 04:39 PM
#9
Originally Posted By OliverHeldens⏩
This is why interest rates will stay high for a lot longer. And lower all of the boomers property values.
fed is pretty much guaranteeing a rate cut in September
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08-12-2024, 04:41 PM
#10
pretty difficult out there if you aren't say top 20% of income earners for your age range.
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08-12-2024, 04:43 PM
#11
I’m guessing starter homes would largely be bought by 2 income households

Originally Posted By OliverHomeless⏩
This is why interest rates will stay high for a lot longer. And lower all of the boomers property values.
Remember when you claimed in October the housing market was going to burn down in six months

And then prices hit another all-time high?

Yeah you a special kind of retard




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08-12-2024, 04:44 PM
#12
Originally Posted By xTEXASPRIDEx⏩
Depending on electives, 60k-70k isnt 4k a month.

60k is 5k a month before taxes dude. That's about 4k a month post tax, are you high?


you think a 3-4k mortgage is affordable on 4-5k a month post tax?
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08-12-2024, 04:45 PM
#13
Originally Posted By eddiehaskell⏩
pretty difficult out there if you aren't say top 20% of income earners for your age range.

top 20? try top 5%


the only people who can comfortably afford a 3-4k mortgage and still save for retirement have to earn about 12-15k a month before taxes. That comes out to 8-11k post tax
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08-12-2024, 04:46 PM
#14
Originally Posted By r32gojirra⏩
I’m guessing starter homes would largely be bought by 2 income households]

Dude 70k median income is 2 income households


the median individual income in america is like 40-45K. I know you guys have been brainwashed into believing everyone makes 150k but there's plenty of people with decent jobs making 40-50K a year
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08-12-2024, 04:51 PM
#15
Originally Posted By Orion1818⏩
60k is 5k a month before taxes dude. That's about 4k a month post tax, are you high?


you think a 3-4k mortgage is affordable on 4-5k a month post tax?
If you run the salary calculator (ADP) at 65k a year paid bi weekly, that comes out to $2,072.56.

That assumes filing single (more taxes) don't pay for any healthcare, 401k, ESPP or HSA.

I'm also in Texas, which has no state income taxes. If in Cali subtract another $125.

65k is more like $3,500 a month.
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08-12-2024, 04:55 PM
#16
Originally Posted By Orion1818⏩
top 20? try top 5%


the only people who can comfortably afford a 3-4k mortgage and still save for retirement have to earn about 12-15k a month before taxes. That comes out to 8-11k post tax
im just thinking my area the charlotte metro where you can still buy a basic starter condo/house for $250k…around $1700-1800 mortgage.
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08-12-2024, 05:02 PM
#17
I don't like coming here and seeing people complain about being poor. Why not do something about it instead of complaining?
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08-12-2024, 05:11 PM
#18
It's unaffordable because of Trump and his policies during covid. But honestly they aren't that bad right now.
I hate capitalism srs
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08-12-2024, 05:15 PM
#19
LMAO if you aren't top 5% in every area of life.
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08-12-2024, 05:18 PM
#20
I'm 29 and am in the process of buying a $480k 2.5k+ sqft 5/3 house. Zero inheritance. Even had student loans when I graduated 7 years ago.

I am an outlier, because I paid off my debts ~4 years ago, and saved/invested ever since for the excess with a cheap car and no other crazy possessions or expenses. Also my income is literally 2.5x the median household income for my area. I put down 20% and my interest rate is still TBD till closing time, hoping it drops a bit (to like 5.5% if I'm lucky?) as anticipated via the FOMC meeting September 20th.

What matters is buying a house while keeping your DTI as low as possible, preferably below 30%. Being debt free is step 1 towards that goal. Having a hefty down payment and/or focusing on cheaper houses is step 2.



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08-12-2024, 05:19 PM
#21
Originally Posted By ltsOgre⏩
It's unaffordable because of Trump and his policies during covid. But honestly they aren't that bad right now.
My favorite troll kek. Only the left would pull a muscle making that stretch.
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08-12-2024, 05:47 PM
#22
Originally Posted By Visel⏩
I'm 29 and am in the process of buying a $480k 2.5k+ sqft 5/3 house. Zero inheritance. Even had student loans when I graduated 7 years ago.

I am an outlier, because I paid off my debts ~4 years ago, and saved/invested ever since for the excess with a cheap car and no other crazy possessions or expenses. Also my income is literally 2.5x the median household income for my area. I put down 20% and my interest rate is still TBD till closing time, hoping it drops a bit (to like 5.5% if I'm lucky?) as anticipated via the FOMC meeting September 20th.

What matters is buying a house while keeping your DTI as low as possible, preferably below 30%. Being debt free is step 1 towards that goal. Having a hefty down payment and/or focusing on cheaper houses is step 2.



Congrats on actually doing something instead of just complaining like so many here do.
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08-12-2024, 05:57 PM
#23
Originally Posted By Orion1818⏩
Literally the median house in america is about the same cost as the median income for young people. How the hell is this sustainable?
It isn't.

They broke the housing market with absurdly low rates and tanked the dollar during covid, but at some point this has to break. It kind of reminds me of covid and the so called vaccine. I was arguing with people not to get it, and they'd tell me that it was just the new normal I had to accept. Then it all went away almost overnight and those same people act like nothing had happened.
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08-12-2024, 05:57 PM
#24
Originally Posted By Visel⏩
I'm 29 and am in the process of buying a $480k 2.5k+ sqft 5/3 house. Zero inheritance. Even had student loans when I graduated 7 years ago.

I am an outlier, because I paid off my debts ~4 years ago, and saved/invested ever since for the excess with a cheap car and no other crazy possessions or expenses. Also my income is literally 2.5x the median household income for my area. I put down 20% and my interest rate is still TBD till closing time, hoping it drops a bit (to like 5.5% if I'm lucky?) as anticipated via the FOMC meeting September 20th.

What matters is buying a house while keeping your DTI as low as possible, preferably below 30%. Being debt free is step 1 towards that goal. Having a hefty down payment and/or focusing on cheaper houses is step 2.

[://sundae.com/wp-content/uploads/2021/02/Median-Age-of-Home-Buyers-1024x661.png

tps://i.imgur.com/upHdHVO.png


You make 3x the median household income by yourself


It's like saying life is easy when you're a hot female. Try doing same thing when you make 40 or 50k a year
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08-12-2024, 06:00 PM
#25
$675k could get a nice 2 car garage single family house with a big backyard 15 years ago. Now it's a used townhouse. Where I'm from.
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08-12-2024, 06:01 PM
#26
Originally Posted By Orion1818⏩
You make 3x the median household income by yourself


It's like saying life is easy when you're a hot female. Try doing same thing when you make 40 or 50k a year
I bought my first house on $12/h. You'll always have an excuse.
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08-12-2024, 06:04 PM
#27
Originally Posted By Godfrd824⏩
I bought my first house on $12/h. You'll always have an excuse.
When housing prices double in the span of like a year I think it's pretty fair that people complain. If anything, way more people should be complaining and looking into why that happened, and trying to hold those who did it responsible.
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08-12-2024, 06:11 PM
#28
Originally Posted By coast2coastam⏩
When housing prices double in the span of like a year I think it's pretty fair that people complain. If anything, way more people should be complaining and looking into why that happened, and trying to hold those who did it responsible.
Cool, but just complaining has never solved anything.
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08-12-2024, 06:13 PM
#29
Originally Posted By Godfrd824⏩
Cool, but just complaining has never solved anything.
Do you think you'd be able to buy a house now making $12 an hour? If so, where?
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08-12-2024, 06:15 PM
#30
Originally Posted By Orion1818⏩
top 20? try top 5%


the only people who can comfortably afford a 3-4k mortgage and still save for retirement have to earn about 12-15k a month before taxes. That comes out to 8-11k post tax
Been telling you fools. Life starts in middle school. Most Fock around until it’s too late.
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