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Forum » Is inheritance anyone else's only chance of becoming a homeowner (srs)
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Thread: Is inheritance anyone else's only chance of becoming a homeowner (srs)

post 1633770233 03-14-2021, 07:43 PM
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Originally Posted By r32gojirra⏩
False equivalency

You are barely literate, unintelligent and clearly uneducated.

It explains both your willingness to accept populist conspiracy theories about foreigners pushing up asset prices, as well as your inability to get a well-paying job and acquire such assets yourself.
why you mad? you don't know anything about my income or wealth.

Yeah im sure young ppl should just shutup when house prices have doubled - trippled in a few short years.

foreigners are a big problem and so are speculators and baby boomers.
post 1633770383 03-14-2021, 07:44 PM
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Originally Posted By Winston56432⏩
why you mad?you don't know anything about my income or wealth.

Yeah im sure young ppl should just shutup when house prices have doubled - trippled in a few short years.

foreigners are a big problem and so are speculators and baby boomers.
Lol
Yeah I do

Your posts speak for themselves
post 1633770753 03-14-2021, 07:52 PM
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Originally Posted By usersignup2⏩
Your point? Buy in fukin abbortsford you whiney ****. I bought my first apartment in Richmond and paid it off in 5 years making less than 30K year. I moved up to a bungalow at 31st and fraser and tripled my money. Cashed out and retired at 45. BTW i never in my life grossed more than 40K a year until I got back into the workforce in my later years. If you say you cant afford a home then you are lazy, or have a loser mindset.
Abbotsford is an hour from Vancouver. And a 2 bedroom condo still costs 600k.
post 1633772203 03-14-2021, 08:21 PM
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Originally Posted By FA*******⏩
I'm making $95K gross/$60K net plus some stock options here in San Diego and will never be able to afford a SFH short of a housing crash ($750K in the city currently, $600s an hour's commute from work). A rot-pad 1br condo is a more feasible goal, but those are $400K-$500K in the city and $350K in the bedroom communities.

I was raised in Boise, and the median home price to median income there is virtually identical to SD, so lol @ "just move to a cheaper city" cels. Anywhere you look right now is going to be at a 6:1 home price/income ratio. Boise and SD are pretty much identical at 8:1. Affordable is considered 3:1 or 4:1.
I hope you aren’t meaning San Diego with SD.
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post 1633772713 03-14-2021, 08:31 PM
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Originally Posted By WoofieNugget⏩
Abbotsford is an hour from Vancouver. And a 2 bedroom condo still costs 600k.
The point is buy a cheap place. Not sure why people dont understand this simple concept. Buy an older condo. Brb not brand new and have shtty appliances and no view. Thats loser mindset. You cant expect to get everything you want i the beggining. Buy in Surrey. Buy a two bedroom and rent one out. Or you can keep making excuses and have zero equity when you retire cause guarantee if you think like this youll have diddly squat savings when your old.
post 1633773093 03-14-2021, 08:36 PM
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Originally Posted By Winston56432⏩
try doing that now? most young ppl are priced out completely even for chitbox's in the chithole that is richmond.
Knew you would just come up with another excuse. Brb only dont like that neighborhood and too small. Whiney fuker. You have a loser mindset
post 1633773253 03-14-2021, 08:39 PM
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I am happy to live under a bridge.
post 1633773673 03-14-2021, 08:45 PM
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Originally Posted By usersignup2⏩
The point is buy a cheap place. Not sure why people dont understand this simple concept. Buy an older condo. Brb not brand new and have shtty appliances and no view. Thats loser mindset. You cant expect to get everything you want i the beggining. Buy in Surrey. Buy a two bedroom and rent one out. Or you can keep making excuses and have zero equity when you retire cause guarantee if you think like this youll have diddly squat savings when your old.
Older places are money pits unless you can redo roof/plumbing/electrical wiring yourself.
post 1633776063 03-14-2021, 09:26 PM
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Originally Posted By Adam16121⏩
Older places are money pits unless you can redo roof/plumbing/electrical wiring yourself.
Wow. More excuses.
post 1633776803 03-14-2021, 09:42 PM
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Originally Posted By usersignup2⏩
Your point? Buy in fukin abbortsford you whiney ****. I bought my first apartment in Richmond and paid it off in 5 years making less than 30K year. I moved up to a bungalow at 31st and fraser and tripled my money. Cashed out and retired at 45. BTW i never in my life grossed more than 40K a year until I got back into the workforce in my later years. If you say you cant afford a home then you are lazy, or have a loser mindset.
>calls other people lazy and losers
>admits to never making much money and cashing out on federal government grossly inflating asset prices

???
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post 1633777403 03-14-2021, 09:50 PM
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i had to save for 8years to buy my house in melbourne. everything is at least $1.2M for something decent in a nice area
post 1633778043 03-14-2021, 10:02 PM
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Pretty much.

Even in ****ing Idaho, the median price of a home was $452,000 in February in Boise.

Our lowest tier home builder (the equivalent to a 1999 Hyundai) is selling million dollar homes to cash buyers who are still paying $60-$100k over asking price.
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post 1633778333 03-14-2021, 10:09 PM
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Originally Posted By VTheKing⏩
>calls other people lazy and losers
>admits to never making much money and cashing out on federal government grossly inflating asset prices

???
So...I manage to retire at 45 and you think thats bad? Thats why I would call you a loser.
post 1633778693 03-14-2021, 10:16 PM
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Originally Posted By VTheKing⏩
>calls other people lazy and losers
>admits to never making much money and cashing out on federal government grossly inflating asset prices

???
Fatality.
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post 1633778833 03-14-2021, 10:20 PM
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Originally Posted By usersignup2⏩
Wow. More excuses.
You are mistaking a fact for an excuse. For that matter, a commonly known and understood fact in the real estate industry. Not that it requires industry knowledge to posses the common sense to come the the conclusion that I originally posted.
post 1633778883 03-14-2021, 10:22 PM
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#136
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Originally Posted By JamesMUSCLE⏩
Pretty much.

Even in ****ing Idaho, the median price of a home was $452,000 in February in Boise.

Our lowest tier home builder (the equivalent to a 1999 Hyundai) is selling million dollar homes to cash buyers who are still paying $60-$100k over asking price.
Fukking Californians.

All these unprofitable zombie tech companies in Silicone Vally getting billions in loans for their dogchit businesses that would go bust were it not for artificially low interest rates. They then proceed to hire a fukload of high salary, useless code monkeys who are getting paid $100k plus to waste their time developing chit for their dogchit, unproductive tech company that will immediately go bust when interest rates rise. The CEO's don't give a fuk about actual profitability of the company, they just want to keep getting their fat paycheck and maybe go public before rates rise and their chit goes bust.

All these overpaid workers that produce nothing of value decide Silicone Valley is too expensive and move elsewhere while still working remote. $500k in Idaho for an actual home seems like a great deal compared to $900k for a condo in California.

They can also stretch themselves further on a mortgage because of the artificially low rates thanks to the Fed owning over 1/3rd of the mortgage market.

Fuk the Fed and their cheap credit asset bubble. Interest rates need to rise to put the kibosh on this lunacy.

I wanted to move to Idaho too, but that's out of the question now. I just hope they don't flip it blue. Such a great state.
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post 1633779083 03-14-2021, 10:28 PM
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Citycels with another loss. Do you guys ever get tired of losing?

Your best bet is move to the South. I'm sure there's pockets of Mississippi, Tennessee, & Georgia that are good and cost cheap..
post 1633779203 03-14-2021, 10:30 PM
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Originally Posted By usersignup2⏩
So...I manage to retire at 45 and you think thats bad? Thats why I would call you a loser.
No, I'm calling you out on calling others lazy when your wealth is almost entirely derived from the government inflating unproductive assets. Congratulations on working hard for Bank of Canada and immigration policies?
Go Canucks Go!



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post 1633779223 03-14-2021, 10:30 PM
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#139
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Originally Posted By WoofieNugget⏩
If my rent is 1500 and the same house would cost me 2500 a month to own, it makes zero sense. Take that 1000 a month and invest it and you'll come out the same if not further ahead than if you owned a house after 20 years.

My rent is currently 1400 a month less than it would cost me monthly to own the same house in my city. And I don't have to worry about property taxes, major repairs or interest rates going up.
You don't even have to worry about rent either if you're a piece of chit since you can't get evicted lol. semi-srs
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post 1633779313 03-14-2021, 10:32 PM
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Originally Posted By yeshli2nuts⏩
No it's not. Median home price last October was just under $320,000. A single guy making $55k can easily afford that.
You're smoking Crack. A guy making $55k can't afford a $320,000 house. Feel free to call me out, but I don't believe. Your mortgage will be 1600 easy
post 1633779783 03-14-2021, 10:40 PM
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Originally Posted By FA*******⏩
I'm making $95K gross/$60K net plus some stock options here in San Diego and will never be able to afford a SFH short of a housing crash ($750K in the city currently, $600s an hour's commute from work). A rot-pad 1br condo is a more feasible goal, but those are $400K-$500K in the city and $350K in the bedroom communities.

I was raised in Boise, and the median home price to median income there is virtually identical to SD, so lol @ "just move to a cheaper city" cels. Anywhere you look right now is going to be at a 6:1 home price/income ratio. Boise and SD are pretty much identical at 8:1. Affordable is considered 3:1 or 4:1.
Why is the government taxing you 30%? That's a brutal raping.
post 1633780253 03-14-2021, 10:48 PM
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Originally Posted By BigBallsMcgee⏩
True but it makes sense. When interest rates go up a lot of people will be fuked. The time to buy is now
If interest rates go up. It rewards prudent savers who come up with a larger down payment, and screws the impatient morons that are unwilling to come up with a decent down payment.

Median home Price in 2021 is $350k
Average down payment for first time buyers is just 6 fukking percent.

These are the morons driving prices up for everyone else and living house poor.

Median household income is $68k, so median homes are over 5x median household income. The historic norm is 2.5x household income and prior to the 80s median household income usually meant the husband's income.

So with a median income of $68k, the median home price should be $170k, not $350k.

We need higher interest rates to get this back in line. The historic norm for mortgage rates is about 8.5% on a 30 year mortgage vs less than 3% today.

Let's compare Today's market vs historic norm.




And here's with higher rates and a higher down payment. Savers get rewarded and own their home sooner. Wouldn't be hard to come up with a $70k down payment in a few years.



However today, waiting and saving for a down payment you get screwed because as we saw in 2020 home prices jump 20% in one fukking year.
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post 1633780553 03-14-2021, 10:53 PM
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Originally Posted By MikeLowrrrey⏩
Why is the government taxing you 30%? That's a brutal raping.
I'll get some back in a refund, but CA income tax really blows.
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post 1633780683 03-14-2021, 10:55 PM
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Originally Posted By iifymbro⏩
time to buy is when you get to pick at the bones of dumbasses who got in way over their heads and have their house foreclosed
Which is exactly what the misc is telling the op to do ITT, as if avocado toast and his phone bill are the only things keeping him from owning a home.
post 1633781093 03-14-2021, 11:04 PM
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Originally Posted By imbeingcereal⏩
And before the Boomers/Bootstrappin' miscers chime in,--
I love when boomers use that phrase as if its a testament to hard work or being frugal or some chit. The fact of the matter is, that phrase was coined in the late 19th century and was quoted as a joke because its an impossible task to literally "pull yourself up by your bootstraps". Its essentially one of the worlds first memes, and everyone takes it seriously now days.
post 1633781333 03-14-2021, 11:09 PM
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Originally Posted By LexBrah⏩
They've been saying its a bubble and an inevitable house crash due since the 90s. It dips occasionally - but then rises way higher than before.
It DID crash...in 2008.
Originally Posted By yeshli2nuts⏩
No it's not. Median home price last October was just under $320,000. A single guy making $55k can easily afford that.
HAH! where? try getting that in a coastal state and its going to be right next to the railroad tracks and one of those poorly designed homes that have no resale value like some crappy 2bed/1bath/single car garage property.
Originally Posted By Anachron⏩
And deep down you still know that everything you just listed is pure cope.
Is he wrong though? and if so, how?
Originally Posted By Tanerian⏩
You make 55k a year, have 70k+ saved you could put down on a house.

I'm missing where you can't afford a decent house?

Is it because of where you live? Is your credit history just absolutely trash?

You can absolutely purchase a decent home with that.
I'm sure he can qualify for the loan. The concern is keeping up with the monthly payments which far exceed that of simply renting.
post 1633781803 03-14-2021, 11:19 PM
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I own my own house and it only cost me 50k. About 3k a year in taxes is all I pay and it has two apartments. Just renting the second apartment would have covered the payments to buy it.
post 1633781893 03-14-2021, 11:21 PM
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You can get a tiny condo in a bad area for as low as $50k in my city srs, bump it up to $110-130k for a decent smaller condo in a good area

Single people don't need full houses, I have ~1700 sq ft with my woman and two dogs and we barely use the basement or two of the bedrooms
post 1633793983 03-15-2021, 05:26 AM
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Originally Posted By usersignup2⏩
The point is buy a cheap place. Not sure why people dont understand this simple concept. Buy an older condo. Brb not brand new and have shtty appliances and no view. Thats loser mindset. You cant expect to get everything you want i the beggining. Buy in Surrey. Buy a two bedroom and rent one out. Or you can keep making excuses and have zero equity when you retire cause guarantee if you think like this youll have diddly squat savings when your old.
Again, you have the mindset of a single person and obviously think it's super easy. I'm not going to cram two kids and myself into a two bedroom - even though I could but it would be a major PITA for 5 years while I built equity - and I run two businesses, so having time to fix a place up and pay for things like replacing appliances is another PITA.

I'm not complaining about not being able to buy a place, it make zero financial sense to do so where I live compared to renting as I've illustrated. Also, because I'm self-employed and single I'd have to pay a higher interest rate to qualify even though I can afford it. Renting isn't always a bad option for some people. I'm taking the difference between my rent and what a mortgage would cost and investing it. Likely will come out comparable or even ahead over time.

The whole thread is about houses being too expensive to purchase for young people, which they are. Yes, if you want to buy a crappy condo an hour away from work and build equity you can. Many people (ie anyone with kids) don't have that option if they want to enjoy any quality of life.
post 1633795263 03-15-2021, 06:06 AM
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Originally Posted By MikeLowrrrey⏩
You're smoking Crack. A guy making $55k can't afford a $320,000 house. Feel free to call me out, but I don't believe. Your mortgage will be 1600 easy
A $320k house with 20% down and 2.75% interest rate comes out to $1,045 a month on a 30 year mortgage. Plus insurance and tax it would probably be a couple hundred under $1,600.

But even so, a single guy making $55k a year can 100% afford a housing payment of $1,600 a month. In my mid 20s when i was single I was making in the upper 40s, had a $900 rent, and was saving over $1,000 a month. Was I living a lavish lifestyle? Absolutely not, I had a roommate in a shyt 100 year old walk up apartment, I was packing lunch and cooking dinner every day, barely ever had alcohol, etc. But I was making chit salary and didn't feel I was entitled to a lavish lifestyle. I decided to save my money instead. I now make 75k and own a house and am able to live a slightly more lavish lifestyle but I still know I can't afford everything I want.

Young people today need to realize they aren't entitled to everything they want. You can't live a lavish lifestyle, own a house, and only make 55k a year. You CAN pick two of those though, but not all three.
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