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Forum » It was actually more expensive for a person to buy a house in 1990 compared to now
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Thread: It was actually more expensive for a person to buy a house in 1990 compared to now

post 1613272141 08-11-2020, 05:47 PM
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It was actually more expensive for a person to buy a house in 1990 compared to now

In 1990 they had to pay 54% of their income to pay off the loan compared to only 44% today.
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post 1613272231 08-11-2020, 05:48 PM
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What a time to be alive OP
post 1613272531 08-11-2020, 05:51 PM
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But but but I need excuses for my mediocrity OP!
post 1613273381 08-11-2020, 06:01 PM
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Originally Posted By BigDeeps01⏩
But but but I need excuses for my mediocrity OP!
They're brainwashed.
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post 1613273421 08-11-2020, 06:01 PM
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But who was link!
post 1613274101 08-11-2020, 06:10 PM
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you cherry picking a certain year, or just making stuff up?
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post 1613274211 08-11-2020, 06:11 PM
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the fake news threads are fake
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post 1613274461 08-11-2020, 06:14 PM
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"
On average, millennials need to save 6.4 years’ worth of their total annual pay to afford a down payment on a home. That’s because today, the median home listing price in the U.S. is $289,000, according to Zillow. Newly constructed houses are even pricier: The median cost of a new home in the U.S. is about $312,800, according to data collected by the U.S. Census Bureau.

In comparison, the average Gen Xer and baby boomer needed to save about 5.6 years’ worth of their overall income for a down payment, which means millennials need to put away about 15% more than previous generations to afford a home.
"
https://www.cnbc.com/2019/09/26/buyi...%20instability.
My ALT is elevated. 75.
post 1613275361 08-11-2020, 06:23 PM
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OP is a top tier troll, totally underrated
post 1613276121 08-11-2020, 06:33 PM
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Originally Posted By Destor⏩
OP is a top tier troll, totally underrated
Agreed. Very underrated.















A massively underrated *******
post 1613276631 08-11-2020, 06:38 PM
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Originally Posted By Zere0wn⏩
"On average, millennials need to save 6.4 years’ worth of their total annual pay to afford a down payment on a home. That’s because today, the median home listing price in the U.S. is $289,000, according to Zillow. Newly constructed houses are even pricier: The median cost of a new home in the U.S. is about $312,800, according to data collected by the U.S. Census Bureau.

In comparison, the average Gen Xer and baby boomer needed to save about 5.6 years’ worth of their overall income for a down payment, which means millennials need to put away about 15% more than previous generations to afford a home.
"
https://www.cnbc.com/2019/09/26/buyi...%20instability.
The wording here is throwing me for a fukking loop. It says people are needing to save 6.4 years of their total annual income for a down payment on a $300k home? Assuming 20% down that would put their annual income at <$10k... You would make more than that working 20 hours a week @ $10/hour...
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post 1613277031 08-11-2020, 06:43 PM
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We had higher interest loans, and lower home prices. Meaning, if you had half a brain, you could pay a much larger percent of the home price upfront, and end up not paying much from the interest long term. Massively lowering the principle is significantly more effective than lowering the interest rate by a few points. Net win in 1990 compared to today, especially when you factor in the soaring rent costs/overall COL in many areas with good job prospects today, which make it even harder to have a large down payment saved up. And thats assuming you were very prudent about not getting into student loan debt.
post 1613281571 08-11-2020, 07:34 PM
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LOL at the cope.
post 1613281691 08-11-2020, 07:35 PM
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Originally Posted By Anachron⏩
Please take a look at interest rates then, and now.
His post had nothing to do with interest rates.
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post 1613283321 08-11-2020, 07:57 PM
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Down payment is 3% today. Was 20% down. Not to mention interest rates were so much higher. Credit was so much more strict.
post 1613283581 08-11-2020, 08:00 PM
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Originally Posted By headturner1⏩
Agreed. Very underrated.

A massively underrated *******
That too breh, he can handle a big veiny one. Don’t ask how I know
post 1613283981 08-11-2020, 08:05 PM
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Originally Posted By Anachron⏩
Which is the piece of the puzzle all the copers in this thread are missing.

Edit : Buying a median house in the US in 1990 would cost ~$1250/month in today's dollars after 20% down ( assuming 10% interest rate - which would be low for 1990 ).

Buying a median house today costs ~$1100/month after 20% down ( and I used 4% interest rate, which I think is rather chitty ).

And I even rounded down for 1990, and up for today.
And since everyone on the Misc thinks 100k net p.a is a joke of an income, I'm really confused as to why anyone on this forum cries about property prices.
post 1613284071 08-11-2020, 08:07 PM
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Originally Posted By Zere0wn⏩
"On average, millennials need to save 6.4 years’ worth of their total annual pay to afford a down payment on a home. That’s because today, the median home listing price in the U.S. is $289,000, according to Zillow. Newly constructed houses are even pricier: The median cost of a new home in the U.S. is about $312,800, according to data collected by the U.S. Census Bureau.

In comparison, the average Gen Xer and baby boomer needed to save about 5.6 years’ worth of their overall income for a down payment, which means millennials need to put away about 15% more than previous generations to afford a home.
"
https://www.cnbc.com/2019/09/26/buyi...%20instability.
- $289,000 home
- 20% down payment
- $57,800 needed for down payment
- Needing 6.4 years' worth of total annual pay to save that would mean you are making just over $9,000 a year

Fact is, millennials can easily save to buy a house after a few years of renting if they just learned how to make better financial decisions.
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post 1613284221 08-11-2020, 08:09 PM
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Originally Posted By DavidEaslea⏩
In 1990 they had to pay 54% of their income to pay off the loan compared to only 44% today.
You’re retarded. My original childhood home 30 years ago cost 340. It’s now worth 1.5mm

Sadly for the working class the Home with the picket fence is not a given if you work hard. I had to be the boss to make great money. Would I buy my childhood home? **** no. 1.5 mm for a house next to a park is retarded.
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post 1613293351 08-11-2020, 10:15 PM
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Originally Posted By Aristotelian⏩
And since everyone on the Misc thinks 100k net p.a is a joke of an income, I'm really confused as to why anyone on this forum cries about property prices.
Puzzling isn't it?
post 1613293601 08-11-2020, 10:18 PM
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Depends on where you live.
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post 1613294251 08-11-2020, 10:26 PM
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im calling bull on that opie, mum and dad bought their house, a 3 bedroom terraced for £22k in 1998

now it's value is 170k
post 1613294461 08-11-2020, 10:27 PM
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Interest rates are inverse of home prices
The higher the rate, the lower the price
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post 1613295381 08-11-2020, 10:41 PM
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This is the dumbest stat that I hear repeated. It completely ignores job markets and mass migration to cities.

Yes, you can still buy a house in bummfukk nowhere for not that much, but good luck finding an affordable house in any major city that actually has jobs.
post 1613295481 08-11-2020, 10:42 PM
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Originally Posted By FrankCostanza⏩
You’re retarded. My original childhood home 30 years ago cost 340. It’s now worth 1.5mm

Sadly for the working class the Home with the picket fence is not a given if you work hard. I had to be the boss to make great money. Would I buy my childhood home? **** no. 1.5 mm for a house next to a park is retarded.
This
Average home price around here was around 85 to 120k in the late 90's same places are now going for 250 to 350k.
This is just average places with about 1/6 acre town lot and a 50 year old house.
Nothing to see 900k+ either. Average income around here is 56k.
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post 1613295521 08-11-2020, 10:43 PM
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I’m just using my unemployment money to pay my mortgage
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post 1613295871 08-11-2020, 10:47 PM
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houses were cheap back then.....
now it's like 3-4x more....
post 1613296881 08-11-2020, 11:05 PM
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Average house price in the UK in 1990, adjusted for inflation 121k (Actual house price, 54k)

Average house price in UK now, 231k.

What a fcking joke.
post 1613312611 08-12-2020, 06:32 AM
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Originally Posted By multiplemiggs⏩
This
Average home price around here was around 85 to 120k in the late 90's same places are now going for 250 to 350k.
This is just average places with about 1/6 acre town lot and a 50 year old house.
Nothing to see 900k+ either. Average income around here is 56k.
You mean...because my parents' house now sells for 8 figures, this negates all the properties I currently own?

Huh. Guess I should start crying that life is unfair too.
post 1613317451 08-12-2020, 07:57 AM
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Originally Posted By Anachron⏩
Which is the piece of the puzzle all the copers in this thread are missing.

Edit : Buying a median house in the US in 1990 would cost ~$1250/month in today's dollars after 20% down ( assuming 10% interest rate - which would be low for 1990 ).

Buying a median house today costs ~$1100/month after 20% down ( and I used 4% interest rate, which I think is rather chitty ).

And I even rounded down for 1990, and up for today.
Payments is the worst way to buy things. Puts you into slave servitude as you spend your life owing people. Then you pay way more in total money (principle) over the long run. While drowning in debt and never being able to have any financial freedom.

Although things are skewed now a days due to the Fed's central planning of interest rates. For the last decade or so its been advantageous to divert money into the stock market vs paying off mortgages or saving due to interest rates. People are also making huge amounts of money because of asset appreciation in housing (mainly due to supply will forever be low because no new land is created, just subdivided).

But despite all that, I think the stock market is nearing a top and has had its run and paying down mortgages as much as possible with dispensable income makes more sense. The prudent thing to do is ignore the minimum payments and look at principle.
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