Housing is a very dynamic thing, and it can't be boiled down to just "supply and demand" to determine prices. Fewer people will own homes in the future. There will be a lot more incentive to develop dense housing units in urban areas.

Wait 18-24 months, and you'll see what happens to markets. Your area might be just fine. But a lot of areas will be underwater.

What does it take to be counted among the top 1% of earners nationwide? According to a recent study, an American family needs an annual income of at least $550,000 to be put into that class -- and that number could be greater, depending on where you live.

“In Connecticut, a family needs almost $900,000 in annual income to be in the top 1% of earners in their state, whereas a family in the top 1% of West Virginia needs only an average of just over $350,000,” noted a report from SmartAsset, a financial technology company that publishes articles and reviews to help people make decisions about personal finance.

You went from the average household to the top 1% lol

Are you familiar with the South Barrington area in IL? I met a family that lives there, I never knew that part of Chicago even existed. Those homes look like ones that people with ultra high net worth would live in.I'm not sure it's this low for people in their 30s though. I guess if you take ALL college majors and average them it could make sense, but most engineers/accountants/finance/pharmacy/tech majors pull in over $100k in their 30s.

said most in a place like nyc, or san fran, if you know people there or ever lived there you would realize that 300k for two people is borderline poverty. in west virginia you would be top G wit 300k.

Poverty? Nice one bedroom highrises in NYC cost about $4k I think. Maybe $5k for two bedrooms. $300k is about $14k after taxes there. Hardly poverty to have $9-10k left over in spending/savings money.

maybe in LIC, a nice high rise doorman building in manhattan will run you over 6k, avg rent for a 1bed in nyc is 4165 as of June 2023. Lets say you get an avg apt, bills, equinox, eating out, gettin yucky with the boys, all that costs loot, at 300k after city and state tax plus 401k roth contributions you'll be lucky to have 2/3k left over monthly.

Living a very high quality of life like that and still saving 2-3K a month puts you in top 0.1% of the world

Went under contract on a house this week. Feelsgoodman

grats brahim! gjdm

Nah, I'm talking UES.

https://streeteasy.com/building/cont...33p?featured=1

$4350 for a 33rd floor highrise one bedroom. Boom, $2175 split two ways for a couple, that's cheap.

$300k after maxing 401k/roth/hsa that's $11k/month take home.

-$4500 rent
-$2000 food/misc expenses/transit

Leaves you with $4500/month savings, or $54k/year.

I'm across the street from South Barrington. Can confirm, any Barrington in IL is the peak, except it's still in chithole IL

Interesting. When I saw their home, my jaw dropped. It only cost them a million back in 2006, but I had never actually seen a home like that in person. Let alone a neighborhood filled with homes like that with huge yards.

I don't really see the appeal though, I mean it must be nice to have that much space, but it probably feels so lonely living in such a scattered neighborhood.

my best friend has a 2 million dollar 7000 square foot McMansion on a lake. Honestly he'd tell you it was a big mistake

You just never use even half the house when it's that big. It's physically impossible. He has 2 kids and 3 dogs...still don't use half the house. They spend 70% of the time in the basement. It's got a big walk out basement.

A nice, well laid out 3000 square foot house is perfect for even 4-5 people. 2 people, it's total overkill. Right now, I live in a 3000 square foot house with me and my wife and our dog...we don't really use 50% of the house

When you're talking about these extravagant 4-6+K square foot house, you basically live there to tell everyone you have a big penis. There's no logical sense in living there...and you pay a bazillion dollars for it. What kills you in Illinois is property taxes. You pay 30K a year just in property tax, not to mention utilities and all the other maintenance on top of a monster mortgage payment

Yea, I never liked huge houses either. It just seems like a giant flex, to a certain point it makes sense but the people I mentioned were raising two little kids in that house.. I believe it was about 4500 square feet. For them though, they just have so much money that it doesn't matter. Why live in a home like everyone else when they can have a mogger home.

I'd rather have a smaller home like you said, filled with nice things, and either pay it off early or use that money to splurge on other areas. Expensive homes are just a waste of money, IMO. The incremental happiness gained from a mansion vs a regular home isn't worth the hassle, unless one has so much money that it doesn't make a difference to them.

4000 square feet isn't stupid extravagant. It's still somewhat reasonable. I just think anything much beyond 5 ends up being a huge waste. half the house ends up being unused


To me, I'd much rather have a nice 3000 square foot house and have enough disposable cash to go on vacations constantly, go to nice restaurants, etc...

I was mistaken, it was 5200 square feet. This family though, even with that expensive of a home they had enough money to do nice things.

just fkin lmao @ plebs taking out 30 yr mortgages

better get back to work wagies

the other problem with a big expensive house is they're a motherf*cker to sell and a motherf*cker to maintain. When you try to sell it - it often takes 3-6+ months to sell because there's very few buyers able to afford it. Also the yard work and such to keep it up is a motherf*Cker

If you think it's bad now...it's going to get worse. I can see a 10% interest rate coming up .
Whatever you find, if you truly like a house/ property you like and you can make the numbers work. BUY IT, don't wait for the "crash", that's not happening.

100% spot on

Oh no, not work! We should definitely all avoid that like the plague.

I plan to die with a mortgage

The inflation we already have is baked in. It's not disappearing and it won't. The fed's rate pause today and Powell's remarks make that clear and seem to hint at them wanting to run out the clock on trying to get inflation down to 2%.

The thing is if they can just keep waiting, eventually the YoY inflation numbers start looking better and even though a carton of eggs went from $6 to $10 over the past 2 years, next year when they're still $10 the FED gets to say "Look! No more rapid inflation!"

This little sleight of hand will work on low IQ Amerimutts. They'll actually think things are improving, not fully understanding just how much inflation became permanent.

Cliffs: we fukked

Cliffs of cliffs: hand rubbing intensifies