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» "American dream" has never been less attainable for young people
08-06-2024, 06:45 AM
#1
"American dream" has never been less attainable for young people
When I was growing up in 2013, you could make 80k a year, have a nice house, buy a decent car, still save 20k a year and retire comfortably as a young person.
It's gotten to the point now where you have to make 150-200k as a young person to buy a house and retire comfortably. I live about 40 Mins from Chicago - my house was 250k In 2016 then 380 in 2020. It is now up to 570k. If you put down 100k (which 90% of millenials don't have), you're looking at a 5k payment. What percentage of young people can afford a 5k payment? I don't have some opulent mansion - it's a 2700 square foot placement. I mean it's a nice house but a 5k payment used to be a 7000 square foot mansion with a pool and jacuzzi
What percentage of young people are making 150k+? Realistically maybe 2-4%? 150k is about 9k after taxes per month. Even that's really not enough to have a 4k or 5k house payment comfortably. You need to make closer to 250k to where you're making 14k a month after taxes to afford a 5k mortgage comfortably
Then you have to add the insane costs of college, which has been increasing at triple the cost of inflation for 30 years. Daycare costs are insane. You can have a young couple who makes 150k a year who pays 4k for a mortgage, pays 2k for daycare, 1k for groceries for 4 people and they're living paycheck to paycheck
Unreal
It's gotten to the point now where you have to make 150-200k as a young person to buy a house and retire comfortably. I live about 40 Mins from Chicago - my house was 250k In 2016 then 380 in 2020. It is now up to 570k. If you put down 100k (which 90% of millenials don't have), you're looking at a 5k payment. What percentage of young people can afford a 5k payment? I don't have some opulent mansion - it's a 2700 square foot placement. I mean it's a nice house but a 5k payment used to be a 7000 square foot mansion with a pool and jacuzzi
What percentage of young people are making 150k+? Realistically maybe 2-4%? 150k is about 9k after taxes per month. Even that's really not enough to have a 4k or 5k house payment comfortably. You need to make closer to 250k to where you're making 14k a month after taxes to afford a 5k mortgage comfortably
Then you have to add the insane costs of college, which has been increasing at triple the cost of inflation for 30 years. Daycare costs are insane. You can have a young couple who makes 150k a year who pays 4k for a mortgage, pays 2k for daycare, 1k for groceries for 4 people and they're living paycheck to paycheck
Unreal
Quote
08-06-2024, 06:48 AM
#2
Once you abandon God, everything else will fall out of line.
08-06-2024, 06:48 AM
#3
08-06-2024, 06:52 AM
#4
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08-06-2024, 07:12 AM
#6
Originally Posted By ATB1799⏩
Yea, I think I’d be happy at 150K. I make 90 now and as a single man I’m a poor.
When I was growing up in 2013, you could make 80k a year, have a nice house, buy a decent car, still save 20k a year and retire comfortably as a young person.
It's gotten to the point now where you have to make 150-200k as a young person to buy a house and retire comfortably. I live about 40 Mins from Chicago - my house was 250k In 2016 then 380 in 2020. It is now up to 570k. If you put down 100k (which 90% of millenials don't have), you're looking at a 5k payment. What percentage of young people can afford a 5k payment? I don't have some opulent mansion - it's a 2700 square foot placement. I mean it's a nice house but a 5k payment used to be a 7000 square foot mansion with a pool and jacuzzi
What percentage of young people are making 150k+? Realistically maybe 2-4%? 150k is about 9k after taxes per month. Even that's really not enough to have a 4k or 5k house payment comfortably. You need to make closer to 250k to where you're making 14k a month after taxes to afford a 5k mortgage comfortably
Then you have to add the insane costs of college, which has been increasing at triple the cost of inflation for 30 years. Daycare costs are insane. You can have a young couple who makes 150k a year who pays 4k for a mortgage, pays 2k for daycare, 1k for groceries for 4 people and they're living paycheck to paycheck
Unreal
It's gotten to the point now where you have to make 150-200k as a young person to buy a house and retire comfortably. I live about 40 Mins from Chicago - my house was 250k In 2016 then 380 in 2020. It is now up to 570k. If you put down 100k (which 90% of millenials don't have), you're looking at a 5k payment. What percentage of young people can afford a 5k payment? I don't have some opulent mansion - it's a 2700 square foot placement. I mean it's a nice house but a 5k payment used to be a 7000 square foot mansion with a pool and jacuzzi
What percentage of young people are making 150k+? Realistically maybe 2-4%? 150k is about 9k after taxes per month. Even that's really not enough to have a 4k or 5k house payment comfortably. You need to make closer to 250k to where you're making 14k a month after taxes to afford a 5k mortgage comfortably
Then you have to add the insane costs of college, which has been increasing at triple the cost of inflation for 30 years. Daycare costs are insane. You can have a young couple who makes 150k a year who pays 4k for a mortgage, pays 2k for daycare, 1k for groceries for 4 people and they're living paycheck to paycheck
Unreal
If you’re gonna have a family, you need 250K minimum before you even think about it, and that’s in Alabama. If you’re in the northeast. 350-400 minimum.
08-06-2024, 07:18 AM
#7
Well theres a finite amount of land and resources in any country.
As supply gets smaller and population goes up… this is what happens.
Of course space is cheaper when it's a brand new land and the population is 1/5 the size and nobody's built anything yet.
We were lucky to be born when/where we were, at the beginning of the age of safety and convenience but before all the supply started to get taken up.
But that's an outlier. Thats not "real life" in the big picture of human history. The last hundred years was an anomaly of the human experience. Life was alot chittier before then and it may get a lot chittier going forward. Not saying it's a certainty but you have to look thru a big picture lens. You cant just expect things to always be the same as they happened to be for you.
As supply gets smaller and population goes up… this is what happens.
Of course space is cheaper when it's a brand new land and the population is 1/5 the size and nobody's built anything yet.
We were lucky to be born when/where we were, at the beginning of the age of safety and convenience but before all the supply started to get taken up.
But that's an outlier. Thats not "real life" in the big picture of human history. The last hundred years was an anomaly of the human experience. Life was alot chittier before then and it may get a lot chittier going forward. Not saying it's a certainty but you have to look thru a big picture lens. You cant just expect things to always be the same as they happened to be for you.
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08-06-2024, 07:28 AM
#8
I keep reading articles on how upset many are over higher costs with homes, and other items seem in the last few years. there is around a 5 million housing shortage at the moment. Blue states in particular can make it difficult to obtain a permit to build. There is also the open border situation with 10 million plus new peoplle allowed into the country looking for places to live, China and investment firms buying homes driving prices higher, etc. \
An article I recently read the other day ~
‘My Dollar Went Further When Trump Was President’: Swing State Voters Blast High Housing Prices Under Biden-Harris
https://dailycaller.com/2024/08/02/t...ris-wisconsin/
An article I recently read the other day ~
‘My Dollar Went Further When Trump Was President’: Swing State Voters Blast High Housing Prices Under Biden-Harris
https://dailycaller.com/2024/08/02/t...ris-wisconsin/
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08-06-2024, 07:31 AM
#9
American dream is also not easily attainable because some individuals lack work ethic or expect everything on a silver platter for little to no effort or blame their lack of success on everything else but their feeble efforts. We went from a "Woo hoo" culture to a "Boo hoo" culture.
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08-06-2024, 07:33 AM
#10
Cope. Cope. Cope.
Ph@ggit.
Srs, vry srs.
Ph@ggit.
Srs, vry srs.
08-06-2024, 07:38 AM
#11
OP calculated all his basis off of a 15 year mortgage. Explain this OP before we go any further………………
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08-06-2024, 07:57 AM
#12
Originally Posted By donblaximus⏩
No I didn't
OP calculated all his basis off of a 15 year mortgage. Explain this OP before we go any further………………
I live in Illinois. Property taxes here on a 500k house are 14k
08-06-2024, 07:57 AM
#13
Originally Posted By Shortfuze⏩
No we went from a culture where normal income earners who work hard can save money and retire to now only top 5% of young people can prosper
American dream is also not easily attainable because some individuals lack work ethic or expect everything on a silver platter for little to no effort or blame their lack of success on everything else but their feeble efforts. We went from a "Woo hoo" culture to a "Boo hoo" culture.
08-06-2024, 08:01 AM
#14
Originally Posted By ATB1799⏩
Uhhh a 30 year with taxes with 20% down is $3900 a month.
No I didn't
I live in Illinois. Property taxes here on a 500k house are 14k
I live in Illinois. Property taxes here on a 500k house are 14k
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08-06-2024, 08:05 AM
#15
Originally Posted By Shortfuze⏩
This is such low iq logic
American dream is also not easily attainable because some individuals lack work ethic or expect everything on a silver platter for little to no effort or blame their lack of success on everything else but their feeble efforts. We went from a "Woo hoo" culture to a "Boo hoo" culture.
Entry level roles used to provide an opportunity to buy a home and raise a family. I won’t deny there’s plenty of lazy people, but for the average person it has absolutely gotten significantly worse
08-06-2024, 08:10 AM
#16
Honestly good. You shouldn't be able to afford the American Dream. Most of you ass holes here at this point aren't American. Your immigration and simple presence already ruined things for the actual Americans. I'm glad you aren't getting what you came for with an easy American Dream to top it off.
F*cking parasites don't deserve to be rewarded. It's better if it just all burns and no one gets anything.
F*cking parasites don't deserve to be rewarded. It's better if it just all burns and no one gets anything.
08-06-2024, 08:12 AM
#17
Originally Posted By donblaximus⏩
No it's not. 470k financed at 7.5% is 3300 a month plus 1200 taxes and add insurance, you're bordering on 5k
Uhhh a 30 year with taxes with 20% down is $3900 a month.
You're making it seem like 3900 is affordable. The median income is 75k a year. That's 5k a month after taxes
My house was 1400 a month 10 years ago. House payments have tripled. TRIPLED while incomes have barely gone up
08-06-2024, 08:13 AM
#18
Basically what we have happening here is a bunch of people who didn't create the American dream flooded in to piggyback off those who did create the American dream and wonder why the American dream is disappearing because they can't sustain the American dream.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
08-06-2024, 08:14 AM
#19
Originally Posted By Shortfuze⏩
Completely out of touch.
American dream is also not easily attainable because some individuals lack work ethic or expect everything on a silver platter for little to no effort or blame their lack of success on everything else but their feeble efforts. We went from a "Woo hoo" culture to a "Boo hoo" culture.
My grandfather was able to build a house, have 5 kids, put them all through college, bought new cars, a vacation home, with 1 salary doing basic jobs like painting and roadwork.
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08-06-2024, 08:15 AM
#20
Originally Posted By TryingMen⏩
The government has ruined everything, nothing to do with immigrants
Basically what we have happening here is a bunch of people who didn't create the American dream flooded in to piggyback off those who did create the American dream and wonder why the American dream is disappearing because they can't sustain the American dream.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
The scamdemic they created inflated prices on everything. They make it hard to build houses with stupid regulation and then they raised interest rates which has made mortgage payments astronomical
08-06-2024, 08:19 AM
#21
Originally Posted By FastBack6⏩
Yea, I think I’d be happy at 150K. I make 90 now and as a single man I’m a poor.
If you’re gonna have a family, you need 250K minimum before you even think about it, and that’s in Alabama. If you’re in the northeast. 350-400 minimum.
If you’re gonna have a family, you need 250K minimum before you even think about it, and that’s in Alabama. If you’re in the northeast. 350-400 minimum.
150k pre tax isnt ****. and all the tax rules treat it like youre rich. remember all those hand outs for covid? well 150k youre ineligible and are just paying for the hand outs of everyone else. also ineligible for roth ira contributions since you "make too much" but somehow can barely afford a fuking shoe box of a house.
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08-06-2024, 08:20 AM
#22
Originally Posted By ATB1799⏩
Having a house is only one factor of the American Dream. Immigrants have absolutely ruined it.
The government has ruined everything, nothing to do with immigrants
The scamdemic they created inflated prices on everything. They make it hard to build houses with stupid regulation and then they raised interest rates which has made mortgage payments astronomical
The scamdemic they created inflated prices on everything. They make it hard to build houses with stupid regulation and then they raised interest rates which has made mortgage payments astronomical
08-06-2024, 08:20 AM
#23
Originally Posted By TryingMen⏩
Basically what we have happening here is a bunch of people who didn't create the American dream flooded in to piggyback off those who did create the American dream and wonder why the American dream is disappearing because they can't sustain the American dream.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
It's seriously all there is to it. If those of you too incompetent to contribute to the American dream would just leave then the American dream would come back. Until then enjoy your diversity.
08-06-2024, 08:24 AM
#24
In 2005 I had bosses who were making 90k. I estimate they were making about 6-8x the minimum wage and they could buy a house with well under 2 years pre tax income.
now days you need degrees and experience to earn 50-60 dollars an hour when they pay 20-25 for low IQ jobs at costco or taco bell. You are somehow only worth 2 minimum wage idiots and you need like 5-8 years of pre tax income to buy a house.
They have completely destroyed the middle class and their purchasing power. If you have to jump through tremendous hoops to only rent in a slightly better neighborhood what is even the point to just saying fuk it and living for free doing nothing in section 8 housing.
why take out debt and go to school to be a stemcel, avoiding college parties studying your ass off to only be worth 2 random low IQ taco bell workers? it used to pull the income of 6-8 of them.
now days you need degrees and experience to earn 50-60 dollars an hour when they pay 20-25 for low IQ jobs at costco or taco bell. You are somehow only worth 2 minimum wage idiots and you need like 5-8 years of pre tax income to buy a house.
They have completely destroyed the middle class and their purchasing power. If you have to jump through tremendous hoops to only rent in a slightly better neighborhood what is even the point to just saying fuk it and living for free doing nothing in section 8 housing.
why take out debt and go to school to be a stemcel, avoiding college parties studying your ass off to only be worth 2 random low IQ taco bell workers? it used to pull the income of 6-8 of them.
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08-06-2024, 08:52 AM
#25
Originally Posted By TryingMen⏩
The house is biggest separator
Having a house is only one factor of the American Dream. Immigrants have absolutely ruined it.
08-06-2024, 09:00 AM
#26
Originally Posted By elterrible987⏩
In 2005 I had bosses who were making 90k. I estimate they were making about 6-8x the minimum wage and they could buy a house with well under 2 years pre tax income.
now days you need degrees and experience to earn 50-60 dollars an hour when they pay 20-25 for low IQ jobs at costco or taco bell. You are somehow only worth 2 minimum wage idiots and you need like 5-8 years of pre tax income to buy a house.
They have completely destroyed the middle class and their purchasing power. If you have to jump through tremendous hoops to only rent in a slightly better neighborhood what is even the point to just saying fuk it and living for free doing nothing in section 8 housing.
why take out debt and go to school to be a stemcel, avoiding college parties studying your ass off to only be worth 2 random low IQ taco bell workers? it used to pull the income of 6-8 of them.
now days you need degrees and experience to earn 50-60 dollars an hour when they pay 20-25 for low IQ jobs at costco or taco bell. You are somehow only worth 2 minimum wage idiots and you need like 5-8 years of pre tax income to buy a house.
They have completely destroyed the middle class and their purchasing power. If you have to jump through tremendous hoops to only rent in a slightly better neighborhood what is even the point to just saying fuk it and living for free doing nothing in section 8 housing.
why take out debt and go to school to be a stemcel, avoiding college parties studying your ass off to only be worth 2 random low IQ taco bell workers? it used to pull the income of 6-8 of them.
The last couple years has seen big income increases to people in bottom and top but not middle. The issue is they just don't want to pay people at corporations
The median household income now should be very minimum 120k. 75k now is 40k in 2014
08-06-2024, 09:09 AM
#27
08-06-2024, 09:25 AM
#28
Something to keep in mind is location. All the cool places to live like major cities, you can get fuct on 80k a year. You'll need double that. But if you're willing to live in smaller towns, it's more doable.
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08-06-2024, 09:32 AM
#29
Originally Posted By anonkunbrah⏩
x2. I'm not saying in my previous post that all people are lazy but there is a certain amount of work ethic that one needs to maintain to work with 21st-century demands. And the sad reality is that not all skills will be held at the same high value; some will be more rewarded than others. Either you upgrade your skill, change it entirely, or move somewhere where it has value.
Something to keep in mind is location. All the cool places to live like major cities, you can get fuct on 80k a year. You'll need double that. But if you're willing to live in smaller towns, it's more doable.
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08-06-2024, 09:41 AM
#30
the American Dream is less than a century old…give it some time to adjust
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