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Mar 28, 2024
9:36
:52
am
RdF3
Inactive user
ahhh okay. That makes sense now. NM I change my comment about the $6k. I was thinking $600k loan in 2020
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RdF3
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swishh_15
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RdF3
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Nov 4, 2011
Last login
May 13, 2024
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Messages
Author
Time
I genuinely worry about how my kids are going to be able to afford homes.
Ungoy
Mar 28, 9:00am
My wife and I bought 30 years ago with 7.5% interest. But our home costed
Brigham
Mar 28, 9:02am
*cost
Greg Kite's 'stache
Mar 28, 9:05am
*Cost Ed...Ed bought the home
RH84025
Mar 28, 9:15am
**Accosted
WhyaskY?
Mar 28, 2:40pm
35 years ago for me with a 10% mortgage on a $100k home
Hoopster
Mar 28, 9:05am
What was the percentage of your household income then vs now?
gmj81
Mar 28, 9:31am
I literally could not afford it today.
Brigham
Mar 28, 10:20am
My prediction:
Ragnar Danneskjold
Mar 28, 9:04am
Explain. I surmise there is no bubble. Inflation has affected everything. Wages
Idacoug
Mar 28, 9:18am
RE: Explain. I surmise there is no bubble. Inflation has affected everything.
Mises
Mar 28, 9:21am
Is anyone seeing this? I am not. I have not see a housing price drop, nor have
Idacoug
Mar 28, 9:24am
RE: Is anyone seeing this? I am not. I have not see a housing price drop, nor
Mises
Mar 28, 9:30am
My home is down 10% from his peak on Zillow
Skeptical Optimist
Mar 28, 9:32am
What location?
Idacoug
Mar 28, 9:35am
Austin TX area
Skeptical Optimist
Mar 28, 9:40am
I just checked 5 houses that either my parents or I have owned
GSwarriorcoug
Mar 28, 4:00pm
10-15% sure. But interest rates doubled and so the monthly mortgage is up
JuicyJam
Mar 28, 9:36am
That’s a huge deal right now. Home insurance gone up very significantly
Idacoug
Mar 28, 9:40am
I am in Texas and am seeing it.
rad dawg
Mar 28, 9:43am
Interesting. What is causing this?
Idacoug
Mar 28, 9:44am
Same old story. Median incomes are not high enough to support prices.
rad dawg
Mar 28, 9:47am
Then why isn’t this happening in most other places outside Austin/san antonio?
Idacoug
Mar 28, 9:53am
Because nothing is inducing forced selling right now in most markets
rad dawg
Mar 28, 10:00am
I've talked with 2 people in the last week who bought in Austin at the peak.
Skeptical Optimist
Mar 28, 9:55am
When you say sky high, do you mean 6%?
WDaddy
Mar 28, 11:05am
Lol yeah, it's all relative I guess.
Skeptical Optimist
Mar 28, 11:09am
I wonder if that's true looking at it more micro than macro
cougarfann888
Mar 28, 9:25am
100%. We just built a 1500 sq. Ft home because that is all we could afford.
Idacoug
Mar 28, 9:27am
Not seeing it at all. Except for this one scenario that I am seeing:
monteburns
Mar 28, 9:31am
I don't understand how sales are picking up and how people are affording it.
Ungoy
Mar 28, 9:34am
Spring time is usually the hottest time to buy, and interest rates decreasing?
Idacoug
Mar 28, 9:36am
Interest rates are still up from last year, and home prices are still going up
Ungoy
Mar 28, 10:29am
Massive leverage. I am seeing it amongst my friends all the time.
rad dawg
Mar 28, 12:21pm
Makes sense. My wife and I want to move out family elsewhere,
Ungoy
Mar 28, 12:29pm
My siblings have hoped for that for the last 4 years now they’re priced out of
Magneto
Mar 28, 5:40pm
It’s brutal. Mortgage payments on townhomes are about $2,500/month & decent middle class homes are about $4,000/month.
RdF3
Mar 28, 9:04am
our middle class home is $2400/month. it helps that our interest rate is 2.75%
reagan21
Mar 28, 9:05am
I’m talking about people buying a home right now.
RdF3
Mar 28, 9:06am
For first time in my life i was on the right side of a real estate purchase.
reagan21
Mar 28, 9:13am
I'm confident buying your same home right now at its current price and interest rates would have a mortgage around $6k.
RdF3
Mar 28, 9:17am
like i said, for the first time in my life i was on the right side of a real
reagan21
Mar 28, 9:21am
"middle class"
Charles Darwin
Mar 28, 9:10am
i’m firmly in the middle class. i could make a lot more money but lifestyle
reagan21
Mar 28, 9:12am
30 year or 15?
Charles Darwin
Mar 28, 9:17am
30 but we make extra payments when we can. Usually 15-17 payments over a year’s
reagan21
Mar 28, 9:20am
So you borrowed roughly 600k for your home?
Charles Darwin
Mar 28, 9:23am
Borrowed $385k. we had saved and lived frugally for 9 years
reagan21
Mar 28, 9:27am
Your payment seems really high for that loan amount at that interest
Charles Darwin
Mar 28, 9:30am
with taxes, PMI, and HOA it’s like 2391 or something.
reagan21
Mar 28, 9:31am
ahhh okay. That makes sense now. NM I change my comment about the $6k. I was thinking $600k loan in 2020
RdF3
Mar 28, 9:36am
if i wanted to buy my house now i’d have to borrow more than $600k.
reagan21
Mar 28, 9:40am
PMI and HOA could be adding a lot to get you into that zone.
Charles Darwin
Mar 28, 10:36am
That’s exactly where I’m at.
Spindash
Mar 28, 11:31pm
The first home my wife and I had was a condo we were fortunate to purchase
Ungoy
Mar 28, 9:07am
my wife and i bought a condo in 2005 for $217k. that same condo today is about
reagan21
Mar 28, 9:17am
Rates will go down.
kimdaddy35
Mar 28, 9:13am
It always seems to work out. I agree though that cost seem out of control.
orrin7
Mar 28, 9:05am
Prices won't get better until supply is fixed.
maYbe
Mar 28, 9:06am
100% true. Supply is way too low in most places.
BlooCoug
Mar 28, 10:17am
Remember they're called "starter home" for a reason. Get the best location you can afford as soon as possible.
Soupie
Mar 28, 9:06am
My first home was 1,600 sqft and I was there 16 years. I was perfectly happy.
maYbe
Mar 28, 9:12am
Lotta younger people today are simply too arrogant for this. 😕
BleedCougarBlue2
Mar 28, 9:12am
Condo’s aren’t affordable either. They are going for 300s in Saratoga Springs.
wildlandfireguy
Mar 28, 9:28am
The only problem is that a lot of these starter homes are still $400k+
ballen
Mar 28, 11:32am
Yes. And many kids coming out of college are starting at $70k+ when some of us who bought our first home
Soupie
Mar 28, 12:17pm
I do agree that the only way to buy a house in any generation is to save, budget
ballen
Mar 28, 2:25pm
Daughter bought house last fall on one income w/ very little from husband who's in grad program.
Soupie
Mar 28, 2:28pm
That’s been generally good advice in recent history.
Spindash
Mar 28, 11:40am
Things will balance out. Mortgage rates when our parents were buying their first
Skeptical Optimist
Mar 28, 9:06am
I don't think they will. Builders aren't Building starter homes any more.
fbguru
Mar 28, 9:09am
I think there will always be a market need for starter homes
Skeptical Optimist
Mar 28, 9:14am
I hope so, but I don't see it. Big apartment complexes make more money and are
fbguru
Mar 28, 9:28am
Son is buying a home for $780k with a 2-1 interest buy down starting around 7%.
Hoopster
Mar 28, 9:08am
What is a “2-1” interest buy down? Never heard that term.
BleedCougarBlue2
Mar 28, 9:16am
Pay extra to lower interest rate 2% in first year and 1% in second year. Back to
Hoopster
Mar 28, 9:18am
Yeesh! Basically an ARM. That IS a gamble. How much extra for the 2% and 1%?
BleedCougarBlue2
Mar 28, 9:22am
Don’t know the financial details of buy down but he thinks it is worth gamble
Hoopster
Mar 28, 9:29am
An ARM is different.
BlooCoug
Mar 28, 9:33am
Not how that works. They are NOT an ARM and not risky at all.
monteburns
Mar 28, 9:35am
But, an ARM may be a great option in a high rate environment where rates are
monteburns
Mar 28, 9:36am
Daughter did that just last fall. They're watching rate closely.
Soupie
Mar 28, 9:49am
I have been thinking a lot about this prophecy by Isaiah:
2FarGone
Mar 28, 9:09am
Barring changes home ownership will require abandoning traditional family.
rad dawg
Mar 28, 9:10am
This scenario has already been happening for some time. Cost of living in the US
BlooCoug
Mar 28, 9:34am
I assume that we will start to see more mutli-generational families.
ballen
Mar 29, 11:47am
What is really pathetic are the people that are so selfish they want to hold
chismoso
Mar 28, 9:17am
They will worry their kids won’t be able too as well.
bluecougar1985
Mar 28, 9:21am
doubtful.
rad dawg
Mar 28, 9:32am
I tell my kids all the time they will always have a place to stay…in my barn.
DwigtA2RM
Mar 28, 9:26am
My wife and I bought a condo in Saratoga Springs for $125k in 2014. That same
wildlandfireguy
Mar 28, 9:27am
The constant worry of parents. My parents bought their Calif. home for $33,000
O Gaucho
Mar 28, 9:29am
This is a constant worry of mine as well.
gangbusters
Mar 28, 9:30am
the future generation is going to afford housing when their parents/grandparents
LeonMarek
Mar 28, 9:31am
Biggest problem is salaries aren't going up
WJCougar
Mar 28, 9:31am
They are rising a little. But not enough to track with inflation.
BlooCoug
Mar 28, 9:36am
Here is what the data says. Wages are moving much faster than
The Chief
Mar 28, 10:01am
Not true in my case. Those numbers are averages and the data set may have some
BlooCoug
Mar 28, 10:20am
I'm sure many people are not seeing it...everyone is in different places.
The Chief
Mar 28, 12:31pm
You aren't wrong, but housing appreciated so quickly since 2019.
Ungoy
Mar 28, 9:36am
It called the Cantillon Effect (or Cantillon effects).
Mises
Mar 28, 11:44am
kids just need to get out of UT and move someplace you can buy decent homes on normal salaries
byujag
Mar 28, 9:39am
This. Much of the midwest is still very affordable also.
YoungstownCoug
Mar 28, 9:47am
A fear often expressed by a boomer who just purchased their 5th rental home...
seacougar
Mar 28, 10:29am
Get a job where they can work from home and move to Kansas or Nebraska or Magna
BYU Grounds
Mar 28, 10:34am
Boomers all die in the next 20 yrs and leave their houses & money to GenX & Millenials. Doesn't that pretty much fix
BlooGeek
Mar 28, 11:32am
Most people are between 50-65 when their last parent dies
STL
Mar 28, 11:52am
But the Boomers will most likely vacate their homes upon death...that was my main point. Many homes empty and on market.
BlooGeek
Mar 28, 11:54am
The missing piece to that is boomers are not that wealthy.
rad dawg
Mar 28, 12:02pm
For me (little kids still) my only thinking is I should try to acquire multiple
Brute66
Mar 28, 11:40am
High density housing will be the new normal
botticus
Mar 28, 12:18pm
Even high density housing is no longer affordable for many young couples.
Ungoy
Mar 28, 12:31pm
WWIII should even things out. If not get a useful degree and marry smart.
EDthoracotomy
Mar 28, 4:34pm
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