How are first time home buyers buying a house nowadays???

[stevenmurray198]

You can buy a brand new house here in Iowa for 300k.

[FAPhaggot]

In BC and Ontario for sure, specifically around Vancouver and Toronto but I'm pretty sure both areas have been pretty bad at moving with zoning/permitting.

This chart is specifically for Canada.

It's not zoning and permitting, and it's really not even the immigrants you guys are being flooded with. It's the money printer.

[AccountingMajor]

I just simply don’t believe what they say the average incomes are. There’s no way the average is only like 60K. That’s poverty. I make 80K as a single man and I’m effectively poor. I get raped on taxes.

I don't believe any averages or medians or anything that news sites reference as statistics.

There are articles that say chit like "Average rent in CA is $1,100, so if you want to live in San Diego, you have to make at least $60,000" the problem with this garbage is they include the poor desert parts of CA that no one wants to live in, and they don't even know what taxes are apparently and assume you keep all your wages.

YouTube is far more accurate. There was a video on
According to Briggs and he said that average rent in California is $3,000. That is an accurate number for people moving there even though it went against all news sites at the time.

[FAPhaggot]

I don't believe any averages or medians or anything that news sites reference as statistics.

There are articles that say chit like "Average rent in CA is $1,100, so if you want to live in San Diego, you have to make at least $60,000" the problem with this garbage is they include the poor desert parts of CA that no one wants to live in, and they don't even know what taxes are apparently and assume you keep all your wages.

I looked it up for fun. $800/mo to live in a 600 sq ft shed in Barstow, lmao.

OVER.




For the unaware, Barstow is the military's boneyard for all their old planes. They leave them out there, because the weather's so dry it won't rust them.

[frankdtank20]

Housing busts take several years to play out. The most optimistic possibility for housing prices is that they'll stay essentially flat for years, if holding companies don't sell and instead rent homes. Prices are about 3% lower YoY right now, and they'll probably be 10% lower YoY in several months, as most everyone expects negative GDP in the near future.

New builds really drive the market and a lot of new build prices were driven by high building material prices, from Covid shutdowns. Building materials like lumber are way off their Covid highs now. The price of lumber is 65% lower than a year ago. But those cheaper material prices won't be reflected in new build discounts until months from now. These things take time.

[lightsarefallin]

Work hard and save up. If you're not able to save up - work harder.

(srs)

You can buy a brand new house here in Iowa for 300k.

Yeah, but it's Iowa.

"They should just blow Iowa up all-to-fuking-gether!" - Andrew Dice Clay

[GerbilFarmer]

The lower rates helped a lot. No clue how someone could get a house now. I think Townhomes and condos are going to be the only way as a first time buyer.

We lucked out with our rate and bought before they were where they are now. 4.125% and the house was $430,000. I put 15% down. Me and my wife make average amounts and have no crazy other debt. Payments come out to $2300 a month. With utilities it is $2600 a month. $1300 each so it’s not bad at all. More than I wanted to spend but uh well.


Right now I would be hurting with the 6-7% rates. We might not even qualify.

[DDCT1135]

You can buy a brand new house here in Iowa for 300k.

That sounds great until you realize median income in Iowa is like 50K


A 300K house at 8% is still like a 2500 mortgage. That's absolutely horrendous when you make 3500 a month post tax (50K after taxes)

[DDCT1135]

Housing busts take several years to play out. The most optimistic possibility for housing prices is that they'll stay essentially flat for years, if holding companies don't sell and instead rent homes. Prices are about 3% lower YoY right now, and they'll probably be 10% lower YoY in several months, as most everyone expects negative GDP in the near future.

New builds really drive the market and a lot of new build prices were driven by high building material prices, from Covid shutdowns. Building materials like lumber are way off their Covid highs now. The price of lumber is 65% lower than a year ago. But those cheaper material prices won't be reflected in new build discounts until months from now. These things take time.

It's the interest rates that destroy you. A 400K house at 3-4% is 2K a month, that's reasonable. 3300 a month is not reasonable

[LeftistGent]

New meta is to live with your parents until 30. Was able to do this during the 2017 crypto pump and am now 7 figure net worth. Even if you don't invest though, you can just stack cash for 8 years until 30 and you'll be fine.

[friesbruh]

they:

- are DINK households
- are putting down massive equity from homes they sold in Cali
- bought pre-2022 @ 2-3% and mortgages are reasonable around $2k/mo
- buying in the midwest (like Ohio) where a 2/1 sfh on 1/2 an acre can easily be found for $125k (equals a mortgage of $965/mo)

those are my best 4 guesses if they home owners today.

[Polaris]

It's the interest rates that destroy you. A 400K house at 3-4% is 2K a month, that's reasonable. 3300 a month is not reasonable

It is for highly successful used car salesmen.

[DDCT1135]

It is for highly successful used car salesmen.

I have a nice place


But this thread is not about me

[DDCT1135]

they:

- are DINK households
- are putting down massive equity from homes they sold in Cali
- bought pre-2022 @ 2-3% and mortgages are reasonable around $2k/mo
- buying in the midwest (like Ohio) where a 2/1 sfh on 1/2 an acre can easily be found for $125k (equals a mortgage of $965/mo)

those are my best 4 guesses if they home owners today.

The Midwest is better but it's not super cheap by any means


Many places, you're still looking at a 2400 mortgage where avg income in household is 45K

[drvillain]

Honestly no idea. Where I live the numbers make no sense. Its like the average home prices are $800-900k but average household income is like $80-120k

https://www.upnest.com/1/post/cost-of-living-san-diego/

ive been watching closely. Prices are coming down... SLOWLY, but still

[Jaydawg08]

I'm living in a condo right now with my partner and baby.. We have been casually looking, put a couple offers down on a house and were one of the "best" offers and almost got some. We had to go 30-40k over and got beat out by someone who put in an appraisal gap

If you wanna secure a place and know what you want, and you have the cash... appraisal gap is the way to go

It's the interest rates that destroy you. A 400K house at 3-4% is 2K a month, that's reasonable. 3300 a month is not reasonable

This is the real issue also. When breaking down the #'s we had to lower our expectations because of the monthly payments on a specific house. 2 Years ago, it wouldn't have been an issue cause of the interest rate.. but we like to live well below our means and like to have a specific $$ saved up each month, so it's a much bigger deal now paying 3500 a month on a house that normally was well within the range a couple of years ago.

A lot of younger people within my work have decided to rent a home for a few years till the interest rates start to come down even a lil bit, cause they are about 6.125-6.3% or so right now

[guest89]

I think a lot of people's problem is they are really poor financial planners and do not play a long game. So they are losing out to people that are moggers in terms of income and to the people that are smart/strategic. They are also likely losing to people that have lower inhibitions and are risk takers.


We literally just had mortgage interest rates dip into the 2.5-2.8 range and a bunch of miscers were saying its a terrible time to buy a home. Home prices would be crashing by a massive amount. Etc. They were either too stupid to take advantage of the fact that you can leverage a 30 year loan for sub 3% rates or they weren't prepared financially to make a move on the opportunity. It knocks, it doesn't wait.



Now maybe these guys will be right. Interest rates keep going up. The price of housing plummets. And they can swoop in and buy homes at 10-12% interest rates for a cheap price. Then refi when the rates drop lower. Or maybe they are real moggers and just buy their homes cash. But who knows how long this is going to take to shake out. So they keep renting and coping until then. But I'm willing to bet they won't be able to pull the trigger on homes at those rates even if the prices have declined by 50% or so from what they were before.



I built my home 8 years ago and refi at 2.8% when the opportunity arose. My housing expenses are now just 15% of my income. I'm anticipating my monthly housing costs to be at just 10% of my income by next January. (srs) For about 5 years prior to building my home I was saving, investing, researching, etc. Even after I bought my house I constantly hustled and scaled my income so my monthly housing expenses would continuously be reduced.



Miscers were telling me back then that housing was unaffordable. The housing market would crash. Another 08 was coming. Wait to buy a house. Etc. If I'd have listened to doomer losers I'd be spending more then 3x per month to rent a place now. Furthermore now I'm in a position to pick up a second property when I find what I'm looking for. Meanwhile we still have a bunch of miscers talking about how unaffordable homes are. Most likely the same people that complain about working 40h a week.

[propreffered7]

Official median household income data are pretty lagged, but Google sources have late 2022 to 2023 median household income at more like $80k+

House prices don’t go up if there aren’t people who can afford to pay the prices

Yea it could right?

The median income doesn't have to go up. The rich or mega rich can just buy it up, increasing sale prices but median stays the same..

[Mrstealyogurl89]

By getting a bank loan,

[Godfrd824]

Great. 500K with 0 down at 8% interest is like 4400 a month


What percent of the population can afford that? This is not some mansion. This is an avg house in most parts of the country.


Let's say you want a reasonable mortgage to income ratio- say 45% (which is still terrible FYI. They say your income to mortgage ratio should be 25%). You would have to make 10K a month after taxes to afford that. That's about 180K a year. What percent of population makes 180k? 5%???


90+% of the country has to take on a mortgage that's insanely unaffordable for their budget

There are tons of houses all over the place that are $200k-$300k. If someone can't afford that detached house with the yard and fence, maybe they need to settle for a condo.

[FastBack6]

There are tons of houses all over the place that are $200k-$300k. If someone can't afford that detached house with the yard and fence, maybe they need to settle for a condo.

Lol. Around me those places get 20 cash offers 40K over listing price within a few hours of being posted.

The market is insane right now and people are absolute retards paying 300K for a 60 year old 2 bedroom cape cod that hasn’t been updated since 1970.

[CulturalDecay]

The average home is extremely affordable if you aren't a complete and utter retard.

The problem is nobody wants to endure ANY discomfort or sacrifice anything. They all SAY they want a house and a certain lifestyle but they aren't WILLING to actually do what it takes. Yet 1st generation immigrants are coming into the US and dominating, they live in the US for 3-4 years and already own a home and have started a family. How do they do that?

Americans are spoiled and lazy, it's as simple as that. You idiots are on social media getting lied to all day by fake "influencers" about what's realistic to expect in life "5 side hustles that will make you a millionaire without doing any real work, click here and sign up for my course". It's fake you idiots.

The steps to not being poor in America have always been the same

• 1) If you're a man, don't have babies under the age of 25 unless you're independently wealthy (If you're reading this, you're a brokie)
• 2) Finish High School
• 3) don't have a criminal history
• 4) Get a little part time job as early as 13, work the lowest bitch-boy job anyone will give you, check your ego, you are the bitch boy. (I was a paperboy at 13 waking up at 4:45am and also umpired little league games for $10/game. Did this for YEARS)
• 5) Save 100% of this money, you are a kid, you have no expenses.
• 6) Use saved money to buy a CHITBOX car as soon as you turn 16. Scrounge a few thousand $ from family, they'll either gift it because "16" or offer to pay them back X amount per month over X time.
• 7) Get your first real job at 16, waiter, retail, whatever. You are still in school, do at least 30hrs/week (16hrs Sat/Sun and 16-20 during weekdays 4hrs 4 days a week or 4x5)
• 8) Now you can start being an adult - W2 employee - manage your money, your only expenses should be Car/Gas/Insurance save everything else.
• 9) If still under 18, have an adult help you open a "Custodial Brokerage account". If over 18 open your own brokerage account. Invest your money every month, nothing sexy, just an S&P fund that tracks the market, extremely low risk. Your returns aren't important, what's important is you take ownership over your finances, get experience with the basics of money management, and get a financial education.
• 10) The big question - To college or not? ONLY ONLY ONLY go to college if you are pursuing a STEM degree, there is ZERO other justification for college, period. If you aren't a good student or naturally inclined to STEM fields, then you immediately go to full-time big-boy world and start learning an in-demand trade. Check your ego, you're the bottom bitch again. If you don't go to college, there should NEVER be a time you are working less than 60 PAID hours a week.
• 11) STEM brah's in college - this is not party time, you get every scholarship and every discount you possibly can. You grind your ass off to make sure you finish in 4 years. You work part-time 20-30hrs / week the entire time. No college trips, no spring break, no trendy clothes.
• 11a) Non-STEM brah, keep your expenses extremely low, you are 18-21, nobody expects anything of you, live at home if you can, or have roommates. Work your way up in the trades, TALK TO PEOPLE, ask them which direction to go, figure out what you are good at.

I'm not going to keep writing this - you ALL know how to do it.....the difference between you and Pajeet is Pajeet is simply willing to work harder than your spoiled American ass. Every day I come into work I'm surrounded by Pajeets and Changs who hardly speak English, many of whom are millionaires. They work hard, they don't party, they don't do drugs, they don't hang around losers, they don't buy luxury items (until they're rich), they believe in family and traditional values, they don't seek the validation of fake people on social media, they don't "front" and live a fake lifestyle they can't afford, they are humble, they sacrifice, they are disciplined, and they know WHY they are working hard, they are building a better future for their family.

I'm so sick and tired of being the only white guy everywhere I go - I wish I was surrounded by my people, but sadly my fellow whites are too lazy, too spoiled, and too stupid to follow the formula which has ALWAYS worked. Ya'll just don't want it as bad as the Pajeets and Changs.

END.

[nn586]

The average home is extremely affordable if you aren't a complete and utter retard.

The problem is nobody wants to endure ANY discomfort or sacrifice anything. They all SAY they want a house and a certain lifestyle but they aren't WILLING to actually do what it takes. Yet 1st generation immigrants are coming into the US and dominating, they live in the US for 3-4 years and already own a home and have started a family. How do they do that?

Americans are spoiled and lazy, it's as simple as that. You idiots are on social media getting lied to all day by fake "influencers" about what's realistic to expect in life "5 side hustles that will make you a millionaire without doing any real work, click here and sign up for my course". It's fake you idiots.

The steps to not being poor in America have always been the same

• 1) If you're a man, don't have babies under the age of 25 unless you're independently wealthy (If you're reading this, you're a brokie)
• 2) Finish High School
• 3) don't have a criminal history
• 4) Get a little part time job as early as 13, work the lowest bitch-boy job anyone will give you, check your ego, you are the bitch boy. (I was a paperboy at 13 waking up at 4:45am and also umpired little league games for $10/game. Did this for YEARS)
• 5) Save 100% of this money, you are a kid, you have no expenses.
• 6) Use saved money to buy a CHITBOX car as soon as you turn 16. Scrounge a few thousand $ from family, they'll either gift it because "16" or offer to pay them back X amount per month over X time.
• 7) Get your first real job at 16, waiter, retail, whatever. You are still in school, do at least 30hrs/week (16hrs Sat/Sun and 16-20 during weekdays 4hrs 4 days a week or 4x5)
• 8) Now you can start being an adult - W2 employee - manage your money, your only expenses should be Car/Gas/Insurance save everything else.
• 9) If still under 18, have an adult help you open a "Custodial Brokerage account". If over 18 open your own brokerage account. Invest your money every month, nothing sexy, just an S&P fund that tracks the market, extremely low risk. Your returns aren't important, what's important is you take ownership over your finances, get experience with the basics of money management, and get a financial education.
• 10) The big question - To college or not? ONLY ONLY ONLY go to college if you are pursuing a STEM degree, there is ZERO other justification for college, period. If you aren't a good student or naturally inclined to STEM fields, then you immediately go to full-time big-boy world and start learning an in-demand trade. Check your ego, you're the bottom bitch again. If you don't go to college, there should NEVER be a time you are working less than 60 PAID hours a week.
• 11) STEM brah's in college - this is not party time, you get every scholarship and every discount you possibly can. You grind your ass off to make sure you finish in 4 years. You work part-time 20-30hrs / week the entire time. No college trips, no spring break, no trendy clothes.
• 11a) Non-STEM brah, keep your expenses extremely low, you are 18-21, nobody expects anything of you, live at home if you can, or have roommates. Work your way up in the trades, TALK TO PEOPLE, ask them which direction to go, figure out what you are good at.

I'm not going to keep writing this - you ALL know how to do it.....the difference between you and Pajeet is Pajeet is simply willing to work harder than your spoiled American ass. Every day I come into work I'm surrounded by Pajeets and Changs who hardly speak English, many of whom are millionaires. They work hard, they don't party, they don't do drugs, they don't hang around losers, they don't buy luxury items (until they're rich), they believe in family and traditional values, they don't seek the validation of fake people on social media, they don't "front" and live a fake lifestyle they can't afford, they are humble, they sacrifice, they are disciplined, and they know WHY they are working hard, they are building a better future for their family.

I'm so sick and tired of being the only white guy everywhere I go - I wish I was surrounded by my people, but sadly my fellow whites are too lazy, too spoiled, and too stupid to follow the formula which has ALWAYS worked. Ya'll just don't want it as bad as the Pajeets and Changs.

END.

based

[Jaydawg08]

The average home is extremely affordable if you aren't a complete and utter retard.

The problem is nobody wants to endure ANY discomfort or sacrifice anything. They all SAY they want a house and a certain lifestyle but they aren't WILLING to actually do what it takes. Yet 1st generation immigrants are coming into the US and dominating, they live in the US for 3-4 years and already own a home and have started a family. How do they do that?

Americans are spoiled and lazy, it's as simple as that. You idiots are on social media getting lied to all day by fake "influencers" about what's realistic to expect in life "5 side hustles that will make you a millionaire without doing any real work, click here and sign up for my course". It's fake you idiots.

The steps to not being poor in America have always been the same

• 1) If you're a man, don't have babies under the age of 25 unless you're independently wealthy (If you're reading this, you're a brokie)
• 2) Finish High School
• 3) don't have a criminal history
• 4) Get a little part time job as early as 13, work the lowest bitch-boy job anyone will give you, check your ego, you are the bitch boy. (I was a paperboy at 13 waking up at 4:45am and also umpired little league games for $10/game. Did this for YEARS)
• 5) Save 100% of this money, you are a kid, you have no expenses.
• 6) Use saved money to buy a CHITBOX car as soon as you turn 16. Scrounge a few thousand $ from family, they'll either gift it because "16" or offer to pay them back X amount per month over X time.
• 7) Get your first real job at 16, waiter, retail, whatever. You are still in school, do at least 30hrs/week (16hrs Sat/Sun and 16-20 during weekdays 4hrs 4 days a week or 4x5)
• 8) Now you can start being an adult - W2 employee - manage your money, your only expenses should be Car/Gas/Insurance save everything else.
• 9) If still under 18, have an adult help you open a "Custodial Brokerage account". If over 18 open your own brokerage account. Invest your money every month, nothing sexy, just an S&P fund that tracks the market, extremely low risk. Your returns aren't important, what's important is you take ownership over your finances, get experience with the basics of money management, and get a financial education.
• 10) The big question - To college or not? ONLY ONLY ONLY go to college if you are pursuing a STEM degree, there is ZERO other justification for college, period. If you aren't a good student or naturally inclined to STEM fields, then you immediately go to full-time big-boy world and start learning an in-demand trade. Check your ego, you're the bottom bitch again. If you don't go to college, there should NEVER be a time you are working less than 60 PAID hours a week.
• 11) STEM brah's in college - this is not party time, you get every scholarship and every discount you possibly can. You grind your ass off to make sure you finish in 4 years. You work part-time 20-30hrs / week the entire time. No college trips, no spring break, no trendy clothes.
• 11a) Non-STEM brah, keep your expenses extremely low, you are 18-21, nobody expects anything of you, live at home if you can, or have roommates. Work your way up in the trades, TALK TO PEOPLE, ask them which direction to go, figure out what you are good at.

I'm not going to keep writing this - you ALL know how to do it.....the difference between you and Pajeet is Pajeet is simply willing to work harder than your spoiled American ass. Every day I come into work I'm surrounded by Pajeets and Changs who hardly speak English, many of whom are millionaires. They work hard, they don't party, they don't do drugs, they don't hang around losers, they don't buy luxury items (until they're rich), they believe in family and traditional values, they don't seek the validation of fake people on social media, they don't "front" and live a fake lifestyle they can't afford, they are humble, they sacrifice, they are disciplined, and they know WHY they are working hard, they are building a better future for their family.

I'm so sick and tired of being the only white guy everywhere I go - I wish I was surrounded by my people, but sadly my fellow whites are too lazy, too spoiled, and too stupid to follow the formula which has ALWAYS worked. Ya'll just don't want it as bad as the Pajeets and Changs.

END.

This is always great in theory, but life inevitably will happen. Chit always does, the best laid plans always need to have wrinkles and alterations. The 200-500k housing market is insane right now, there are so many people within this market and the interest rate only further compounds issues. You can save all you want to, your whole life and have 20% down payment on a house and STILL not be able to comfortably afford it due to high interest rates making your monthly payments too high

[desslok]

This is always great in theory, but life inevitably will happen. Chit always does, the best laid plans always need to have wrinkles and alterations. The 200-500k housing market is insane right now, there are so many people within this market and the interest rate only further compounds issues. You can save all you want to, your whole life and have 20% down payment on a house and STILL not be able to comfortably afford it due to high interest rates making your monthly payments too high

Its not just interest rates and mortgage payments either. When houses here average $800-900k, your property tax ALONE is $1,000 - $1,200 a month minimum! Thats what some people were paying rent a few years ago. Plus homeowners insurance has consistently gone up. And if you live in a tract with Mello Roos just add another $1,000 or more a month . HOA fees are $300-1,000.

[ye193x]

The average home is extremely affordable if you aren't a complete and utter retard.

The problem is nobody wants to endure ANY discomfort or sacrifice anything. They all SAY they want a house and a certain lifestyle but they aren't WILLING to actually do what it takes. Yet 1st generation immigrants are coming into the US and dominating, they live in the US for 3-4 years and already own a home and have started a family. How do they do that?

Americans are spoiled and lazy, it's as simple as that. You idiots are on social media getting lied to all day by fake "influencers" about what's realistic to expect in life "5 side hustles that will make you a millionaire without doing any real work, click here and sign up for my course". It's fake you idiots.

The steps to not being poor in America have always been the same

• 1) If you're a man, don't have babies under the age of 25 unless you're independently wealthy (If you're reading this, you're a brokie)
• 2) Finish High School
• 3) don't have a criminal history
• 4) Get a little part time job as early as 13, work the lowest bitch-boy job anyone will give you, check your ego, you are the bitch boy. (I was a paperboy at 13 waking up at 4:45am and also umpired little league games for $10/game. Did this for YEARS)
• 5) Save 100% of this money, you are a kid, you have no expenses.
• 6) Use saved money to buy a CHITBOX car as soon as you turn 16. Scrounge a few thousand $ from family, they'll either gift it because "16" or offer to pay them back X amount per month over X time.
• 7) Get your first real job at 16, waiter, retail, whatever. You are still in school, do at least 30hrs/week (16hrs Sat/Sun and 16-20 during weekdays 4hrs 4 days a week or 4x5)
• 8) Now you can start being an adult - W2 employee - manage your money, your only expenses should be Car/Gas/Insurance save everything else.
• 9) If still under 18, have an adult help you open a "Custodial Brokerage account". If over 18 open your own brokerage account. Invest your money every month, nothing sexy, just an S&P fund that tracks the market, extremely low risk. Your returns aren't important, what's important is you take ownership over your finances, get experience with the basics of money management, and get a financial education.
• 10) The big question - To college or not? ONLY ONLY ONLY go to college if you are pursuing a STEM degree, there is ZERO other justification for college, period. If you aren't a good student or naturally inclined to STEM fields, then you immediately go to full-time big-boy world and start learning an in-demand trade. Check your ego, you're the bottom bitch again. If you don't go to college, there should NEVER be a time you are working less than 60 PAID hours a week.
• 11) STEM brah's in college - this is not party time, you get every scholarship and every discount you possibly can. You grind your ass off to make sure you finish in 4 years. You work part-time 20-30hrs / week the entire time. No college trips, no spring break, no trendy clothes.
• 11a) Non-STEM brah, keep your expenses extremely low, you are 18-21, nobody expects anything of you, live at home if you can, or have roommates. Work your way up in the trades, TALK TO PEOPLE, ask them which direction to go, figure out what you are good at.

I'm not going to keep writing this - you ALL know how to do it.....the difference between you and Pajeet is Pajeet is simply willing to work harder than your spoiled American ass. Every day I come into work I'm surrounded by Pajeets and Changs who hardly speak English, many of whom are millionaires. They work hard, they don't party, they don't do drugs, they don't hang around losers, they don't buy luxury items (until they're rich), they believe in family and traditional values, they don't seek the validation of fake people on social media, they don't "front" and live a fake lifestyle they can't afford, they are humble, they sacrifice, they are disciplined, and they know WHY they are working hard, they are building a better future for their family.

I'm so sick and tired of being the only white guy everywhere I go - I wish I was surrounded by my people, but sadly my fellow whites are too lazy, too spoiled, and too stupid to follow the formula which has ALWAYS worked. Ya'll just don't want it as bad as the Pajeets and Changs.

END.

the perfect formula is really not that simple, if somebody is young they don't really care that much about money unless they were poor or grew up around moggers who taught them value of money. Rich dad's and uncles and neighbours flexing their Wealth etc

Some kids get inspired and want that for themselves and it does help if they are getting the best education which they will ofc



Also again it's not that simple if you're young good looking outgoing you'll have friends who inv u to fun chit youll run into girls who like u etc u wanna travel make memories while also working towards ur goals

Most changs and pajeets don't know about chit like that they root inside stay virign live at home to 30+ only friends are their cousins and then they get married as vigins at 30+

[frankdtank20]

It's the interest rates that destroy you. A 400K house at 3-4% is 2K a month, that's reasonable. 3300 a month is not reasonable

Which is why demand has dried up. The majority of all 2020-22 buyers (not just first-time buyers) would not qualify for their homes in 2023 with its historically normal interest rates. And you're right about interest. Why would I as someone that bought in 2019 sell now? So something's gotta give, and it's not going to be mortgage loan rates to any meaningful extent for the next year. So prices have to come down.

Market fundamentals are rearing their ugly head. Out West already. Next up is the Southeast. Miami's market is likely to get destroyed. Like I said in my previous post housing busts take years to play out. Just a moderate recession will have a huge effect on house prices. I wouldn't be surprised if by the time election day 2024 is upon us that half of the Covid era price gains for housing are wiped out. So at the national level the average house would be 20% more expensive than 5 years prior.

[frankdtank20]

There are tons of houses all over the place that are $200k-$300k. If someone can't afford that detached house with the yard and fence, maybe they need to settle for a condo.

Where? Way out in the country? For under $300K here you're getting a 1100 sq ft, 40 yr old townhome is a so-so neighborhood. Or you're getting a 1300 sq foot house literally in the ghetto.

[WoofieNugget]

Its not just interest rates and mortgage payments either. When houses here average $800-900k, your property tax ALONE is $1,000 - $1,200 a month minimum! Thats what some people were paying rent a few years ago. Plus homeowners insurance has consistently gone up. And if you live in a tract with Mello Roos just add another $1,000 or more a month . HOA fees are $300-1,000.

This is the argument I bring up whenever people say just start with a condo. You have condo fees PLUS property taxes and a much less desirable property for resale that won't appreciate as fast. And just imagine being assessed for another 20-30k like has happened to friends of mine because they need to replace windows or an air conditioning unit or get into a lawsuit.

[Jimbo0731]

Up here in Canada about 33% have already shadow defaulted. Their mortgage amount they originally agreed to does not cover the new cost based on the interest rate increases, so the banks stretch their ammortization from 25 up to 50 years to bring the payment in line with original agreement and rolling over the difference into the cost of the home while collecting interest on it. They are essentially renting their home from the banks while inflating the cost of the original loan. The problem with that here in Canada, is that we refinance the terms every 3-5years. Once you refinance you will need to bring it back in line with the original terms and all the additional amount+interest will need to be made good with a one time balloon payment. This will crush most families here as the average canadian is heavily indebted.

All they have done is delayed the inevitable bankruptcies and not allow our markets to work the way they should. At the end of the day, the market in USA and Canada is being heavily manipulated it would seem as none of it follows fundamentals. It's a ticking time bomb at this point and there is no way out of this. But people are realizing it now and getting their money out of the banks while they still can.