Will rentcels EVER be able to buy or will they be stuck paying other people's mortgages forever?
Will rentcels EVER be able to buy or will they be stuck paying other people's mortgages forever?
Maybe, maybe not. Depends on location and what happens with the economy.
I'm just happy I bought a new place in 2021 and didn't wait any longer.
If you are lucky you can still afford a van down by the river.
[youtube]foOgch5mrqQ[/youtube]
^^^
From 2012. Yes, the people that they profiled did some dumb stuff. However the situation re:affordable housing, homelessness, and the lack of a useful social safety net in the US seems the same or worse. Scroll the comments.
[b]8 million Americans slipped into poverty amid coronavirus pandemic, new study says[/b]
[quote]The federal stimulus saved about 18 million Americans from poverty in April, he said, but as of September, that number is down to 4 million.
A family of four earning $26,200 a year or less is considered living below the poverty line, according to the U.S. Department of Health and Human Services. The total number of people in the U.S. living in poverty is 55 million, including the 8 million who joined their ranks since May, according to the Columbia researchers.[/quote]
[url]https://www.nbcnews.com/news/us-news/8-million-americans-slipped-poverty-amid-coronavirus-pandemic-new-study-n1243762[/url]
[img]https://i.imgur.com/uGEFbuY.png[/img]
[url]https://www.npr.org/2022/10/17/1129563570/the-price-of-poverty-what-it-means-to-be-poor-in-america#:~:text=According%20to%20the%20Poor%20People's,closer%20to%20140%20million%20Americans[/url].
For 2023 the Federal Poverty Line for 4 people is $30K.
[img]https://i.imgur.com/vpWJQ5m.png[/img]
Not saying that everyone could or should be a .gov dependent, just that wages have not even sort of been keeping up with expenses, and good luck if you become seriously ill [cancer, stroke, etc.] and/or get knocked flat once you are around age 50 or older.
Age 45 to 65 is probably the worst time for misfortune given that people may be too worn down to start over and even if you want to employers don't want people in that age range as the cost of health insurance is much higher.
At this point given that we aren't really in a position for the government to spend a bunch of money [not that it stops them spending on their pet projects] our best bet might be a change to Fair Housing regulations to better align with present circumstances by disallowing landlords from requiring income equal to 3X the monthly rent. Limit it to 2X monthly rent for minimum income and maybe change credit reporting so that old evictions fall off people's credit more quickly allowing them to try again.
[img]https://i.imgur.com/uNIVh5k.png[/img]
[img]https://www.pewresearch.org/wp-content/uploads/2022/03/FT_22.03.23_HousingAffordability_2a.png[/img]
[img]https://i.imgur.com/rt63Mkt.png[/img]
Landlords will still take the best qualified tenants they can get, but it could offer a little bit of relief.
[img]https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcT1Ul0DJfQfdbgVwsWIEFec5budlb8HiA86yqAUwZ2m_w&usqp=CAU&ec=48665698[/img]
Brutal for rentcels
But the misc told me the market would collapse and I could buy a mcmansion for 20 dollars
Another 1 star thread op
Do better
Good, owning homes is terrible for the environment. We don't need all of that.
US ain't affordable anymore. Getting harder and harder to live here.
[QUOTE=Briisk;1679632503]US ain't affordable anymore. Getting harder and harder to live here.[/QUOTE]
Just posted by Wall Street Silver.
[img]https://pbs.twimg.com/media/FrUlsUtXgAAqWq5?format=png&name=small[/img]
invisible hand
why starving your population is actually a good thing
crime kil ing people will recalibrate credit ratings
It’s over srs
im mindblown by how home prices have jumped in the last three years which in my area i think is 42% last time i checked and when you look at an average year, you might expect 3% appreciation so at most that should have been 9%. couple that with rates that are now 2-2.5x higher than before and owning is out of the question except for the have's. the have-not's are about SOL but are screwed even more so because of rent prices.
the US used to be the place where you went so you could make it, however, you now have to live in poverty (re: dave ramsey) to some day have the opportunity to not live in poverty.
go ahead and say "live like no one else so that some day you can live like no one else" but 20yrs ago, all that meant was staying on a tight budget. now, that means having roomates until your 40 years old and living on rice and beans 364 days a year.
[QUOTE=katya422;1679631643]If you are lucky you can still afford a van down by the river.
[youtube]foOgch5mrqQ[/youtube]
For 2023 the Federal Poverty Line for 4 people is $30K..[/QUOTE]
living in a van / car is very real for a lot of young people. just go to youtube and see how many use it as a means to get by.
& the poverty line, in my opinion, should be much higher than $30k for a family of four.
[QUOTE=DomMJr;1679632643]invisible hand
why starving your population is actually a good thing
crime kil ing people will recalibrate credit ratings[/QUOTE]
[img]https://media.tenor.com/ncHwlj4_05gAAAAM/nod-kermit-nod.gif[/img]
I think that most people must just not understand the scale of things. Yes, people should make an effort and not just mooch. Yes, there are some people who have become entrenched in government dependency.
But should 40% of the population in the world's wealthiest country be unable to maintain a decent living standard?
I sincerely feel sorry for anyoone at or near the median wage.
So many things are further and further out of reaach.
[QUOTE=MyGhettoFantasy;1679633203]I sincerely feel sorry for anyoone at or near the median wage.
So many things are further and further out of reaach.[/QUOTE]
What is the median wage?
I feel for people who who are really struggling and trying to make something of themselves and it's hard to get ahead. Such as it's hard to go to school or take a chance when you are already working massive loads of hours just trying to make ends meet. It only makes it harder when the average working person is paying a mortgage worth of money to the government in taxes. The tax problem is something we should be revolting over. All so they can give it to forign countries, forigeners, and NEETS as well as overpaying people to do jobs that nobody needs.
To add to what I'm saying, one thing that made the US such an economic powerhouse was that it was one place where hard work paid off the way it should. Get up and go to work everyday, you could afford a home and support a family, on one income usually. Go to school, make even more. Going to college meant you could expect to live the good life. Not going to work and being a bum meant poverty. Working guaranteed you wouldn't be in poverty. Now, people work their ass off and it's not paying off. People get a college degree and just end up with more debt. Meanwhile the NEETs are doing just fine, livng the good life, and everyone feels sorry for them any whoas they have. After some time, people are going to be like "fuk it, can't beat them, join them" and next thing you know we are Brazil.
[QUOTE=WishIWasJawBrah;1679633323]What is the median wage?[/QUOTE]
I misspoke. I meant the median salary. At or around $61k?
Not horrible in somewhere like, Michigan, for example, but even there you aren't living in a very desirable area on that wage without stretching your budget.
It would be fine as a bachelor, though. Family? People make it work. That's tough, though.
[QUOTE=Nonsense916;1679632893]It’s over srs[/QUOTE]aw fuk bye
[QUOTE=Rhythm825;1679630913]Maybe, maybe not. Depends on location and what happens with the economy.
I'm just happy I bought a new place in 2021 and didn't wait any longer.[/QUOTE]
Lol, is the last comment a joke? There's surely going to be some correction in home prices. If you're living in the Chicago suburbs, that's certainly an area that will not have significant upward pressure on housing prices.
"There have been some troubling signs in the relationship between housing and immigration, in spite of record housing starts. [B]It has long been recognizable that future demand for housing is driven almost entirely by immigration.[/B]
Is there also evidence that those immigration-fueled housing prices are driving inflation, even as Wall Street Journal-types complain that rising wages are the culprit?
Well, yes. Kathy Jones, a chief strategist at the Schwab Center for Financial Research, noticed last week:"
[QUOTE=MyGhettoFantasy;1679633593]I misspoke. I meant the median salary. At or around $61k?
Not horrible in somewhere like, Michigan, for example, but even there you aren't living in a very desirable area on that wage without stretching your budget.
It would be fine as a bachelor, though. Family? People make it work. That's tough, though.[/QUOTE]
$61k salary is barely making it even when single.
$80k is the new $50k of the early 2000s. If you're aren't making $80k you're living damn near pay check to paycheck.
The increase in homeless is insane; I've nearly ran into them walking across traffic several times this year already
[QUOTE=katya422;1679632633]Just posted by Wall Street Silver.
[img]https://pbs.twimg.com/media/FrUlsUtXgAAqWq5?format=png&name=small[/img][/QUOTE]
Lol. Spot on
[QUOTE=MikeLowrrrey;1679635013]$61k salary is barely making it even when single.
$80k is the new $50k of the early 2000s. If you're aren't making $80k you're living damn near pay check to paycheck.[/QUOTE]
Brutal. So many people are stressed as fuk.
Das not it.
I don’t know how anyone is poor when all you have to do is figure out how to convince people to give you imaginary money.
Just do that thing and stop being poor.
[QUOTE=MyGhettoFantasy;1679636103]Brutal. So many people are stressed as fuk.
Das not it.[/QUOTE]Sucks for rentcels. Glad I'm not one of them anymore
[QUOTE=Ironmanlet;1679636353]I don’t know how anyone is poor when all you have to do is figure out how to convince people to give you imaginary money.
Just do that thing and stop being poor.[/QUOTE]
The main problem is poor people not buying better jobs.
[QUOTE=sennas;1679632273]But the misc told me the market would collapse and I could buy a mcmansion for 20 dollars[/QUOTE]
Prices this summer won't be what they were last summer, and it's nearly impossible to know what will happen after this summer. The wildcard will be what happens if/when we hit a recession later this year. A good gauge for upcoming recession is construction jobs (not just residential housing), since they're sensitive to boom and bust, so keep an eye out for headlines about construction layoffs. It seems like recession is inevitable later this year, and I hope it's small like the dotcom bust that started in 2000.
If housing doesn't go down too much, car repossessions growing seem inevitable, and not just subprime. The average car payment has probably gone up 71% in the last 3 years too.
[QUOTE=frankdtank20;1679652633]Prices this summer won't be what they were last summer, and it's nearly impossible to know what will happen after this summer. The wildcard will be what happens if/when we hit a recession later this year. A good gauge for upcoming recession is construction jobs (not just residential housing), since they're sensitive to boom and bust, so keep an eye out for headlines about construction layoffs. It seems like recession is inevitable later this year, and I hope it's small like the dotcom bust that started in 2000.
If housing doesn't go down too much, car repossessions growing seem inevitable, and not just subprime. The average car payment has probably gone up 71% in the last 3 years too.[/QUOTE]
I stated this in another thread and people said I was full of ****. Once commercial and industrial construction , especially service work , starts laying off the economy is ****ed and will utterly collapse most likely.