This chit ain’t ever getting better srs
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03-21-2024, 10:43 AM #1
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03-21-2024, 10:47 AM #2
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03-21-2024, 11:03 AM #3
I was at a resort last week where I got unlimited food and drinks. i would like to live like this forever. And it was cheap aswell. They had like 7 different restaurants, multiple swimming pools etc. unlimited alcohol, food and daily cleaning service (and can ring them and tell them there is a mess and they’ll clean it), maintenance etc etc
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03-21-2024, 11:13 AM #4
No, but possibly longer than anticipated. Plan is to save/invest the difference. If/when real estate market and interest rates comes back to humanity a bit, I might be able to put down a 35%+ down payment lol. HPI has never been above 25% in US history. My savings from my job, combined with my investing, outperforms that, SRS. If I'm still renting by the time I'm married, her income would further enhance the liquidity on deck, and I'd honestly probably be able to buy a house 100% fully with cash before I'm 40.
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03-21-2024, 11:22 AM #5
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03-21-2024, 11:23 AM #6
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03-21-2024, 11:51 AM #7
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03-21-2024, 11:53 AM #8
- Join Date: Aug 2013
- Location: Los Angeles, California, United States
- Posts: 21,641
- Rep Power: 42972
what option does todays generation have? unless your parents bougt one ur screwed.
esp with massive layoffs and ppl having to constantly move and few people having kids.Weight Loss: Go carnivore or keto combined with 16/8 IF. It'll create easy calorie deficit. Meat is good and heals, stop being lied to.
Youtube Dr. Shawn Baker to change your life today.
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03-21-2024, 11:54 AM #9
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03-21-2024, 12:00 PM #10
- Join Date: Oct 2008
- Location: Joppa, Maryland, United States
- Posts: 4,730
- Rep Power: 12880
this.
me and my fiance make about $180k combined (gross).
a modest home in my area (safe neighborhood, decent quality) is $275k MINIMUM, and really probably closer to $300k.
to have a ~$2k mortgage you're looking at about a $60,000 down payment.
we will make it happen, but itll take 2 years minimum to save that, and thats if everything goes right along the way.
idk what lower income plebs will do, I guess die renting. There will need to be some sort of federal renter protections, laws limiting rent increases etc.
EDIT: idk how theres not massive widespread homelessness already.
I live in a very modest 2 bedroom apt, ~950 sq ft and its $1750/month.
if youre a new tenant coming in off the streets, my same apartment is now going for $2100/month.
how are people affording $2100/ month rent? especially if the average income is supposedly like ~$55k.
even with a roommate, you're looking at $1050/month with an even split, and thats not counting utilities. How will those people ever get ahead? and who tf wants to be 30+ years old with a roommate.
1 bedrooms in my complex are starting at $1800 for new tenants. its insane.Reps to all BJJ/grappling/MMA bros.
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03-21-2024, 12:03 PM #11
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03-21-2024, 12:08 PM #12
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03-21-2024, 12:19 PM #13
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03-21-2024, 12:24 PM #14
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03-21-2024, 12:30 PM #15
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03-21-2024, 12:31 PM #16
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03-21-2024, 12:33 PM #17
What gets me is people are still talking about and buying homes. How in the hell are people affording this? Does everyone just make 100k+ or did they hit the lottery or something? Even 175k is getting up there for a home. You used to be able to get them for around 60-100k like 10 years ago.
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03-21-2024, 12:47 PM #18
- Join Date: Oct 2008
- Location: Joppa, Maryland, United States
- Posts: 4,730
- Rep Power: 12880
As I said, $300k is like the bare minimum to have a house in a safe neighborhood thats not totally falling apart. and with a $60,000 down payment, we'd still have a $2,000/month mortgage. The sort of home we'd like, is probably closer to $450-$500k in this area. great neighborhood, good location, much newer build, finished basement, 3+nicely sized bedrooms, etc. Still far from anything particularly lavish.
Its not that were "worried" just disheartened to have to save pretty diligently for 2 years to get a house like I described above, one with a $2k/mtg payment.Reps to all BJJ/grappling/MMA bros.
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03-21-2024, 12:48 PM #19
Keep supporting hedge funds and investment corps "right" to buy up residential property.
Not a democrat, but there is one issue you would think democrats would step in and it would be to file an anti-trust on black rock and the others for manipulating the price of homes by hording property, but no.
They have some brainwashed into thinking that renting is actually better than buying. Lots of them here on the Misc.
It's like this, you own a house, in 20-30 years it will double in value. Sure, it's not all free and there is maintenance and all, but you can sell and walk away with a lot of money.
If you rent, you are going to pay about the same when you include everything, but in 20-30 years you will walk away with nothing.
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03-21-2024, 12:48 PM #20
Depends where you are. Our problem up in Canada was that wealthy foreign investors started coming in and overbidding for homes by 150-200k, so this artificially drove up prices because people started to expect those numbers if they sold. Developers were also getting this because as soon as people started to get FOMO, they didn't care how much they paid and got the money from family or again, foreign sources. Once one house sells for a million, everyone else expects to get that price and people kept paying it. Up and up. Banks were giving money away cheap and handing it out like candy.
Places like Toronto and Vancouver had high prices a long time ago, so people sold there and moved into lower COL cities, but still drove up prices because they were okay with paying 100k more to make sure they got the house they wanted. This eventually spread to places like the east coast because it was the last area of the country people could buy a house for 300k, but overbidding drove things up again.
The main problem is that when these people's mortgages come due, they are screwed because interest rates finally went up and now banks are overleveraged like crazy. Anyone who bought in 2020/2021/2022 when the market was flying up and overpaid is now staring a massive increased mortgage payment in the face.
Lots of landlords are trying to recoup their losses by jacking rents, but we have rent control in 90% of units so they are all scrambling as well. And people can't afford to pay massively increased rents anyway. But our government took care of that by importing 2 million people from India who are quite happy to live 10 people to a home or sleep three to a room just to be here.
It's a massive mess, and the only way to fix it is keep rates high, let the system crash and bring it to a regular level.
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03-21-2024, 12:49 PM #21
- Join Date: Oct 2008
- Location: Joppa, Maryland, United States
- Posts: 4,730
- Rep Power: 12880
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03-21-2024, 12:52 PM #22
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03-21-2024, 01:04 PM #23
Imagine, a $300K house, you are going to have to come up with $60K just to get into the door.
Of course you can get in for less if you get a FHA loan, but then you have to pay PMI and PMI is for the life of the loan unless you refinance.
Even then, with all this inflation, it's really difficult for people to come up with extra cash like that.
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03-21-2024, 01:07 PM #24
- Join Date: Feb 2015
- Location: Toronto, Ontario, Canada
- Posts: 33,530
- Rep Power: 219150
It's alot worse than that where I live.
Median household income is about 80K, average Condo is about 700K. Granted you can find a condo for 500K (1 bed/bath). 80K household income is pretty bad. Anybody with a decent degree at a university can easily make much more.
Still, it's rough for millenials if you aren't living with your parents. I honestly don't understand how anybody in the late millenial generation or gen z will ever be able to afford a condo (not even a home) unless you're clearing 8-9K a month which is like 140K/yr. Now that isn't that difficult if both a husband and a wife contributes but we are talking about a bare minimum condo and not even factoring kids into the picture. And you're pretty much "house poor" at 130K income. Also gathering savings is hard if you haven't had a headstart from living with parents.
Honestly thinking of just selling, packing my crap and living overseas.positivity brah crew
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03-21-2024, 01:33 PM #25
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