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re: The average US house now requires a salary of $106k-a-year - $50k more than in 2020
Posted on 3/5/24 at 10:23 am to jclem11
Posted on 3/5/24 at 10:23 am to jclem11
Gen Z and Millennials feeling they are entitled to a "fair" world where no one is "selfish" and gives them handouts so they can survive in spite of their own terrible life choices...I'm shocked. 
2
Posted on 3/5/24 at 10:24 am to stout
And apprecation keeps on pumping up
Posted on 3/5/24 at 10:25 am to SneezyBeltranIsHere
quote:
Debt is a prison and when the correction comes it will sink you.
Depends on how much debt and how it's structured. I have a mortgage (my only debt) at 3.125%. I could pay it off today if I wanted, but my money is making more than the 3.125%. Even CDs and T-Bills are paying over 5% right now. If you're sitting on a low fixed rate, it's best to just keep it.
Posted on 3/5/24 at 10:26 am to sidewalkside
quote:
Gen Z and Millennials feeling they are entitled to a "fair" world where no one is "selfish" and gives them handouts so they can survive in spite of their own terrible life choices...I'm shocked.
Oh, hey there boomer.lol
Gen X here. Yeah, I'm pretty pissed for my kids.
Posted on 3/5/24 at 10:30 am to stout
all these airbnb nerds arent helping
Posted on 3/5/24 at 10:32 am to sidewalkside
quote:
Gen Z and Millennials feeling they are entitled to a "fair" world
My ex and i were paying $1900/month note in 1999 because of her expensive tastes.
"Fair" is usually filtered through their own personal tastes.
Posted on 3/5/24 at 10:34 am to Thecoz
quote:
Yup I am the guy reminding you youngsters America had interest rates held way to low for way to long for politicians to buy votes … .. we were buying house right out of college with rates in the low to mid teens.. but making our own coffee at home… Btw my stock portfolio is at all time high and fixed income providing a stream of income finally.
And what was the average annual salary and cost of a home back when dinosaurs roamed the Earth? You conveniently ignore that.
And you say people should just make their coffee at home, but then complain when people want to work from home where they can really save money because you want them coming out to justify your idiotic commercial real estate leases/purchases and to keep local businesses in that area open.
Posted on 3/5/24 at 10:34 am to tide06
quote:
They will either have to offer 35 and 40 year mortgages or prices will have to correct.
They already offer 40 year mortgages.
Posted on 3/5/24 at 10:36 am to GreatLakesTiger24
quote:quote:
but you cannot really compare median income to average house prices in the 50 biggest metro areas in the US.
most people live in the 50 biggest metro areas
Similarly, there are probably more millionaires & billionaires living in these areas, compared to the rest of the country, which would distort the average house prices. So why would you compare the average housing prices to the median income. Especially when you also consider these larger metro areas also house a lot of the lower income population, who would not be qualified to purchase a home in any economy.
Posted on 3/5/24 at 10:37 am to stout
quote:
Hikes in house prices and mortgage rates have outpaced wage gains since 2020
Yet companies are churning out record profits from many sectors.
Unions, for the most part, suck. That said, it's getting to the point where companies are proving, over and over again, that they put share value over the people who make their businesses run. Labor needs a seat at the table in order to start rectifying the wholly irresponsible way workers have been treated over the past 45 years. Our society is literally stratifying under our watch, and we just sit back and suck it up.
Posted on 3/5/24 at 10:38 am to Weekend Warrior79
I don’t think you understand scale and percentages very well.
Posted on 3/5/24 at 10:38 am to Pezzo
quote:
They already offer 40 year mortgages.
Many places around the world offer 5 year fixed mortgages, you renegotiate after that.
The idea is being floated of 99 year mortgages.
Posted on 3/5/24 at 10:45 am to Dairy Sanders
“And what was the average annual salary”
1982..petroleum engineer… made 30500.a year… my wife did not work and stayed home to take care of our first child…
So family of three …one income.. house cost 72k…interest rates in low teens.
Made my own coffee at home…
Still do:)
1982..petroleum engineer… made 30500.a year… my wife did not work and stayed home to take care of our first child…
So family of three …one income.. house cost 72k…interest rates in low teens.
Made my own coffee at home…
Still do:)
Posted on 3/5/24 at 10:51 am to stout
quote:This seems bad
Prospective homebuyers need to earn $50,000 more than they did in 2020 to be able to afford the average home in the US, grim new research reveals.
Posted on 3/5/24 at 10:53 am to LNCHBOX
quote:
If you want to hold the pandemic against him, more power to you I guess.
He basically let Fauchi run the country, so yeah I'll go ahead and hold it against him.
Posted on 3/5/24 at 10:54 am to Dairy Sanders
quote:
And you say people should just make their coffee at home, but then complain when people want to work from home where they can really save money because you want them coming out to justify your idiotic commercial real estate leases/purchases and to keep local businesses in that area open.
To be fair, work from home is absolutely brutal on younger professionals trying to learn.
Posted on 3/5/24 at 10:58 am to stout
Zoning ordinances and building codes have gone off the deep end. Most people will readily blame the rise in housing costs on one politician or another but the reality is your local and unelected zoning board members and the contractors and design build engineers whose livelihood depends on expensive building projects are constantly tweaking codes and ordinances to better their lot in life without a bit of concern as to what it is doing to the cost of housing in the US. This happens and then the majority of homes are built by the likes of DB Horton who could not pass an actual inspection process on a dare. But it has to be politicians, not individuals whose wealth rests on bad ideas and corruption.
That said owning a home is an incredibly bad idea...unless you know you ain't relocating you are far better off renting. Owning real estate to live in is not an investment first and foremost...between interest and maintenance if you are lucky you can spend a bunch of time and money owning the damned thing and when you sell it break even. You will probably sell it for more than you paid for it but not more than you have in it. Owning a home is an anchor that limits mobility and opportunity. I have owned one since I was 21 years old...had it not been for me being smart enough to look for jobs that included real estate costs in a relocation package I would still be doing electrical work in Atlanta. Those relocation packages are quickly disappearing and signing bonuses becoming more prevalent...and the difference is about 75% more for a relocation package. If you are in a career where moving is not likely (rare in this day and age) owning makes sense but if you are 30, have a young family and are tied down and can't grow your career you are going to suffer the rest of your working life.
That said owning a home is an incredibly bad idea...unless you know you ain't relocating you are far better off renting. Owning real estate to live in is not an investment first and foremost...between interest and maintenance if you are lucky you can spend a bunch of time and money owning the damned thing and when you sell it break even. You will probably sell it for more than you paid for it but not more than you have in it. Owning a home is an anchor that limits mobility and opportunity. I have owned one since I was 21 years old...had it not been for me being smart enough to look for jobs that included real estate costs in a relocation package I would still be doing electrical work in Atlanta. Those relocation packages are quickly disappearing and signing bonuses becoming more prevalent...and the difference is about 75% more for a relocation package. If you are in a career where moving is not likely (rare in this day and age) owning makes sense but if you are 30, have a young family and are tied down and can't grow your career you are going to suffer the rest of your working life.
Posted on 3/5/24 at 10:59 am to Thecoz
quote:
1982..petroleum engineer… made 30500.a year
Equivalent to $99,529.29 today.
House cost was equivalent to $234,954,38 today, but I bet that house ACTUALLY costs upwards of $400k if it were on the market.
I’ll try to eat less avocado toast so I can be frugal like you were
This post was edited on 3/5/24 at 11:03 am
Posted on 3/5/24 at 11:00 am to GetCocky11
quote:
what's the median income level across the US when you exclude the 50 biggest metro areas?
58% of the population lives in the 50 largest metros. What is your point in trying to exclude the majority of the population?
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