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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 11:01 am to stout
Posted on 3/5/24 at 11:01 am to stout
quote:
58% of the population lives in the 50 largest metros.
Nothing, but it means 50% of the population doesnt face insane housing prices and can find more affordable housing, which is a sizeable portion of the population
The trend the past few years has been away from the big cities. Thats an indicator right there.
This post was edited on 3/5/24 at 11:03 am
3
Posted on 3/5/24 at 11:02 am to SDVTiger
quote:
And apprecation keeps on pumping up
Who are they going to sell to in order to cash all of that equity out if people can't afford it?
Posted on 3/5/24 at 11:03 am to Thecoz
quote:
“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:)
That's $97k in today's dollars.....and you were able to support a family of three, own a home, stay at home wife, on 97k. Man, talk about having it good.
Posted on 3/5/24 at 11:04 am to RogerTheShrubber
quote:
but it means 50% of the population doesnt face insane housing prices and can find more affordable housing.
Do you really think that's how it works?
Leave a metro and suddenly houses are affordable for everyone?
You can't truly believe that. You aren't even taking into account that the income in rural areas is lower and a ton of other factors.
Posted on 3/5/24 at 11:06 am to mmmmmbeeer
quote:
. 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.
Do you know what else keeps labor prices low? Importing millions on illegal aliens like the party you support has been doing.
Don't get mad at the "evil greedy" corporations and fail to place blame on the mass import of cheap labor that has been happening.
Posted on 3/5/24 at 11:09 am to tide06
quote:
They will either have to offer 35 and 40 year mortgages or prices will have to correct.
Is supply and demand broken?
If people can't afford it...why aren't prices coming down?
Posted on 3/5/24 at 11:09 am to stout
Does anyone think once the COGS goes down that pricing will go back to normal? I for one don’t.
Posted on 3/5/24 at 11:10 am to mmmmmbeeer
Classic gen x or boomer who thinks they struggled and that millennials and gen z are soft without realizing that the lifestyle they look back on as a “grind”, their “started at the bottom” is a completely unattainable dream for most younger folks. Their rock bottom is our deluxe apartment in the sky.
Posted on 3/5/24 at 11:10 am to RogerTheShrubber
quote:and those people, on average, make way less money
Nothing, but it means 50% of the population doesnt face insane housing prices and can find more affordable housing, which is a sizeable portion of the population
quote:into suburbs, still in metro areas. Houston, Dallas, Nashville, Austin, Miami, Tampa, etc. are all still rapidly growing (because that's where jobs and careers are located)
The trend the past few years has been away from the big cities.
Posted on 3/5/24 at 11:11 am to mmmmmbeeer
quote:
That's $97k in today's dollars.....and you were able to support a family of three, own a home, stay at home wife, on 97k. Man, talk about having it good.
You can support a family of 3, on a 97k salary, with a stay at home wife.
That’s between 5000-6000 a month after taxes and the families insurance.
Posted on 3/5/24 at 11:12 am to kingbob
quote:
realizing that the lifestyle they look back on as a “grind”, their “started at the bottom” is a completely unattainable dream for most younger folks.
Many here were born on third base. I dont understand their angst. They were born upper middle class.
Teh union construction baws are thriving. Maybe its time for some people to learn to work.
This post was edited on 3/5/24 at 11:13 am
Posted on 3/5/24 at 11:12 am to Grievous Angel
quote:
If people can't afford it...why aren't prices coming down?
They have come down from the 2020 top. Prices in parts of TX are down 17% since 2020. Parts of FL and CA are getting hit too but right now a lot of that seems to be AirBNB bros with ARMs trying to get out.
Posted on 3/5/24 at 11:13 am to Grievous Angel
quote:
Is supply and demand broken? If people can't afford it...why aren't prices coming down?
Still not enough supply to meet demand.
Posted on 3/5/24 at 11:14 am to Grievous Angel
quote:
people can't afford it...why aren't prices coming down?
People aren’t buying it. Hedgefunds are using pension funds to purchase homes. Foreign investors, especially in China, are buying up real estate as a store of value because Chinese assets are so risky. Vancouver has a huge scandal unfolding where banks were approving fake loan applications to purchase homes and condos for Chinese citizens, who didn’t even bother renting out those units. Something like 20% of the city’s entire housing stock was sitting empty because it was all owned by Chinese investors who just needed a store of value.
The whole economy right now is government corruption and money laundering.
Posted on 3/5/24 at 11:14 am to Cdawg
Biden isn't a Boomer, he was born 4 years before the Baby Boom started.
Posted on 3/5/24 at 11:15 am to kingbob
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.
1350 sq foot patio home in Lafayette.. housing market was inflated boom.. Zillow says it is worth 169 k now..
Yeah we lived nicely but going out to macdonalds or a crawfish house was a treat.
1350 sq foot patio home in Lafayette.. housing market was inflated boom.. Zillow says it is worth 169 k now..
Yeah we lived nicely but going out to macdonalds or a crawfish house was a treat.
Posted on 3/5/24 at 11:16 am to Dawgfanman
quote:
You can support a family of 3, on a 97k salary, with a stay at home wife.
That’s true, but I don’t know anyone making anything near that in their 20’s unless they live in a Brooklyn shoe box.
Posted on 3/5/24 at 11:16 am to stout
quote:
Do you know what else keeps labor prices low? Importing millions on illegal aliens like the party you support has been doing.
Don't get mad at the "evil greedy" corporations and fail to place blame on the mass import of cheap labor that has been happening.
The middle class is shrinking. Illegals aren't stealing middle class jobs.
Supply-side economics, aka Reaganomics, aka Voodoo Economics, aka Trickle-Down Economics, has been a colossal failure. It's killed the middle class, not shite has trickled down, and our society is becoming incredibly and terrifyingly stratified. Latest data points 2024 being the first time EVER in the US that the wealth of the top 1% has eclipsed the wealth of the entire bottom 50%.
This is all by design and they're going to keep doing it until we pull our collective heads out of our asses and call out the bullshite.
Posted on 3/5/24 at 11:17 am to mmmmmbeeer
Illegals DOMINATE many construction trades.
Those middle class union scaffold builders, insulators, and craftsmen have largely been replaced entirely with illegals and h1b’s.
Those middle class union scaffold builders, insulators, and craftsmen have largely been replaced entirely with illegals and h1b’s.
This post was edited on 3/5/24 at 11:19 am
Posted on 3/5/24 at 11:19 am to kingbob
quote:
Illegals DOMINATE many construction trades.
Not legit construction tredes with union apprenticeships.
Not yet, at least.
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