Affordability discussion (split from Iran thread)

#301
#301
OHvol40 said:
I don’t think anyone is saying home ownership is impossible, but it certainly isn’t nearly as easy as it has been for the silent generation, boomers, Gen X, and early millennials.
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The silent generation? Many of those people built their home. You just had to get a job and sign some paperwork.

Oooo how hard you have it!
 
#302
#302
OHvol40 said:
Way to skirt the question. Doesn’t anyone here want to talk about wages VS the overall COL in this country, or are we all just going to gripe about mundane details without covering the big picture. Being able to afford living here is the biggest factor in politics and this is the political forum, correct?
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Sure. Things are more affordable now than whatever magic decade that you falsely believe was so easy.

If you’re not doing well, you’re the problem
 
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#303
#303
85SugarVol said:
When your COL complaint contains a $500 car note, it’s not an illustration of a COL issue in this country.

It’s an example of poor financial decision making.
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We all know the point you’re trying to make, but that’s not all I said about it either, but I see you chose not to include that portion. I’m not interested in what choices people are making but rather discuss the external factors and the environment… then maybe how that affects people’s decision making and prioritization.
 
#305
#305
McDad said:
Just thought of this.
Mobile home were an option back on the last "crisis". Double wide, on average will run about 150k. Cost of land and set up, a person can get ownership for 200k. Can qualify for 30 year loan, too.


What's wrong with that?
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It makes them trash, in your eyes 😉
 
#308
#308
McDad said:
Just thought of this.
Mobile home were an option back on the last "crisis". Double wide, on average will run about 150k. Cost of land and set up, a person can get ownership for 200k. Can qualify for 30 year loan, too.


What's wrong with that?
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the home ownership of my parents was a single wide. How lucky they were! They did upgrade to a double wide when I was a teen. Neither ever had any AC
 
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#309
#309
MurphyVol said:
the home ownership of my parents was a single wide. How lucky they were! They did upgrade to a double wide when I was a teen. Neither ever had any AC
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Mom and dad had a double wide. It burned to the ground when I was a kid.
Got a used single wide after that.

Like you, no AC.
 
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#312
#312
BigOrangeMojo said:
From professional experience, the overwhelming percentage of intermediate/long-term affordability choices are due to poor personal financial decisions....
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I genuinely believe this is a result of poor parental guidance at a young age coupled with public education lacking practical curriculum.

My high school financial planning teacher was a baseball coach who, without exaggeration, played Dave Ramsey videos for all but 5 minutes of each class.
 
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#313
#313
85SugarVol said:
When your COL complaint contains a $500 car note, it’s not an illustration of a COL issue in this country.

It’s an example of poor financial decision making.
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The sad part is $500 isn't realistic for a new car*. The average as of about 6 months ago was over $800.

It always cracked me up that people would come looking at $50K+ trucks (and that's basically long gone), expecting a $500 payment. Simple math without interest is roughly $55K after taxes and fees (being generous, again for simplicity sake), on a 72 month loan with ZERO % is $763.89

People have unrealistic expectations for must consumer products that require a loan. Although, you can basically "finance" anything to include service on your new vehicle!

*$36K at 72 months and ZERO % gets you to $500/month. The average new car purchase price is approaching $60K IIRC.
 
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#314
#314
MurphyVol said:
Economists list today as the 3rd most difficult time to own a home:

#1 1980s- 18% interest rates with stagnant wages....from 1973-1990 real wages actually declined slightly. This is referred to as "Great Wage Stagflation"

#2 Pre-FHA (before 1932)--- Huge Down Payments
40-50% down payments
5-10 year loans
Balloon features
this period had the highest barrier to entry, but boy houses were cheap. This would be the fastest way to today to cut housing prices by 50-60%

#3 2022-Now Worst Price to Income ratio (slightly higher than 2006)
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We bought our first house during #1
 
#315
#315
McDad said:
Just thought of this.
Mobile home were an option back on the last "crisis". Double wide, on average will run about 150k. Cost of land and set up, a person can get ownership for 200k. Can qualify for 30 year loan, too.


What's wrong with that?
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It's a trailer*....

*I grew up in one. Wouldn't be caught dead in one today.
 
#316
#316
YankeeVol said:
The sad part is $500 isn't realistic for a new car*. The average as of about 6 months ago was over $800.

It always cracked me up that people would come looking at $50K+ trucks (and that's basically long gone), expecting a $500 payment. Simple math without interest is roughly $55K after taxes and fees (being generous, again for simplicity sake), on a 72 month loan with ZERO % is $763.89

People have unrealistic expectations for must consumer products that require a loan. Although, you can basically "finance" anything to include service on your new vehicle!

*$36K at 72 months and ZERO % gets you to $500/month. The average new car purchase price is approaching $60K IIRC.
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Yep, think they have to have a NEW vehicle
 
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#317
#317
Wireless1 said:
We bought our first house during #1
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I was born in 89 and we grew up poor. Step-dad was a plumber before it was the well paying profession it is today and mom didn't work, yet we were able to buy a house in 94.

From there, mom found a calling in renovations and flipping to where they are now.

As a millennial, i can tell you that "first home" stage is only attainable to certain situations. I work a 1040 lifestyle and my W2's have always bounced around around every 2 or 3 years which seems to lie at the threshold lenders look for. No wife or kids, so it's not a priority for me to own a home but, sh*t, I wouldn't mind having an income prop.
 
#318
#318
DinkinFlicka said:
I genuinely believe this is a result of poor parental guidance at a young age coupled with public education lacking practical curriculum.

My high school financial planning teacher was a baseball coach who, without exaggeration, played Dave Ramsey videos for all but 5 minutes of each class.
Click to expand...
The best math class I have taken in my life to this day was a "retard math" at Austin Peay that met the degree requirements. It actually taught us about interest and how it works (and other math that is actually usable). But hey, A squared + b squared = c squared is important!
 
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#320
#320
McDad said:
Why?

There's a gradient where I'd go back into a trailer. But it isn't my preference.
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It's below me**, and I have zero issue saying that.

It works for some, and that's great. Most aren't in good areas or well maintained, and I would bet more are renters in those types of "homes."

**ok, put me near a beach less than 500M from the ocean and maybe I'd reconsider.
 
#321
#321
YankeeVol said:
The sad part is $500 isn't realistic for a new car*. The average as of about 6 months ago was over $800.

It always cracked me up that people would come looking at $50K+ trucks (and that's basically long gone), expecting a $500 payment. Simple math without interest is roughly $55K after taxes and fees (being generous, again for simplicity sake), on a 72 month loan with ZERO % is $763.89

People have unrealistic expectations for must consumer products that require a loan. Although, you can basically "finance" anything to include service on your new vehicle!

*$36K at 72 months and ZERO % gets you to $500/month. The average new car purchase price is approaching $60K IIRC.
Click to expand...

That new car price is weighted so top-heavy and I'm arguing for the other team.

You can get a tech-heavy, reliable, comfortable vehicle for 30k.

Call it the "DinkinFlicka new Tacoma Standard."
 
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#322
#322
YankeeVol said:
It's below me**, and I have zero issue saying that.

It works for some, and that's great. Most aren't in good areas or well maintained, and I would bet more are renters in those types of "homes."

**ok, put me near a beach less than 500M from the ocean and maybe I'd reconsider.
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Understood.

But it is an option in this "crisis" for those unable to afford a home.
 
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#323
#323
DinkinFlicka said:
That new car price is weighted so top-heavy and I'm arguing for the other team.

You can get a tech-heavy, reliable, comfortable vehicle for 30k.

Call it the "DinkinFlicka new Tacoma Standard."
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Never have bought a new car. Never will. The salvage route has been great for us.

Funny how life works. Always wanted a Porsche 911. Got to the point where I could afford one and lost interest.
 
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#324
#324
DinkinFlicka said:
That new car price is weighted so top-heavy and I'm arguing for the other team.

You can get a tech-heavy, reliable, comfortable vehicle for 30k.

Call it the "DinkinFlicka new Tacoma Standard."
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Even the most basic Tacoma starts at $32K bud, and the only people buying those are businesses.

A Hyundai or Kia sedan can be had for less than $30K (less than $25K the last one I bought) with very good options, I've owned a few. Most "people" don't want that, and therein lies the problem. It's a status symbol. Most people would rather have an $80K vehicle and live in a trailer or rent a chit apartment.
 
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