Affordability discussion (split from Iran thread)

[McDad]

I’m in school to be a doctor of psychiatry so I’ll probably struggle til I’m done but hopefully the pay off at the end is worth it

That's crazy.

 

[OHvol40]

The larger premise is this: bad decisions do not facilitate home ownership.

I feel like I am being realistic since I rent to people who make less than your profile and who have moved into ownership.

So you don’t believe the younger generations are facing an affordability crisis that every other generation since WWII has not?

 

[McDad]

The average for just electricity in Pittsburgh so far in 2026 comes to $3200/year. Gas, water, garbage, etc would bring that total close. I prob payed about $6500 last year, but I’ll have to look.

That's bonkers.
I chose to live in LCOL area. I don't understand living in HCOL by choice.

 

[McDad]

So you don’t believe the younger generations are facing an affordability crisis that every other generation since WWII has not?

It isn't a crisis. It's a challenge. "Crises" is charged language.

 

[hog88]

So you don’t believe the younger generations are facing an affordability crisis that every other generation since WWII has not?

I think they have different challenges and way too many of them have been taken horrible advice.

 

[YankeeVol]

Why would a 30yo with a college degree be making less than $28hr?

Poli Sci degrees exist.

 

[OHvol40]

That's bonkers.
I chose to live in LCOL area. I don't understand living in HCOL by choice.

It’s not considered a HCOL area by anyone who measures these things.

“Pittsburgh, PA, is the most affordable big city in 2026, with a median home price of $250,000, which is more than $150,000 less than the national median.”

“Midwestern and Southern states are at the top of the list for affordability because they have lower property taxes, more land available, and cost of living indexes that are 10% to 30% lower than the national average.”

https://www.amerisave.com/learn/the-cheapest-places-to-live-in-the-us-in-complete-guide-with-real-estate-cost-data

 

[YankeeVol]

No, I'm asking why a 30yo with a college degree would be making less than $28hr. I've got 20 somethings working for me with no degree making more than that.

The most money I've made was with a HS diploma is sales. We'll see what my BS/MBA can do here shortly.

 

[OHvol40]

It isn't a crisis. It's a challenge. "Crises" is charged language.

Semantics

 

[McDad]

It’s not considered a HCOL area by anyone who measures these things.

“Pittsburgh, PA, is the most affordable big city in 2026, with a median home price of $250,000, which is more than $150,000 less than the national median.”

“Midwestern and Southern states are at the top of the list for affordability because they have lower property taxes, more land available, and cost of living indexes that are 10% to 30% lower than the national average.”

https://www.amerisave.com/learn/the-cheapest-places-to-live-in-the-us-in-complete-guide-with-real-estate-cost-data

there's the solution! Your profile person should live in Pittsburgh!

 

[McDad]

Semantics

Accuracy

 

[Jxn Vol]

Good for you and your wife. That’s fantastic.

We are doing our best to instill in our girls a strong work ethic, respect for the value of money, and understanding that nothing is free in this world.

The 9 year old has to “pay” for the inputs for any lemonade stand activities, we set pricing, and then calculate profits (it’s fun). Proceeds are then split between savings and something fun.
The 6 year old collects cans. She likes to crush them, but definitely understands she can get money for them.

That being said…. We will absolutely afford them every opportunity/boost/leg up/advantage/head-start we can. And won’t feel the least be guilty about doing so.

Both of my kids have had jobs all through HS and college. All while playing sports and maintaining a social life. They save, and spend their own money on things they want.

They know we are their backstop and I also will not hesitate or feel guilty about the help we give them.

 

[hog88]

The most money I've made was with a HS diploma is sales. We'll see what my BS/MBA can do here shortly.

It will make you the smartest person in the room with the ability to talk for half an hour without saying anything.

 

[YankeeVol]

No, I'm asking why a 30yo with a college degree would be making less than $28hr. I've got 20 somethings working for me with no degree making more than that.

JPMorgan Chase "technically" requires(d) a degree to be a relationship banker. Starting salary was $48,000.

 

[hog88]

JPMorgan Chase "technically" requires(d) a degree to be a relationship banker. Starting salary was $48,000.

IMO a non technical college degree is what a HS diploma used to be 30 years ago.

 

[OHvol40]

there's the solution! Your profile person should live in Pittsburgh!

Lol we just got done talking about the crazy utilities in western PA

 

[McDad]

Lol we just got done talking about the crazy utilities in western PA

But houses are cheap!

 

[OHvol40]

Accuracy

When does it become a crisis, according to you?

 

[OHvol40]

But houses are cheap!

They sure are, probably cheaper than where you live and older than your grandparents on average lol

 

[Orangeburst]

Took a lot of early sacrifice, but I ended up in 90-95th income percentile with my PolySci degree

 

[hog88]

Took a lot of early sacrifice, but I ended up in 90-95th income percentile with my PolySci degree

Yeah, lot lizards can make a decent living if they work the right truckstops.

 

[McDad]

When does it become a crisis, according to you?

When it meets the definition of a crisis.

 

[marcusluvsvols]

My suggestion, teach them that cars should be viewed similar to cast iron cookware or a craftsman socket set. You need a car to get you to work, you don't need to work to have a car- it's not a status symbol, it's a tool. I bought a cheap wrecked/rebuilt title 3 year old Honda accord and paid it off in 2 years, drove it for 14.5 years. Bought another that was 3 years old, paid it off in 2 years and drove it 14 years. So I only had a car payment for 4 out of 28.5 years. When kids ask me "how can we get ahead" cars is the first place I start.

I had a couple I was working with that just couldn't understand why they couldn't afford a home. Her car payment was $1100 per month, his was $900 per month. I said, "well, a couple things jump out at me...."

This is sage advice. Its part of how we got by. I have never had a car payment in my kids lifetimes. My wife has about half the time unfortunately. It is the way. McDad is super smart about houses and cars. He gets nice cars cheap and fixes em up. Dependable nice cars like Acuras/Lexus that are really just the best Honda/Toyota. Smart dude.

 

[OHvol40]

When it meets the definition of a crisis.

Well I looked at the definition and would consider it a crisis based on what I found. Maybe not a catastrophe or an emergency, but crisis is acceptable. Certainly a dilemma.

 

[McDad]

Well I looked at the definition and would consider it a crisis based on what I found. Maybe not a catastrophe or an emergency, but crisis is acceptable. Certainly a dilemma.

That's your choice. It doesn't help anything but you're allowed to call it what you want.

To me, its a challenge. @LouderVol is the person who lived the reality and made it work. Doubtful he thinks it's a crisis.