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Started By
Message
re: Major social unrest is coming
Posted on 4/26/22 at 10:32 am to Chicken
Posted on 4/26/22 at 10:32 am to Chicken
quote:
thunderbird, what does it cost to lease in that area?
Rent prices are rising but not at the rate of housing cost is going up. That's more a national issue as rent prices always lag increases in housing market in general. For example, it's a horrible time to buy something right now and try and rent it out, especialy if you're doing it on little down. Take for example my townhome.
If you bought it for $425k, put about $25k down to buy it, your mortgage ($400k) would be $2.2k/mo on a 30 year right now.
Throw in taxes - $375/mo
Throw in insurance - $125/mo
Throw in HOA - $210/mo
That's ~$2,900/mo between mortgage, insurance, HOA and taxes...before you have to any TLC to property and upkeep.
Nobody in our neighborhood is currently getting more than $3k/mo in rent for any property. Our "suggested" rent for ours is $2.7k/mo right now, so, basically you're losing money with a mortgage on the property and cant even positive cash flow it.
It just makes way more sense to rent vs. buy right now in that sense, at least.
quote:
Also, are there more affordable housing further out in the burbs of ATL?
Just depends how far you want to go and what your bottom line is. Sure, you can find $200k houses in metro ATL area, but they are likely 1 of 2 things - completely run down and in need of a lot of work or just in a bad area. Like I said, between myself/wife and our friends, we all bought our 1st homes between $200k-$300k basically in the last 6 years. On much lower interest rates than we have now especially with us refinancing. I refi'd our house in 2020 at $248k on a 2.375% rate, that was a 15 year, but our payment is still like $500/mo cheaper than someone if they were to buy this on a 30 year at current value right now which is pretty wild. $500/mo less I'm paying on a 15 year than someone would be paying on a 30 year right now.
quote:
Rates seem high now, but they certainly aren't historically high:
Again it's a function of both extreme price increases PLUS the much higher rates. Yeah 5% 30 year isn't bad at all when you compare to before the crash of 2007-8 when rates were already over 6%. However, housing was WAY cheaper even then than it is now. Heck, housing got obviously super low in 2008-2012 or so after the crash on top of that.
Our townhouse in 2006 was worth around $250k or so, at a 6.6% 30 year rate, I'll take that ALL DAY over $425k at 5.2%, no question, even with wages back in 2006 being a decent bit lower obviously than they are now.
This post was edited on 4/26/22 at 10:34 am
1
Posted on 4/26/22 at 10:32 am to Eli Goldfinger
quote:
They’re all making around $55K
quote:
yet they all rent and have roommates
yeah no shite 55k for an architect is absolutely shite money.
i was making the same nearly 10 years ago and they had me washing mud out of excavators tracks for my first month
Posted on 4/26/22 at 10:33 am to Eli Goldfinger
Its true. Wife and I were DINKs for almost a decade before we were able to buy a house a couple years ago after the birth of our first child in our 30s, and only reason we were able to is that we live in a mid size town that has been hemorrhaging population for the last 20 years.
Even then, we had to buy in a risky area. Been broken into twice now, and we are worried about schools. So its pick your poison, live somewhere with danger and limited growth, or go enjoy the rat race in a place you won't be able to afford to live in.
I read an interesting article re: Blackrock types the other day saying it used to be the unwritten social contract that billionaires and investment firms stayed away from residential property to keep a middle class. All that seems to be off the table now with investment firms buying up houses and nefarious types like Bill Gates buying up all the farmland. The pitchforks are coming.
Even then, we had to buy in a risky area. Been broken into twice now, and we are worried about schools. So its pick your poison, live somewhere with danger and limited growth, or go enjoy the rat race in a place you won't be able to afford to live in.
I read an interesting article re: Blackrock types the other day saying it used to be the unwritten social contract that billionaires and investment firms stayed away from residential property to keep a middle class. All that seems to be off the table now with investment firms buying up houses and nefarious types like Bill Gates buying up all the farmland. The pitchforks are coming.
This post was edited on 4/26/22 at 10:34 am
Posted on 4/26/22 at 10:33 am to Eli Goldfinger
quote:
Major social unrest is coming
The summer before a major election and Democrats are polling badly. You know there will be some riots this summer.
Posted on 4/26/22 at 10:34 am to salty1
quote:
There has never been a time that someone just graduating from school could expect to have the recourse needed to purchase a home.
Agreed…but it was a lot easier to save a down payment on a home in 2000 than it is in 2022.
In 2006, I rented a nice 2br duplex next to the Lipscomb campus in Green Hills for $650/mo. That was less than 20% of my salary at the time, so I could have a life AND save money. That same setup would cost $2500/mo now, so things are a little more difficult.
Posted on 4/26/22 at 10:34 am to weagle99
wah wah wah...i bout my first house during the carter years...interest rate was 18%...it had ugly yellow shag carpet but i couldn't afford to replace it...& i worked 2 jobs to afford that...young buyers should learn to settle for less and work their way up...like most of us did....
Posted on 4/26/22 at 10:34 am to BoudinChicot
quote:
Its true. Wife and I were DINKs for almost a decade before we were able to buy a house a couple years ago after the birth of our first child in our 30s, and only reason we were able to is that we live in a mid size town that has been hemorrhaging population for the last 20 years.
Even then, we had to buy in a risky area.
To your credit, I doubt you are the only people making this decision. Which means neighborhoods like yours might get a little better.
Posted on 4/26/22 at 10:35 am to Eli Goldfinger
Yes times have changed. Adapt and overcome.
Why does a single kid fresh out of college need to own a home ?
When I was fresh out of college in the Army I got permission from my colonel to sleep in one of the unused WW2 barracks that still existed on base . Single officer housing was full and I did not want to rent an apartment off base. So I turned the old sergeant's office into a nice pad. It had a phone, electric ,and a shower.
Today if I was just out of college I would buy a used RV trailer and park that sucker on the back edge of my employer's parking lot.
Why does a single kid fresh out of college need to own a home ?
When I was fresh out of college in the Army I got permission from my colonel to sleep in one of the unused WW2 barracks that still existed on base . Single officer housing was full and I did not want to rent an apartment off base. So I turned the old sergeant's office into a nice pad. It had a phone, electric ,and a shower.
Today if I was just out of college I would buy a used RV trailer and park that sucker on the back edge of my employer's parking lot.
Posted on 4/26/22 at 10:35 am to Eli Goldfinger
quote:
Young architects who aren’t yet licensed, yes.
So fresh out of school, pretty much? And they want to buy a 400k house? I fail to understand your reasoning as to why any young person, fresh out of college, single, thinks they deserve to own a single family home? Yes, it would be nice, but it's not realistic. 20 years ago i wasn't attempting to buy a home straight out of college, because that would be stupid.
1) The likelihood of anyone working for the same company they start out at is very small, so their location will likely change.
2) A starting salary is not enough to cover a mortgage for a 300-400k home. Why can't they work their way up to that level?
These young kids were saddled with the government getting involved in student loans, and for that they get an unfair shake. But if they continue to do the grind that EVERYONE HERE, who is a productive member of society, has also done, and work their way up, then in 5-10 years maybe they can buy a nice home. Or, get married, double your income, and you can own a home sooner.
There is no barrier to young millennials that the rest of us didn't also face. The only difference, is the entitlement.
IN short, lower your expectations, grind it out, save money = PROFIT
Posted on 4/26/22 at 10:36 am to Big Scrub TX
quote:I bought my first home in summer of 1998...interest rate was pushing 7%. It was also a cheap cookie cutter house in the burbs, away from the action.
it's harder to do things like own homes for the current generation than it was for boomers and xers.
This post was edited on 4/26/22 at 10:43 am
Posted on 4/26/22 at 10:37 am to Eli Goldfinger
There is a term we used - "House Poor". When I bought my first house, I was House Poor. I couldn't afford to go out to eat. I couldn't afford to even furnish the house I had just bought. We had to put stuff like blinds and a washer/dryer on credit cards.
Fast forward 2 years, and my wife and I were both making more money, and we were doing much better and were able to afford things like vacations, and a new car.
Then we had our first kid...
Fast forward 2 years, and my wife and I were both making more money, and we were doing much better and were able to afford things like vacations, and a new car.
Then we had our first kid...
Posted on 4/26/22 at 10:38 am to Gravitiger
quote:
Somebody earlier quoted 0-5 years out of school
I don't care what someone said. You said 5 year. You won't find a 5 year architect making that little.
Posted on 4/26/22 at 10:39 am to Eli Goldfinger
quote:Why would this price even be a consideration? My first house cost $38,500. It's called a starter for a reason.
No young person starting out in a professional career can afford a $400K home without serious help from their family.
Posted on 4/26/22 at 10:39 am to Alt26
quote:
The biggest problem with "younger folks" is at 26 and just starting out in their careers they want (and expect to have) the "American Dream" of someone in their 40's.
This may be true for some, but certainly not all.
The barrier to entry - even with all things being equal - is much tougher now than any time since the Great Depression.
Posted on 4/26/22 at 10:39 am to Eli Goldfinger
quote:
What benefits are you referring to?
FMLA for starters. The voters elected the pols who pushed that.
Posted on 4/26/22 at 10:41 am to LNCHBOX
I said exactly what was quoted.
Posted on 4/26/22 at 10:41 am to jclem11
quote:
Oldheads with their heads buried in the sand and their rose tinted glasses blame the younger generations for being rightfully outrageous at the shite sandwich that we have been dealt.
Because you young-ins feel you are entitled to things. You are entitled to NOTHING. Work your way towards your end goal.
quote:
Don't forget millennials have lived through 3 "once in a lifetime" crises and we are just entering middle age for the oldest of the cohort.
I'm 40. I'm the oldest of the "cohort". I just don't identify as a millenial because y'all are embarrassing.
Posted on 4/26/22 at 10:41 am to roadGator
quote:
don’t know Nashville safe or not safe but there are many homes under $250k
I would love to see some links
Even shitty 600sf condos are $500K+
Posted on 4/26/22 at 10:42 am to Eli Goldfinger
quote:
I live around an hour west of Nashville, our combined income is over $200K, and it would STILL be painful to buy a hone out here if we were just now entering the market.
Sounds like you have a spending problem.
Posted on 4/26/22 at 10:42 am to Pookers
quote:
I would argue this is unreasonable.
No it isn't unreasonable. It's what some people do to get ahead.
I personally have met and known hundreds of people who FLY to work on Monday morning and stay in a large city (like New York) until Friday at noon and then fly home.
They do it week after week, year after year. And never once complain about it. You know why they don't complain? It's their choice to do it.
You don't have to do it either. None of your generation has to. But if you want to get ahead, you work your arse off, spend a lot less than you make, work 2 jobs, whatever it takes.
I never met anyone from previous generations that blamed their life circumstances on economic ups and downs. Until this one.
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