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Started By
Message
re: Major social unrest is coming
Posted on 4/26/22 at 10:42 am to Gravitiger
Posted on 4/26/22 at 10:42 am to Gravitiger
quote:
I said exactly what was quoted.
No, you said EXACTLY this:
quote:
A server should not be making more than a architect five years out of school.
0
Posted on 4/26/22 at 10:43 am to Gravitiger
quote:
That architecture sounds like a highly underpaid profession for the effort and training that go into it. Can easily beat that waiting tables. A server should not be making more than a architect five years out of school.
that's the nature of a profession so many want to get into. If you want to earn well, you need dual degree and specialize.
Posted on 4/26/22 at 10:43 am to Eli Goldfinger
quote:
Even shitty 600sf condos are $500K+
bullshite. That's not all that's available within Nashville, let alone 60 miles out
You went with hyperbole, just admit it.
This post was edited on 4/26/22 at 10:48 am
Posted on 4/26/22 at 10:44 am to LNCHBOX
quote:
Sounds like you have a spending problem.
Or a very bad credit problem.
Good credit = good interest rates. Granted the rates are tougher to deal with now. Which is why renting is a much more attractive option now until the market settles down.
Posted on 4/26/22 at 10:44 am to weagle99
quote:
And Millennials could have more money in their checks if they didn’t want employers to provide all sorts of benefits.
how about getting 1099 AND getting paid like shite?
Posted on 4/26/22 at 10:44 am to Eli Goldfinger
quote:
A $400k house is nothing special now
Posted on 4/26/22 at 10:44 am to Bearcat90
quote:
Maybe they should consider buying a small "starter" house or even a trailer like all of us previous generations did.
Or renovate a smaller house in a transitional neighborhood.
Posted on 4/26/22 at 10:44 am to Eli Goldfinger
It was just a search on the realtor dot com app
Posted on 4/26/22 at 10:45 am to thunderbird1100
quote:
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.
To expand on that, that's fully funding a ROTH IRA for 1 person a year, ($6k year). I guess the biggest issue for 1st time home buyers in 2022 is most will have basically very little margin in their life compared to people who bought their homes and/or refinanced in the last 2-6 year time frame. Heck, if i did a 30 year refinance instead of 15 year back in 2020, I could FULLY fund TWO Roth IRA's between my wife and I compared to what people are getting my house for now on a 30 year. Pretty crazy to think about.
I'll say that $12k/yr ($6k/each person) would go a very very long way over a few decades compared to someone who maybe couldnt really save/invest in today's housing market environment.
This post was edited on 4/26/22 at 10:46 am
Posted on 4/26/22 at 10:45 am to Eli Goldfinger
quote:Eli, your example is bad...these people making $55k a year should not be buying a home, even if interest rates were under 3%...they should be renting an apartment until they can afford the house they want.
The barrier to entry - even with all things being equal - is much tougher now than any time since the Great Depression.
This post was edited on 4/26/22 at 10:46 am
Posted on 4/26/22 at 10:47 am to OccamsStubble
quote:
that's the nature of a profession so many want to get into. If you want to earn well, you need dual degree and specialize.
I initially wanted to be an architect when i first started college. I spoke to some alumni and they advised against it. You have to get on a waiting list, then it's a 5 year program. It also doesn't pay great. My brother has a couple friends that graduated with architecture degrees. Neither are architects anymore.
Posted on 4/26/22 at 10:47 am to Bearcat90
It's really easy to blame generations for the shite show this country has become, but all you really have to do to get the answer of who the biggest current problem is is look at the ages of those who run the country.
Posted on 4/26/22 at 10:47 am to WildManGoose
quote:
Save and live within your means
I’m a GenXer…but I will say this: OK Boomer
Claiming that young professionals should “live within their means” is a fabulously shortsighted and ignorant comment in this environment.
Boomers have sucked up resources and left their sh!t for the rest of us to deal with and clean up.
Posted on 4/26/22 at 10:51 am to Eli Goldfinger
This is what happens when government tries to push one aspect of the economy over others.
Back in the 80's and 90's the federal government began to push the idea of home ownership as a criteria for gauging the nation's economic success (and then pumped that idea full of steroids from the 2000's through today, and does not look to change that idea anytime soon). Because of that, the federal government pushed more and more home loan expansions (read: sub-prime, read also: giving loans to people who can't afford them). During this time they've also pushed more and more Section 8 housing. These things, along with 30yr home loan rates being ridiculously low for over a decade (it hasn't been above 4% since October 2011) have kept the home-buying industry on fire (creating an increase in Demand while Supply isn't expanding to keep up at the same pace means prices rise).
Freddie Mac 30-year home loan rates, by month, going back to 1971
Back in the 80's and 90's the federal government began to push the idea of home ownership as a criteria for gauging the nation's economic success (and then pumped that idea full of steroids from the 2000's through today, and does not look to change that idea anytime soon). Because of that, the federal government pushed more and more home loan expansions (read: sub-prime, read also: giving loans to people who can't afford them). During this time they've also pushed more and more Section 8 housing. These things, along with 30yr home loan rates being ridiculously low for over a decade (it hasn't been above 4% since October 2011) have kept the home-buying industry on fire (creating an increase in Demand while Supply isn't expanding to keep up at the same pace means prices rise).
Freddie Mac 30-year home loan rates, by month, going back to 1971
This post was edited on 4/26/22 at 10:56 am
Posted on 4/26/22 at 10:51 am to Pookers
quote:
That's great, should people have to drive 50 - 60 miles one way to get an affordable house? That causes issues as well. Boomers didn't have to compete against a bunch of foreigners and blackrock capital when purchasing homes.
I love reading things like this then going to Zillow and finding starter homes in places people are talking about. Just pulled up new Orleans metro. There are 772 listing within 20’miles of New Orleans for less than $175k. Going check Nashville now.
Posted on 4/26/22 at 10:52 am to Eli Goldfinger
quote:
I’m a GenXer…but I will say this: OK Boomer
That is a loser attitude. To think that "save and live within your means" is outlandish shows your entitlement.
quote:
Claiming that young professionals should “live within their means” is a fabulously shortsighted and ignorant comment in this environment.
Please explain why. quote:
Boomers have sucked up resources and left their sh!t for the rest of us to deal with and clean up.
Wealth is not finite. Just because i have $100, doesn't mean you lose $100. You are looking to blame someone for your, or someone else's failures.
This post was edited on 4/26/22 at 10:52 am
Posted on 4/26/22 at 10:52 am to JasonMason
Or you could look at their ethnicity and immoral set of principles
Posted on 4/26/22 at 10:53 am to jclem11
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.
and, during each of those periods, the government printed money and threw it at them.
Posted on 4/26/22 at 10:54 am to jawnybnsc
quote:
Uhhhm . . . I'm 53 and when I first entered the job market, I rented and had roomies. In fact, I can't think of anyone that I know who graduated, started work and bought a house.
Yeah…so at 25yo; you worked a $35K job, could rent for $500/mo (less with roommates), and could buy a nice house for $120.
That same 25yo now makes $50K, rent is $2K/mo, and a very modest home in any metro area is around $400K.
So this person makes 40% more than you did, but rent and house prices have quadrupled (at least).
Who’s better off?
Posted on 4/26/22 at 10:55 am to Eli Goldfinger
quote:this now smells like a troll thread...
Claiming that young professionals should “live within their means” is a fabulously shortsighted and ignorant comment in this environment.
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