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Started By
Message
re: Troubles buying a home.
Posted on 3/14/25 at 11:50 am to RollTide4547
Posted on 3/14/25 at 11:50 am to RollTide4547
I’m curious to see your sources.
1
Posted on 3/14/25 at 11:54 am to RollTide4547
quote:
There are houses elsewhere. Move. Again, it goes back to choices.
But jobs are not everywhere. That's the primary issue. Since train and plane deregulation, companies are heavily incentivized to move their operations to ports or places with robust infrastructure, which is reflected in the growth of coastal cities in the US at the expense of the rest of the country (with a few exceptions). There is just far more opportunity in larger cities than there is in smaller cities.
Density is also a net good. With it comes a lot of economic growth.
Posted on 3/14/25 at 11:55 am to 4cubbies
It says in the original post. From the "Great Google". I searched for median income, median home price, average interest rate for each year. Then calculated the payment/percentage in a spreadsheet.
Posted on 3/14/25 at 11:56 am to crazy4lsu
quote:Commute or change careers. Adapt and overcome. I'm seeing a lot of excuse, excuse, excuse. Not alot of action trying to accomplish a goal.
But jobs are not everywhere.
Posted on 3/14/25 at 12:05 pm to RollTide4547
quote:
Commute or change careers
Not always a reasonable option.
quote:
Adapt and overcome. I'm seeing a lot of excuse, excuse, excuse.
The same is true of cities who have had their demographics change wildly because of the presence of multinational companies yet still are resistant to density.
quote:
Not alot of action trying to accomplish a goal.
Brah, I already own houses in the Seattle area. I'm probably going to buy one or two more in the next few years. I'm talking about the greater trend of what is going on in the US. The general trend doesn't seem to support the idea that people are going to move to mid-sized cities just for housing. They need jobs there first, but capital tends to flow to already established ports with easy international access rather than to forgotten regions of the US which saw deindustrialization.
Posted on 3/14/25 at 12:09 pm to RollTide4547
The numbers I’m getting differ from your OP.
Seems a bit absurd to look at these charts and claim people in 1985 paid a higher percentage of their incomes toward their mortgages. That doesn’t even factor in sky rotting insurance premiums either.
Seems a bit absurd to look at these charts and claim people in 1985 paid a higher percentage of their incomes toward their mortgages. That doesn’t even factor in sky rotting insurance premiums either.
Posted on 3/14/25 at 12:11 pm to wfallstiger
quote:
Home of my youth - 4500 sq ft - 2 story colonial - River Ridge - easily in excess of 750k
What happened to the equity in that home?
Posted on 3/14/25 at 12:12 pm to RollTide4547
Your data looks to have a flaw. How is there no dip in values from 2008 to 2015ish? This is time of thousands of foreclosure flooding the market and home values slashed nearly 50% of their original loan values.
Posted on 3/14/25 at 12:12 pm to 4cubbies
Use the great google and search what I said I searched for. Median income, median home price, average interest rate for 1979 thru 1983. Unless the google AI is lying...
Posted on 3/14/25 at 12:20 pm to 4cubbies
quote:
Seems a bit absurd to look at these charts and claim people in 1985 paid a higher percentage of their incomes toward their mortgages.
I didn't include 1985, but I will give me a second. Here is 1979 thru 1987. The great google seems to be off on median income in 1985 because it went down. Calculating the % at the end, I took payment on the median home at avg int rate for 30 years and divided that payment by the median monthly income for the year.
1975 11800 38100 9.05 307.93 31.32%
1979 16530 62900 11.2 608.54 44.18%
1980 21020 69300 13.74 806.88 46.06%
1981 22390 68900 16.63 961.62 51.54%
1982 23430 69300 16.04 934.15 47.84%
1983 24550 75300 13.24 847.12 41.41%
1984 26430 79900 13.88 939.13 42.64%
1985 23620 82800 12.43 879.19 44.67%
1986 29460 92000 10.19 820.31 33.41%
1987 30850 104500 10.21 933.32 36.30%
Posted on 3/14/25 at 12:24 pm to crazy4lsu
quote:Excuse.
Not always a reasonable option.
quote:Move out of the city.
The same is true of cities who have had their demographics change wildly because of the presence of multinational companies yet still are resistant to density.
quote:I'm not ya "Brah", though my wife has a few. Not impressed with seattle.
Brah, I already own houses in the Seattle area.
Young people today have it better than those evil "boomers" in the 70's - 80's.
Posted on 3/14/25 at 12:28 pm to RollTide4547
quote:
Excuse
Nah it is reality that you can't seem to accept. The population trends are more instructive than your vague notions about individual spending and individual choices. Sorry.
quote:
Move out of the city.
You understand I chose Seattle for a reason other than my familiarity with it, right? I wrote it out why. Because land is at a premium due to geography. In these cases, density is the only option but is limited by zoning requirements.
quote:
I'm not ya "Brah", though my wife has a few
Has a few what? Brahs? No idea what you are trying to say here.
quote:
Young people today have it better than those evil "boomers" in the 70's - 80's.
They definitely have it worse considering they have to live with boomers.
Posted on 3/14/25 at 12:28 pm to RollTide4547
Why don’t you add another column for homeowners and flood insurance?
Posted on 3/14/25 at 12:30 pm to RollTide4547
This chart generally aligns with your assessment that the current unaffordability situation mirrors the stagflation years. One factor I don't see reflected in your numbers is the rising costs of insurance and property taxes. Standard affordability indices do not include these two costs and they have a significant effect on the cost of ownership.
They are forecasting a return to affordability around 2027 if 3 factors align:
quote:LINK
Nonetheless, affordability could be restored within a few years. In fact, in our base case scenario for interest rates, income growth and home price growth, affordability (i.e., the HAI = 100) would be restored by mid-2027 (Chart 9). Under this scenario, mortgage rates would fall only modestly from their current 7% to within the 5% – 5.5% range, median home prices would continue to grow modestly at about 3% annually and income would grow at an annual average rate of about 4.5%, in line with its historical rate.
Posted on 3/14/25 at 12:33 pm to crazy4lsu
quote:This I believe. Ha ha.
No idea what you are trying to say here.
quote:They pack the shite and move. Again, choices.
They definitely have it worse considering they have to live with boomers.
Posted on 3/14/25 at 12:34 pm to RollTide4547
My mom and dad built their house in the mid 60's for about 28K.
My grandfather was a home builder so I'm sure he discounted some of it, 3 bedroom 2 bath probably 2,500 sq ft.
Mom said the monthly payment was $150.00 a month and they wondered if they would be able to pay it at times.
My grandfather was a home builder so I'm sure he discounted some of it, 3 bedroom 2 bath probably 2,500 sq ft.
Mom said the monthly payment was $150.00 a month and they wondered if they would be able to pay it at times.
Posted on 3/14/25 at 12:35 pm to RollTide4547
quote:
They pack the shite and move.
Dear lord.
Posted on 3/14/25 at 12:36 pm to Jdiggy
quote:Both of those would have to be done on a locality basis. I live in a 2050 sqft brick ranch with 2 car garage on 94 acres built in 2006. Insurance says the dwelling would be 350K to replace. My insurance is around 1600 a year and my taxes were less than 900 last year. But that wouldn't apply to everyone.
Why don’t you add another column for homeowners and flood insurance?
Posted on 3/14/25 at 12:38 pm to crazy4lsu
quote:So those poor, mistreated, misfortunate, wittle victims can't leave those evil boomers home and stand on their own 2 feet?
Dear lord.
Posted on 3/14/25 at 12:38 pm to RollTide4547
quote:
The boomers were facing a tougher time than young people today.
While this is true, the jump from 21.9% in 2019 to 40.7% only 4 years later is a more jarring change than even Carter was able to give us. Thanks Covid and Biden.
For me personally, this was especially devastating. My wife and I sold our home in 2018 to go into full-time missions. We are now getting back into our careers. We sold at 2018 prices and even though we banked our equity, it is difficult to now buy at the inflated prices. We literally did this at the worst possible time in history.
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