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Old 04-25-2016, 12:02 PM
 
4,310 posts, read 2,448,126 times
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Quote:
Originally Posted by YoloSwaggins View Post
Lots of millennials are getting significant $$ from their parents to put down payments on homes in the area.

Also there are thousands of millennials that are now surgeons, i bankers, lawyers etc. that are pulling in 250+k/ year salaries.
Thousands out of millions is basically nothing
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Old 04-25-2016, 12:29 PM
 
4,310 posts, read 2,448,126 times
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Quote:
Originally Posted by YoloSwaggins View Post
Unless you are one. That matters a lot.
Net worth is way more important than income
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Old 04-25-2016, 12:34 PM
 
1,856 posts, read 2,038,779 times
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OP you're the oddest person to post on this forum since that autistic guy who moved to Seattle.
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Old 04-25-2016, 12:35 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Quote:
Originally Posted by YoloSwaggins View Post
Lots of millennials are getting significant $$ from their parents to put down payments on homes in the area.

Also there are thousands of millennials that are now surgeons, i bankers, lawyers etc. that are pulling in 250+k/ year salaries.
With FHA , it's usually not the down payment that's the biggest obstacle but affording the mortgage , maintenance ,taxes on a home.

Yeah sure there are some, but it's still a minority.
LA average household wages are $56,000.
I'd be surprised if more than 1% of millennials are making $250,000 + a year.

If someone is in a certain circle and makes $250k, they start believing that $250k is the norm.

It's just like when you hear about millionaires that are worth 10million feeling poor because they are looking at people with 100 million or billions.

Here's an article on this
http://www.nytimes.com/2015/12/28/op...lass.html?_r=0

"Those families who make $250,000 a year, on the other hand, belong to an elite group: Americans who earn enough to be in the highest 5 percent of the income distribution. That top stratum captures anyone who makes $206,568 or more"

Millennials since they are younger are less likely to be in this group. They are earlier in their careers.
Also the top 5% includes people that make 206,568 or more..so even among the general population...
So even less than 5% of the general population makes over 250k
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Old 04-25-2016, 12:57 PM
 
Location: Eureka CA
7,574 posts, read 10,387,529 times
Reputation: 11328
Congratulations on posting the silliest thread I have ever seen on CD.
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Old 04-25-2016, 01:17 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
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Quote:
Originally Posted by YoloSwaggins View Post
My initial statement was that you don't have to be a Rothschild or Vanderbilt or whatever to buy a home in LA as a millennial. That's way more than top 1%. That's like top 500 families in America (i.e. top 0.01%)

Millennial 1% is ~105,000. Though I am quite sure it would be higher in LA (and other major cities). Millennials aren't making big money and then retiring to Montana. A DINK 1% millennial household definitely can afford to buy SFRs in LA. And chances are if they're 1%ers their parents are probably 10%ers or higher and will be willing to help out.


Also, if you're buying a 1,000,000 dollar home it's not going to be FHA insured.
Yeah I agree you don't have to be a Rothschild or Vanderbilt to own somewhere in L.A
Did somebody say that one did?

It's not shocking if 1% of the population can afford a home.
Yeah I wasn't talking about 1million dollar homes. Those exceed FHA limits.
FHA limit for a single family home in L.A county is $625k..you won't get a house in West L.A or Beverly Hills for that today..but you can still buy a home.
FHA Loan Limits for CALIFORNIA

You are still talking about a small amount of millennials that can afford housing in L.A today.
Just the reality of the situation...best solution really is if someone wants to buy a property is to buy one in an affordable area.
I don't think we should build 'affordable housing' subsidized by tax payers or developers.

Building more would help things because there would be more supply to meet demand.
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Old 04-25-2016, 04:33 PM
 
Location: Montreal, Canada
241 posts, read 537,428 times
Reputation: 167
Just be yourself, you don't want to fit in a group JUST to fit in a group
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Old 04-25-2016, 04:39 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
It's not a contradiction.
I said I don't think we should be building 'affordable housing' that is subsidized by developers or taxpayers.
There is never going to be enough affordable housing built in a city like L.A and even if we could build enough of it I don't think we should be subsidizing people to live here.
How many people do you think are actually placed in these 'affordable units' versus the actual need?
Probably 1% or less

If a builder wants to build affordable units they should be able to build as many as they want. But the problem is that the only way that in L.A where land is expensive, the only way these "affordable' units are built is with taxpayer money.
They should really be called taxpayer subsidized units instead.
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Old 04-25-2016, 10:15 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,675,815 times
Reputation: 11364
Quote:
Originally Posted by YoloSwaggins View Post
No comment about the mortgage interest deduction?

As I said, that equals $70 BILLION dollars, EVERY year.
Mortgage Interest Deduction Is Ripe for Reform | Center on Budget and Policy Priorities

2016 Tax Credits total in the US.
$7.6 billion
The Tax Break-Down: The Low-Income Housing Tax Credit | Committee for a Responsible Federal Budget


I'm glad your outrage over subsidies is properly targeted. Perhaps your house should be called Taxpayer Subsidized Housing as well?


Also, I find it very interesting how critical you are of homeless and you also want to do away with affordable housing. If you got rid of it all do you think the homeless population is going to increase or decrease?
Yes ,perhaps there should be some reforms to that mortgage interest deduction.

California pays out a disportionate amount of social welfare, yet we still have a huge poverty and homeless problem.

No doubt the very generous welfare programs attract poor people including homeless or poor people that come here and then end up homeless.

California more of a welfare state than most countries in Europe - The Orange County Register

34%
Of the nation’s welfare recipients live in California but only …
12%
… of the U.S. population resides here.
Is California the welfare capital? | SanDiegoUnionTribune.com
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Old 04-25-2016, 11:11 PM
 
Location: West Hollywood, CA
1,367 posts, read 1,628,033 times
Reputation: 1784
in on troll thread.

LOL @ anyone living in DTLA.
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