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Not bragging or putting anyone down. I am just wondering how anyone can survive now a days on that? Back in 2012-2014 I was making around 30-40k a year, but things seemed a lot cheaper. I was renting a apartment for 900 a month and eventually a house for 1200.
I make a lot more now and look back and just wonder how people now a days get by on that. I would find it almost impossible to do so with the current inflation. Sure, I guess if your single and have no kids it could work.
But by the time you add insurance, gas, housing, etc... you cant have anything left. I really feel like the next generation is really screwed on the American dream of home ownership. Some cities you will be needing a minimum of 150k a year to buy a house.
I thought it was bad being a millenial and going through 08 (i was jobless at the time and couldn't find any work), but now a days ....
I cant imagine how hard it will be for kids entering the labor force in this decade... inflation and a upcoming recession is really going to make it hard for them to get on their feet.
Not bragging or putting anyone down. I am just wondering how anyone can survive now a days on that? Back in 2012-2014 I was making around 30-40k a year, but things seemed a lot cheaper. I was renting a apartment for 900 a month and eventually a house for 1200.
I make a lot more now and look back and just wonder how people now a days get by on that. I would find it almost impossible to do so with the current inflation. Sure, I guess if your single and have no kids it could work.
But by the time you add insurance, gas, housing, etc... you cant have anything left. I really feel like the next generation is really screwed on the American dream of home ownership. Some cities you will be needing a minimum of 150k a year to buy a house.
I thought it was bad being a millenial and going through 08 (i was jobless at the time and couldn't find any work), but now a days ....
I cant imagine how hard it will be for kids entering the labor force in this decade... inflation and a upcoming recession is really going to make it hard for them to get on their feet.
You make some interesting points. Timing is everything. We bought our house 20 years ago when prices were a heck of a lot cheaper. Anyone buying today is in a lot more difficult position. One of the best days of my life was when I sent the mortgage payoff to the bank. Price of cars is up a lot too. And insurance, and medical care, and everything else.
You make some interesting points. Timing is everything. We bought our house 20 years ago when prices were a heck of a lot cheaper. Anyone buying today is in a lot more difficult position. One of the best days of my life was when I sent the mortgage payoff to the bank. Price of cars is up a lot too. And insurance, and medical care, and everything else.
You literally need a minimum of 100k now a days to just live a descent lifestyle... go out here and there. Drive a honda..etc.. but anything less, you will probably struggle .
I managed to get a house in the Austin area back in 2014 while making 40k a year(I was 25) and FF 7 years later.. We just sold it for a great amount. But I would never ever ever pay 500k for the house I just sold loll.. its insanity.
I believe the next generation will be a class of renters, and unless mom and dad are helping (i had no help), they will be really struggling to get something. Unless they are buying a house in a non-desirable area.
Millions of people do. The individual median income last year was a bit above $44,000.
Mostly many don't live in high cost areas. In a lot of those areas $20/hour is top rate for journeymen.
Sure, lets say you dont live in a high cost area. That means you are likely to be rural or small town. You will still need to drive to the store, or work. Then the cost of food and other items is up and its going to rise sharp for this next decade.. If you look at it ...44k is not much to get by on.. Throw in student debt (if you have it) and you are pinching pennies.
You literally need a minimum of 100k now a days to just live a descent lifestyle... go out here and there. Drive a honda..etc.. but anything less, you will probably struggle .
I managed to get a house in the Austin area back in 2014 while making 40k a year(I was 25) and FF 7 years later.. We just sold it for a great amount. But I would never ever ever pay 500k for the house I just sold loll.. its insanity.
I believe the next generation will be a class of renters, and unless mom and dad are helping (i had no help), they will be really struggling to get something. Unless they are buying a house in a non-desirable area.
Eventually the free market will correct things. When people can no longer afford to buy a house, prices will come down, when there's a glut of houses on the market and not enough buyers, prices will come down.
When is that going to be? Who knows....
Eventually the free market will correct things. When people can no longer afford to buy a house, prices will come down, when there's a glut of houses on the market and not enough buyers, prices will come down.
When is that going to be? Who knows....
The problem here is we have a open border that millions of "new residents' come through every year. Plus companies are buying up all the real estate and wont be selling anytime soon (like blackrock). All the people that re-financed or got 2.75% interest rates wont be selling for a 4% .. Plus Joe wants to get rid of the 1031 exchange for properties valued over 500k... So all the companies are dumping their expensive houses and flooding into 200k+ housing. Thus further creating a shortage...I dont see these prices coming down at all in this decade.. This is not 08 imo....I could be wrong though.
The problem here is we have a open border that millions of "new residents' come through every year. Plus companies are buying up all the real estate and wont be selling anytime soon (like blackrock). All the people that re-financed or got 2.75% interest rates wont be selling for a 4% .. Plus Joe wants to get rid of the 1031 exchange for properties valued over 500k... So all the companies are dumping their expensive houses and flooding into 200k+ housing. Thus further creating a shortage...I dont see these prices coming down at all in this decade.. This is not 08 imo....I could be wrong though.
Your assessment sounds more or less correct.
The government CANNOT legislate its way to affordable housing. The last time they tried that in South Korea, housing prices tripled.
Well, the bottom tier of social security retirement is less than $11000 per year. But Medicare premiums comes out of that amount if the beneficiary has assets.
If you overbuy for a house at this stage, you are setting yourself up for a lifetime of working to pay off the bank. A co-worker recently bought a house for more than triple what I paid for mine. I tried to talk her into a smaller house, but to no avail. Young people want it all and they want it now.....
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