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Old 08-20-2016, 07:25 AM
 
4,369 posts, read 3,704,802 times
Reputation: 2479

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Quote:
Originally Posted by freemkt View Post
??? Making $15K a year and paying half for shelter, plus student loan payments and I'm supposed to save up how much?

How do people on SSI buy homes? I know people on SSDI who own homes but they bought long before they became disabled, so they had low locked in mortgage payments lower than my room rent..
How are you only making 15k? Even working for the post office will net you 3x that after you make career.

 
Old 08-22-2016, 10:29 AM
 
24,528 posts, read 18,084,222 times
Reputation: 40216
Quote:
Originally Posted by Perma Bear View Post
How are you only making 15k? Even working for the post office will net you 3x that after you make career.
A convenience store clerk around me makes $25K. I see signs posted in store windows advertising $12.50/hour. Even Dunkin Donuts pays $10/hour plus tips.
 
Old 08-22-2016, 10:57 AM
 
24,528 posts, read 18,084,222 times
Reputation: 40216
Quote:
Originally Posted by Hemlock140 View Post
Where is that? Even Detroit is only at 10.2%.
U3 really doesn't measure the problem because that's the short-term unemployed. You have to look at labor force participation rates to get the true story. They're really low in poor rural areas. They're really low in the failed cities.

The 10 Lowest Labor Force Participation Rates:
51. West Virginia 52.8
50. Mississippi 54.6
49. Alabama 55.3
48. Arkansas 57.6
47. Kentucky 57.9
46. New Mexico 57.9
45. South Carolina 58.4
44. Tennessee 58.4
43. North Carolina 59.8
42. Arizona 59.9

The 10 Highest Labor Force Participation Rates:
1. North Dakota 71.6
2. Nebraska 70.8
3. Iowa 70.4
4. Minnesota 70.0
5. South Dakota 69.5
6. District of Columbia 69.5
7. New Hampshire 69.0
8. Wisconsin 68.5
9. Vermont 68.4
10. Wyoming 68.1

Detroit metro has a 53.6% labor participation rate and 48.7% for African-Americans.
Citation: http://www.bls.gov/opub/gp/pdf/gp11_27.pdf

I would imagine that if you could break labor force participation rate down by zip code, you'd see sub-50% labor participation rate for pretty much all the slums/ghettos and an awful lot of the poor rural areas.
 
Old 08-22-2016, 02:44 PM
 
4,224 posts, read 2,993,844 times
Reputation: 3812
LFPR is a demographic indicator with a small cyclical component. It is projected to continue its current decline for all of the next decade and beyond. One possible way to reverse that would be to open the borders. Immigrants have much higher than average LFPRs.
 
Old 08-22-2016, 05:09 PM
 
Location: Oregon, formerly Texas
10,022 posts, read 7,174,355 times
Reputation: 17121
Quote:
Originally Posted by GeoffD View Post
A convenience store clerk around me makes $25K. I see signs posted in store windows advertising $12.50/hour. Even Dunkin Donuts pays $10/hour plus tips.
If they are full time. Typically at those kind of workplaces there is a small full-time contingent then everyone else is a part-timer. So you make $12.50 an hour but only work 25 hours, & rarely at convenient times for adding a 2nd job.
 
Old 08-22-2016, 05:26 PM
 
28,107 posts, read 63,495,557 times
Reputation: 23226
One of the families at a property I manage bought their own single family home last year...

Three siblings in their 20's all working at McDonalds and they were able to pool their funds to buy a 400k home in Oakland so I lost very good tenants that were renting a two bedroom single family for $1,350

They are very hard working and were born in the Philippines... so I know working minimum wage can be enough to buy a home in the SF Bay Area.

Oakland minimum wage is currently $12.55
 
Old 08-22-2016, 07:18 PM
 
4,369 posts, read 3,704,802 times
Reputation: 2479
Quote:
Originally Posted by Ultrarunner View Post
One of the families at a property I manage bought their own single family home last year...

Three siblings in their 20's all working at McDonalds and they were able to pool their funds to buy a 400k home in Oakland so I lost very good tenants that were renting a two bedroom single family for $1,350

They are very hard working and were born in the Philippines... so I know working minimum wage can be enough to buy a home in the SF Bay Area.

Oakland minimum wage is currently $12.55
It only took them 10 years right? Are you suggesting those of us without siblings or those of us who have bad relationships with our siblings split by using asexual budding so we can have enough income to qualify for a mortgage?
 
Old 08-22-2016, 07:50 PM
 
Location: Forests of Maine
37,301 posts, read 61,111,691 times
Reputation: 30227
Quote:
Originally Posted by Perma Bear View Post
It only took them 10 years right? Are you suggesting those of us without siblings or those of us who have bad relationships with our siblings split by using asexual budding so we can have enough income to qualify for a mortgage?
We got our first mortgage, when we were both in college. Fulltime course load and fulltime working for Minimum-Wage.
 
Old 08-22-2016, 09:37 PM
 
33,016 posts, read 27,361,845 times
Reputation: 9074
Quote:
Originally Posted by GeoffD View Post
A convenience store clerk around me makes $25K. I see signs posted in store windows advertising $12.50/hour. Even Dunkin Donuts pays $10/hour plus tips.

??? ??? ??? ??? Where does a convenience store clerk make $25K? Around here they make $19K - $20K and that's IF they can get full time hours. Low-wage menial employers hate to pay overtime pay so they intentionally underschedule employees in order to make sure they don't have to pay overtime. Plus some employers underschedule to avoid paying for Obamacare.
 
Old 08-22-2016, 09:38 PM
 
33,016 posts, read 27,361,845 times
Reputation: 9074
Quote:
Originally Posted by Submariner View Post
We got our first mortgage, when we were both in college. Fulltime course load and fulltime working for Minimum-Wage.

Around here minimum wage won't qualify you for squat except maybe Section 8.
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