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While expensive, it is clear that housing is not overpriced. Whenever a house goes on the market, it will receive many offers and go into contract within a week. That is evidence that there are many, many people out there who can afford the house, even though it is expensive.
Here's what a housing market looks like when it is overpriced/unaffordable: a house goes on the market and just sits and sits and sits with no activity at all because everyone says "it is overpriced."
Aside from a small percentage of houses that have fatal flaws, every house is jumped upon and sold very quickly.
The same story is true of rentals.
There is no crisis.
We have a highly unequal economy. If you had your own previous inflated house you owned for a few years, you have hundreds of thousands to put down.
They have to hope whatever job they have is secure. If it goes south, those $3000 payments on that 650k house they bought that would have been 350k 5 years ago are going to be problematic.
If you didn't, homeownership is a fantasy you will never attain.
I hope the housing market crashes and burns. Nothing would make me happier.
We have a highly unequal economy. If you had your own previous inflated house you owned for a few years, you have hundreds of thousands to put down.
They have to hope whatever job they have is secure. If it goes south, those $3000 payments on that 650k house they bought that would have been 350k 5 years ago are going to be problematic.
If you didn't, homeownership is a fantasy you will never attain.
I hope the housing market crashes and burns. Nothing would make me happier.
I wouldn't say that, but..
I bought a place in 2019 in a small town in northeast TN. It's a "place to live" for me, not an investment, but the value of this place has gone up 50% since I bought it. My portfolio is down about $20k with recent market corrections, but even so, I'm so, so much wealthier than I was on 1/1/2020 that it seems ridiculous.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,352 posts, read 8,578,998 times
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Quote:
Originally Posted by redguard57
We have a highly unequal economy. If you had your own previous inflated house you owned for a few years, you have hundreds of thousands to put down.
They have to hope whatever job they have is secure. If it goes south, those $3000 payments on that 650k house they bought that would have been 350k 5 years ago are going to be problematic.
If you didn't, homeownership is a fantasy you will never attain.
I hope the housing market crashes and burns. Nothing would make me happier.
I think you are very shortsighted.
You were probably happy last around 2007 I guess. Hoping the housing market crashes and burns means other things are going wrong. The last time housing crashed we were in a horrible recession where a lot of people lost jobs and the economy took a dive.
Years ago a house was not even thought as a possibility for myself. I worked a lot of hours to earn extra money for a down payment and to qualify for payments. Some of my friends spent all their money partying and didn't want to work extra hours. In the end I bought a house for more money than when I started. Back then people said housing was beyond achievement.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,352 posts, read 8,578,998 times
Reputation: 16698
I would add that it seems like many millennials do not want to own a house because it ties them down so maybe that adds to the low number of ownership?
I hope the housing market crashes and burns. Nothing would make me happier.
Boy that says much about your point of view - really? Homeownership takes working to a goal, it is only a fantasy to those not willing to do what it takes.
You would not be happier if you were doing well and seeing others succeed also?
I would add that it seems like many millennials do not want to own a house because it ties them down so maybe that adds to the low number of ownership?
I can only speak for myself but yes, as a millennial I didn’t want to get trapped with the traditional 9-5 and rat race of having bills bills and bills.
I’m that millennial who also chases experiences over possessions. Last year I spent 6 months working in beautiful Sedona. This summer I have a 11 week paying mgt position right outside Glacier NP in Montana. I always spend my winter months in southwest Florida.
I’m 33 and before these past couple years I’ve been traveling and living the van life or actually SUV life. I had a fairly successful run in real estate both as an escrow officer and then a real estate agent in FL prior to wanderlust getting the best of me. Financially responsible? No. I probably need to get back to real estate sales and stick with that for the long term to play catch up financially. Whatever I put my mind to I usually achieve but right now I’m a “victim” of good health and wanderlust. I also am looking into joining a police force for one southwest Florida city. Hey work 20-25 years and retire with a pension. I’ll never be that worker who saves a 401k or Roth IRA so working for a pension could be a system that works for me. Plus I wouldn’t be behind a desk all day so that’s definitely still on the table.
I could never do what I’ve been doing the past couple years if I had kids, student debt, or probably a house. Although in 2017 I had the credit, income and employment history knocking on 18 months to qualify for a 150k condo I could have bought in SW Florida but didn’t. Looking back I would have bought that and then once securing the mortgage could have just easily rented it out and still traveled the country living out of my SUV. I concede it would have been nice to ride the gravy equity train the past 5 years.
I feel very young, both mentally and physically. Life is a marathon not a race. I’ve made many little decisions that have got me to where I am and many have been good and many not so good or responsible. I say to each is own. I really feel as many challenges as there are today for millennials (since this is the topic thread) if someone wants to achieve something within reason they will. There is no one right answer and not everyone wants the same things in life. While on paper I may not be doing as well as some of my peers financially, maybe I’m doing better off emotionally or spiritually. I take ownership of my life outcomes and have made the choices I have made to get me to where I am in all aspects of my life. In the end it doesn’t pay to compare yourself to other people anyways. We all start off life in different situations and we are all on our own journeys.
My childhood could have started off worse. I could have been born blind or I could have been in the most poverty stricken areas of Africa. My childhood could have started off better too instead of losing my father at 3 years old and being raised by an alcoholic bipolar mother for the next 10 years till the state had to intervene and well, fill in the blanks after that but obviously that period of development was no fun.
It’s all relative.
We all need help in life to grow and move forward and while some people grow up in more privileged environments then others in the long run over the course of a life it all levels out if you have the will power to apply yourself to something. I’ve never been that money hungry (hence my current reality) but maybe that will change and I’ll go on a 10 year run starting in my late 30’s making 200k a year in real estate and making up for “lost time”?
Like I said we are all on are own journeys in life and hey, maybe it doesn’t work out in the end? Life usually doesn’t have a storybook ending awaiting any of us no matter how financially responsible one is earlier in life. I don’t care about dying and being the richest man in the cemetery but that doesn’t mean I want to live a life without purpose and contribution either. I cannot relate with people who have a black and white mindset. Seems to be many of them on here. I can respect another person’s perspective but to me life has too much grey to generalize a whole generation of people.
Thanks for reading.
Last edited by JPrzybylski07; 05-09-2022 at 05:46 AM..
I can only speak for myself but yes, as a millennial I didn’t want to get trapped with the traditional 9-5 and rat race of having bills bills and bills.
I’m that millennial who also chases experiences over possessions. Last year I spent 6 months working in beautiful Sedona. This summer I have a 11 week paying mgt position right outside Glacier NP in Montana. I always spend my winter months in southwest Florida.
I’m 33 and before these past couple years I’ve been traveling and living the van life or actually SUV life. I had a fairly successful run in real estate both as an escrow officer and then a real estate agent in FL prior to wanderlust getting the best of me. Financially responsible? No. I probably need to get back to real estate sales and stick with that for the long term to play catch up financially. Whatever I put my mind to I usually achieve but right now I’m a “victim” of good health and wanderlust. I also am looking into joining a police force for one southwest Florida city. Hey work 20-25 years and retire with a pension. I’ll never be that worker who saves a 401k or Roth IRA so working for a pension could be a system that works for me. Plus I wouldn’t be behind a desk all day so that’s definitely still on the table.
I could never do what I’ve been doing the past couple years if I had kids, student debt, or probably a house. Although in 2017 I had the credit, income and employment history knocking on 18 months to qualify for a 150k condo I could have bought in SW Florida but didn’t. Looking back I would have bought that and then once securing the mortgage could have just easily rented it out and still traveled the country living out of my SUV. I concede it would have been nice to ride the gravy equity train the past 5 years.
I feel very young, both mentally and physically. Life is a marathon not a race. I’ve made many little decisions that have got me to where I am and many have been good and many not so good or responsible. I say to each is own. I really feel as many challenges as there are today for millennials (since this is the topic thread) if someone wants to achieve something within reason they will. There is no one right answer and not everyone wants the same things in life. While on paper I may not be doing as well as some of my peers financially, maybe I’m doing better off emotionally or spiritually. I take ownership of my life outcomes and have made the choices I have made to get me to where I am in all aspects of my life. In the end it doesn’t pay to compare yourself to other people anyways. We all start off life in different situations and we are all on our own journeys.
My childhood could have started off worse. I could have been born blind or I could have been in the most poverty stricken areas of Africa. My childhood could have started off better too instead of losing my father at 3 years old and being raised by an alcoholic bipolar mother for the next 10 years till the state had to intervene and well, fill in the blanks after that but obviously that period of development was no fun.
It’s all relative.
We all need help in life to grow and move forward and while some people grow up in more privileged environments then others in the long run over the course of a life it all levels out if you have the will power to apply yourself to something. I’ve never been that money hungry (hence my current reality) but maybe that will change and I’ll go on a 10 year run starting in my late 30’s making 200k a year in real estate and making up for “lost time”?
Like I said we are all on are own journeys in life and hey, maybe it doesn’t work out in the end? Life usually doesn’t have a storybook ending awaiting any of us no matter how financially responsible one is earlier in life. I don’t care about dying and being the richest man in the cemetery but that doesn’t mean I want to live a life without purpose and contribution either. I cannot relate with people who have a black and white mindset. Seems to be many of them on here. I can respect another person’s perspective but to me life has too much grey to generalize a whole generation of people.
The stock market doesn’t seem like a safe retreat anymore.
Cars are wildly expensive and almost hard to get.
Homes…if you haven’t already bought one that ship has sailed.
Food prices are up…along with everything else.
When I think back over my life, it seems like people of my generation have been brutally clobbered.
Coming out of high school 2004+ and onward there was a huge push for everyone to go to college. I had a lot of friends take on massive debt for their education. Then the meltdown in 2008/2009 happened and these same people with degrees couldn’t even find jobs paying much over minimum wage. Fast forward less than a decade and now we are in the environment we have now.
Seems like a lot of people under 45 might be working until death. Perhaps retirement will be reserved for the top 10%.
Aren't you the one who was bragging in another thread about having $2M in investments at 35? Seems this is not your problem.
I don't know anyone retiring that early either. Most are going at 65 or at least waiting until FRA.
My brother retired last year at 58, and my brother-in-law (sister's husband) is planning to retire this October at 59. Both sets of kids are grown and out of the house, and they made extensive retirement plans over a number of years in order to be able to retire early. It is definitely being done.
OP, 38 years old here and doing just fine. Thank you.
I easily paid off my student loans because I went to community college the first two years. And I worked a good amount while going to the state university. So I didn’t borrow more than $10,000 in total. My grades suffered with as much as I was working. But in the end I got the degree and a decent job. That’s all that mattered.
I do think college tuition has skyrocketed since the time I was in college which was around 2005. But I think that just emphasizes even more that prospective college students should strongly consider doing two years at a community college first.
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