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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,206,701 times
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Quote:
Originally Posted by amattaro
The fed sucks, no doubt, but this is a personal finance problem, if true.
Yes, even in San Francisco or Seattle if $250k is not enough, they are making poor spending choices. We are in the Seattle area and not living paycheck-to-paycheck on less than that, with two car payments, mortgage and $8,000 property tax bill.
it could be those that entered the housing market recently overpaying and overextending by a lot or are recent renters who had to take a lease at some ridiculous prices. If you're entering the housing market now I could see how you're going to be stripped dry because home values and rents have skyrocketed to eye popping levels... I know markets where rents have gone up by 30-40% and home values have doubled or tripled in just a few years.
it could be those that entered the housing market recently overpaying and overextending by a lot or are recent renters who had to take a lease at some ridiculous prices. If you're entering the housing market now I could see how you're going to be stripped dry because home values and rents have skyrocketed to eye popping levels... I know markets where rents have gone up by 30-40% and home values have doubled or tripled in just a few years.
So the entire population who is living paycheck to paycheck in the 250k+ income range all just changed housing situations and that’s what has caused them to go paycheck to paycheck? Seems unlikely. Seems much more likely that a good portion and probably the majority in that group had a spending problem, we’re at or close to the line already and now may be stretched
The poll points to Millennials specifically, and that tells me the issue is housing prices. A very large rent or mortgage payment leaves very little room to maneuver in an inflationary economy.
Kinda reminds me of what UFC Dana White said about Oscar De La Hoya returning to boxing: “Cocaine isn’t cheap. It’s expensive. You’ve got to make money”.
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