2023 Real Estate Observations (Lincoln: community, commercial, police)

[matrix5k]

Originally Posted by yesmaybe

There are a ton of people here living paycheck to paycheck... even in million dollar homes. That's how crazy things have gotten.

But you guys make it sound like all of them are.

[matrix5k]

Originally Posted by newenglandgal123

ok, they could also sell their crypto and just pay cash for their house....how's that?

They could also hold it. Some people are comfortable having debt if they have liquid assets that can be sold anytime.

[Shizim]

Originally Posted by msRB311

Would have been nice if companies kept WFH around but too much greed and insecurity there as well. That was an option so that people weren't forced to drive or take the train but sounds like people don't like this either. This is why I get very irritated with this forum. WFH gave people an option to move further out to find better prices but nope. Let's keep folks miserable.

There are two different points here:

1. Greed and insecurity.
Not sure how ending WFH ties into greed. Can you clarify what you mean here? And while there is some middle management insecurity that works against WFH, i don't think that it is a big driver of the push back into the office. That decision is made way higher in the food chain.

And TBH, there is a real benefit to being in the office as a group. especially for younger people/those learning. I started a new job during COVID. It was brutal trying to onboard remotely.

2. Tying a businesses decision to end WFH with keeping folks miserable.
If I am a business and I i deem it necessary to have my people in the office a few days a week, that's it. The optionor move further out and if it makes people happy aren't really in the decision tree. Especially if its in an industry that can easily replace someone who doesn't want to commute.

I am not voicing an opinion one way or the other. I commute in 2x a week. Its annoying, but not life altering.

[GeoffD]

Originally Posted by newenglandgal123

Whatever happened to the golden rule of no more than 25-30% of your gross income goes toward housing costs (mortgage, insurance, taxes or rent)? Is that even remotely possible for people to do nowadays based on the high cost of housing/rates/rents vs incomes not keeping up? I know if I were to sell and buy something else now the % of my income that goes toward housing would skyrocket and probably exceed that recommended % unless I got an even higher paying job. Pretty sad when you already make above the average HHI in MA and have to consider getting an even higher paying job solely for the purpose of trying to move/buy a different place.

The first thing I bought in 1988, that was just the rule. 28% of your gross for mortgage, taxes, & insurance. 33% total including other payments like school loans and cars. I bought 5% down so that 28% included PMI. Variable rate mortgage because nobody did fixed rate from the late-1970s onwards when hyperinflation made a fixed rate mortgage absurdly expensive. Until I had a couple years of raises and promotions, 28% was noticeable.

[msRB311]

This might not be good news for many cape homeowners especially if the bought recently:

https://www.wbur.org/news/2023/06/21...stems-cape-cod

[GeoffD]

Originally Posted by msRB311

This might not be good news for many cape homeowners especially if the bought recently:

https://www.wbur.org/news/2023/06/21...stems-cape-cod

My town is 50% septic systems because so much of it is semi-rural. There’s been all kinds of town communication about this new set of regulations.

[simplexsimon]

Originally Posted by newenglandgal123

Whatever happened to the golden rule of no more than 25-30% of your gross income goes toward housing costs (mortgage, insurance, taxes or rent)? Is that even remotely possible for people to do nowadays based on the high cost of housing/rates/rents vs incomes not keeping up? I know if I were to sell and buy something else now the % of my income that goes toward housing would skyrocket and probably exceed that recommended % unless I got an even higher paying job. Pretty sad when you already make above the average HHI in MA and have to consider getting an even higher paying job solely for the purpose of trying to move/buy a different place.

It is certainly possible. Didn't we take a poll last year? Most of the responders housing costs were in the low 20% range of gross income. Of course there's selection bias and that doesn't mean everybody's is...but it is possible.

[newenglandgal123]

Originally Posted by simplexsimon

It is certainly possible. Didn't we take a poll last year? Most of the responders housing costs were in the low 20% range of gross income. Of course there's selection bias and that doesn't mean everybody's is...but it is possible.

Right, that was last year before we were in the height of this inflation. Now that childcare, food, maintenance, property tax, insurance etc. costs have all gone up substantially I wonder how many can still say that?!

[simplexsimon]

Originally Posted by newenglandgal123

Right, that was last year before we were in the height of this inflation. Now that childcare, food, maintenance, property tax, insurance etc. costs have all gone up substantially I wonder how many can still say that?!

Of those that responded? I think they were all homeowners and am confident all of them can still say their housing costs are in the low 20% range right now unless they moved. Childcare and food aren't part of the calculation.

[newenglandgal123]

Originally Posted by simplexsimon

Of those that responded? I think they were all homeowners and am confident all of them can still say their housing costs are in the low 20% range right now unless they moved. Childcare and food aren't part of the calculation.

You'd be surprised what a town revaluation can do to property taxes....also don't forget insurance skyrocketed this year too. Some folks might no longer be in that % as a result of those two things increasing.