Anyone else really not being impacted by current economic conditions? (cost, vs)
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I didn't say people that were heavily impacted, but rather just pointing out that's all it would take regardless of job occupation. Refinancing costs are typically built into the new loan and the homeowner is left with the lower monthly payment and lower overall total.
These people would most likely be renters.
The flip side to these low mortgage rates is huge increases in the prices of homes....keeping lower wage earners off the property ladder.
The flip side to these low mortgage rates is huge increases in the prices of homes....keeping lower wage earners off the property ladder.
Again, not sure what you're talking about. The comment merely referenced that all it would take is a $2/hr increase. That says nothing about whether those people are renters or homeowners (that's something you're making an assumption about with no basis). People on jobs across the spectrum have gotten over a $2/hr increase. Some are renters and some homeowners. Also, many metropolitan areas did indeed go down during the pandemic and have not gotten back to where they were. And some people even got the Goose that laid the golden egg in rent control areas (let me know if I need to explain that one to you).
Home purchases, as explained earlier, tend to be something people will do very seldom in their lifetime. Lower wage earners have had to be creative for years to get a home (that's not something new to this year). Without some serious sacrifice, excellent money management skills, and creativity, do you honestly think home purchases have really been within reach for quite some time on anyone that was a low wage earner?
Again, not sure what you're talking about. The comment merely referenced that all it would take is a $2/hr increase. That says nothing about whether those people are renters or homeowners (that's something you're making an assumption about with no basis). People on jobs across the spectrum have gotten over a $2/hr increase. Some are renters and some homeowners. Also, many metropolitan areas did indeed go down during the pandemic and have not gotten back to where they were. And some people even got the Goose that laid the golden egg in rent control areas (let me know if I need to explain that one to you).
You mentioned being able to refinance homes as a miracle solution for people who are struggling; I’m merely pointing out that many who struggle are not homeowners or may not even have the extra money (often around $650) to pay for appraisal upfront. Yes I know how refi’s work.
As to your bolded, talking down to people and treating them as if they were stupid makes you look bad.
In fact, this whole thread makes you look bad.
The significant inflation I'm seeing, like for example...
-gas went <$3/gal to >$4/gal (my luxury cars require 93 Octane)
-milk went from $1.89 to $3.49 at Aldi where I do 1/2 of our shopping because I'm frugal in some ways (but not all)
-our retirement home went from $550k to $900k in 3 yrs
...is not impacting my behavior, but for reasons that are somewhat unique...why?
#1 I own a company, so I can just raise my prices to offset inflation, unlike most people reading this, who work for others, & can't do so. Thus, they become victims of gov't inflicted inflation.
#2 I'm in the top 2% for net worth, so even high inflation like we have now, doesn't impact my behavior much.
My biggest concern is this...how does DC stop this inflation train? The traditional way is to increase interest rates, but if they do that, it increases our payments on our $30T national debt. Interest payments are rising faster than our ability to tax.
Soon, interest payments will eclipse defense spending! The trend line on inflation, and interest payments, is scary to me, so to most American's, they should be terrified.
I do not see any way out of this, other than massive fed gov't rightsizing & spending cuts.
Realistically, I dont see that happening, so draw your own conclusions of what things will be like 2 years from now.
You mentioned being able to refinance homes as a miracle solution for people who are struggling; I’m merely pointing out that many who struggle are not homeowners or may not even have the extra money to pay for appraisal upfront. Yes I know how refi’s work.
As to your bolded, talking down to people and treating them as if they were stupid makes you look bad.
In fact, this whole thread makes you look bad.
Refinancing is a way as is earning merely $2 or more per hour. I hardly think answering a question with a rational reply makes me look bad, even though it might be bothersome to you. Not many people understand how rent control works. I figured I'd ask since that put many renters in an advantageous position.
I just saw on my formerly local Nextdoor people are getting their first heating bills of the winter griping about how much they went up like it was unexpected. Living under a rock, I guess. I can't wait to see how much FJB chanting goes up when people start seeing their bills in January.
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