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I do not think I ever heard you say what you did for a living when you were working.
Quote:
Originally Posted by Wile E. Coyote
At the margin, you could get a parking spot for $10 or you could drive around and maybe get a parking spot for free with a probability of, say, 20% in the next hour. .
Economists have a name for this type of problem: "The Streetwalker's Dilemma."
I guess it all depends if there’s a dip you can afford.
Nope. Probably the least critical factor.
Why? They'll only work when the REST of your numbers would otherwise have allowed that poorer younger person to buy in.
Economists have a name for this type of problem: "The Streetwalker's Dilemma."
I know that's your current occupation. I know that your occupation is being wealthy LOL However, you speak as if you, at one time, had an actual occupation in the traditional sense. No?
Put Mr. Moguldreamer on the stand: Mr. Moguldreamer were you or were you not employed as an Economist in the past? Answer: I ski therefore I am. Mr. Moguldreamer please answer the question.
I know that's your current occupation. I know that your occupation is being wealthy LOL However, you speak as if you, at one time, had an actual occupation in the traditional sense. No?
Put Mr. Moguldreamer on the stand: Mr. Moguldreamer were you or were you not employed as an Economist in the past? Answer: I ski therefore I am. Mr. Moguldreamer please answer the question.
Redfin/Zillow estimates had my condo down quite a bit in value not that long ago. Values do seem to come down.
As for prices...a seller doesn't need to be affordable to the average person, or even the average buyer (vs. renter). They just need to find someone from among the tiny fraction that are currently in the market. Those are often outliers who either make more money, just sold a place, have parental help...
Also I'll say this part twice: Just omitting renters will make the buyer pool wealthier than the total population.
I'd like to know where you are seeing these $150k salaries, or if "freshly minted" actually means a graduate degree.
My daughter graduated last year with a BS in an engineering field and was offered $80k by the company she had been interning at. She turned it down in favor of grad school because she did not foresee an opportunity to earn a more liveable salary without an advanced degree. (We live in California where $80k is barely livable for one person.)
Virtually all young people in their 20s in this area are worried about whether they can afford to stay, either right now when they set out on their own, or in the future when they hope to have families. Of course one of the major causes of the ridiculous prices is that no one who already has a house is selling.
Another reason is that this area was mostly "built out" a decade ago. My own city is bounded by mountains (national forest) on two sides and other cities on the other two. There's nowhere to spread to. Like other California cities, we have been mandated by the governor to provide X amount of new housing to help ease the crisis, but where would we put it? In zoned commercial areas?
In my city of 44,000, there are currently only 9 SFHs for sale. So of course those few people who are actually willing to sell can basically name their price. Prices aren't going down under these conditions.
My son has his BS in mechanical engineering (materials science), working on a PhD- he's already been offered a job at $125K starting. He's not interested at the moment because he wants to complete his studies first.
I think the next shoe to drop will be the "carrying costs" for housing. Between property tax, insurance, and utilities -- the costs of a small house or apartment can easily exceed the average SS-old age monthly check (around $1600). I think that will be a political hot potato in the next decade.
The effect of these trends (high building and land costs; high carrying costs relative to income; high interest rates) -- they reduce housing churn. And houses are simply not being built in the places where new residents want to live. Adding 10 million migrants will exacerbate these conditions.
The link upthread to the tiny housing in San Antonio is interesting. In addition to the 500 sq foot (tiny) 1BR-1.5Bath homes, there are what I call compact house HOA communities. My aunt lives in one near Dallas. The whole thing is maybe 2200 sq. feet but manages to have 2BRs and 2 baths and a little garage. The lot however is only about 10 feet on the sides and rear, perhaps 25 feet in front to the road. It's highly efficient for land use, and the HOA is only about $400 per month for the roads and landscaping.
The days of 4000 foot houses on half acres certainly will come to an end except for the top 10%.
My son has his BS in mechanical engineering (materials science), working on a PhD- he's already been offered a job at $125K starting. He's not interested at the moment because he wants to complete his studies first.
Good for him. And you too.
But if you think he represents the population lamented in the topic/thread... you're missing it.
It's about the OTHER's who don't have real jobs or real families to fill in the gaps.
Most will never overcome the deficit.
Last edited by MrRational; 01-09-2024 at 12:30 PM..
BTW, in terms of that top 10%, there is a sizable group making 200k+ per year. It's not an unusual salary anymore. Certainly in the tech and finance cities, this is a normal income for someone with a solid degree and a dozen years experience.
BTW, in terms of that top 10%, there is a sizable group making 200k+ per year. It's not an unusual salary anymore. Certainly in the tech and finance cities, this is a normal income for someone with a solid degree and a dozen years experience.
I know what fields I’ll be encouraging the youngsters in my extended family to pursue. The TN visas have opened the opportunity for a lot of Canadians to work over there. If you have these degrees right now, you seem to have a lot of bargaining power when it comes to salary during job interviews. Waterloo and UofT may not be on par with Stanford or MIT, but still the education earned doesn’t justify the pathetically low salaries paid in Canada for these jobs
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However, you speak as if you, at one time, had an actual occupation in the traditional sense. No? 
