Housing Values May Drop Over 50% In Silicon Valley (Anaheim, Hayward: fingerprints, new house)

[NewbieHere]

Perma Bear works for the government, stable job but low pay. He lives at home, hence the top 10% savings rate. That's why he is priced out. Maybe he makes about half of those people in their 20s and 30s.

[Perma Bear]

Originally Posted by NewbieHere

Perma Bear works for the government, stable job but low pay. He lives at home, hence the top 10% savings rate. That's why he is priced out. Maybe he makes about half of those people in their 20s and 30s.

The median millennial salary is 30k. I make twice as much as they do.

[JohnSoCal]

Originally Posted by Perma Bear

The median millennial salary is 30k. I make twice as much as they do.

Do you just make this stuff up to justify your situation? I will guarantee you that the median pay for millennials is much higher than that in San Jose.

You need to do the following:

1. Stop complaining all the time and do something to improve your situation.
2. Move somewhere else that has a lower COL.
2. Accept your situation and learn to live with it.

Choose any of those 3 options. Wishing for a housing crash is ridiculous and it probably is not going to happen. Worst case scenario is prices will level out but they won't crash.

[Perma Bear]

Originally Posted by JohnSoCal

Do you just make this stuff up to justify your situation? I will guarantee you that the median pay for millennials is much higher than that in San Jose.

You need to do the following:

1. Stop complaining all the time and do something to improve your situation.
2. Move somewhere else that has a lower COL.
2. Accept your situation and learn to live with it.

Choose any of those 3 options. Wishing for a housing crash is ridiculous and it probably is not going to happen. Worst case scenario is prices will level out but they won't crash.

Millennial median wage map - Business Insider

No I'm armed with facts.

I'll continue to hope the market crashes and people suffer while savings every dime I make. If I was born 50 years earlier I would own an apartment building by now. Those are the facts.

[NewbieHere]

Originally Posted by Perma Bear

The median millennial salary is 30k. I make twice as much as they do.

Maybe those millennials don't live in California. I saw your post and did you read the fine prints about part time work and also the data is 2014. We are in 2017. It's delayed facts.
My kid barely had any income in 2014, she has since doubled or tripled her salary.

[JohnSoCal]

Originally Posted by Perma Bear

Millennial median wage map - Business Insider

No I'm armed with facts.

I'll continue to hope the market crashes and people suffer while savings every dime I make. If I was born 50 years earlier I would own an apartment building by now. Those are the facts.

Your link states that their stats include college aged working part time so it is not a valid comparison.

[Perma Bear]

Originally Posted by JohnSoCal

Your link states that their stats include college aged working part time so it is not a valid comparison.

Grasping at straws I see.

[aslowdodge]

Originally Posted by Perma Bear

I'm in the top 10% or higher of millennials in net worth. I'd go out on a limb and say I'm exact proof the situation is unsustainable.

That doesn't mean much when your income is incredibly low. Top 10% of net worth for Millenials means little in the scheme of things. It simply isn't that high of a net worth. It'd be different if you said 10% of all individuals. The top net worth of all 6th graders isn't really that high either.

All you are doing is making people think you are successful enough to afford a house when in fact you say your income is well below what it takes. Some people don't know your history here on CD.

You can buy a house in Hayward for as little as $300K. You claim in this thread you make 60K. Living at home you probably don't have much debt. The DTI calculator says 60K a year qualifies you for a mortgage payment of $2150 a month.

If you took 100K of that $150K you claim to have as a down payment your your mortgage would be $1,343 so you can certainly afford a house.
Heck lets get you a better house for $450K. Put down $125K of that $150K you say you have and you still qualify to buy the house with payments of $2,145 a month-well within your DTI.
Cutting it too close, get a room mate or 2 and get back a $1,000 of that $2,145.
If you are telling the truth, you can indeed buy a house and have no real legitimate complaint you can't afford to buy a house.

If you think you deserve a better house like a million dollar home in Danville, work for it. People have told you the same thing I have, get a second job. You live at home rent free with no responsibility, so a second job would be easy to handle.
You always talk about your desire to own a home, but you aren't willing to work for it, you just want it handled for you. You remind me of another poster well known in the economics forum who constantly complains the world is against him and no matter how much people try to help him he just complains more and has an excuse not to try to change his situation.
But I will be honest, if you earn that much and can continue to live at home for free, you definitely can bank a lot of money.

[Perma Bear]

Originally Posted by aslowdodge

That doesn't mean much when your income is incredibly low. Top 10% of net worth for Millenials means little in the scheme of things. It simply isn't that high of a net worth. It'd be different if you said 10% of all individuals. The top net worth of all 6th graders isn't really that high either.

All you are doing is making people think you are successful enough to afford a house when in fact you say your income is well below what it takes. Some people don't know your history here on CD.

You can buy a house in Hayward for as little as $300K. You claim in this thread you make 60K. Living at home you probably don't have much debt. The DTI calculator says 60K a year qualifies you for a mortgage payment of $2150 a month.

If you took 100K of that $150K you claim to have as a down payment your your mortgage would be $1,343 so you can certainly afford a house.
Heck lets get you a better house for $450K. Put down $125K of that $150K you say you have and you still qualify to buy the house with payments of $2,145 a month-well within your DTI.
Cutting it too close, get a room mate or 2 and get back a $1,000 of that $2,145.
If you are telling the truth, you can indeed buy a house and have no real legitimate complaint you can't afford to buy a house.

If you think you deserve a better house like a million dollar home in Danville, work for it. People have told you the same thing I have, get a second job. You live at home rent free with no responsibility, so a second job would be easy to handle.
You always talk about your desire to own a home, but you aren't willing to work for it, you just want it handled for you. You remind me of another poster well known in the economics forum who constantly complains the world is against him and no matter how much people try to help him he just complains more and has an excuse not to try to change his situation.
But I will be honest, if you earn that much and can continue to live at home for free, you definitely can bank a lot of money.

Show me a 350k Hayward HOUSE that's not pending, is habitable, and isn't listed below value.

[JohnSoCal]

Originally Posted by Perma Bear

Grasping at straws I see.

I am not the one grasping at straws. You are the one that has a problem but does nothing to help yourself. All you do is complain and keep playing the victim card.