Article in Seattle times talks about people in their 20s and 30s leaving Seattle due to high housing costs. (Spokane: low income, how much)

[mhays25]

A 3-1 ratio at a 3% mortgage is HUGELY different from a 3-1 ratio at 7%.

With $400,000 financed, payments on the first would be $1,686 per month. The second would be $2,661.

Also, the amount of your down payment -- instant equity if the value is stable -- is a huge factor. The larger the percentage you own, the safer it is to mortgage at a higher ratio.

You might know all that, but for others, disregard simple truisms and do the math to make your decisions.

[OneTimeSEALover]

Bankruptcy for Boomers was more lenient, too. Now you really have a lot less chance of starting over.

[cmswazey]

The bankruptcy code changed in 02. And I still see people get around it and work the system.

[OneTimeSEALover]

Bravo for them. The real trouble is how finance companies push credit at marginal credit risks. They try to stack the bankrupty deck to shield themselves from bad credit decisions. An honest Congress would have rejected that as "moral hazard".

[cmswazey]

People who try to game the system are generally unethical and corrupt. I knew of a couple who lived by a state border and would alternate types of bankruptcies, which of the two would file, which district. All the while while not paying their mortgage. Living rent free in a house that the bank had paid out hundreds of thousands of dollars on. Another trick I've repeatedly seen is to search out a bankruptcy by someone they don't know and who doesn't know them (generally blameless) deed that person one percent of the house that they're not paying for, then just before foreclosure sale send the foreclosure firm proof of the quit claim deed and the bankruptcy and then the sale is postponed while the mortgage co goes to the time and expense of filing a motion with the court to deal with it.

I see banks who've lent out billions maybe trillions of dollars that they're not getting back, that's being held up. You think that's so great, then that's messed up, bro.

I actually believe there's a place for bankruptcy. I'm glad it exists. Medical bills and other unsecured debt can ruin lives. I'm in favor of those things being discharged. The bankruptcy code has built in exemptions for clothing and other possessions and a generous homestead exemption. The court is not allowed to take everything the person has. They can't touch retirement savings and income either.

But if someone has equity over and above their exemptions, the trustee may sell some of those items (especially real estate though this would also include antiques, investments etc) to pay creditors.

I've seen people lie to the court. And, by the way, fraud on the loan apps is grounds for non dischargeability of that debt.

I am aware of shady finance co practices but I've seen some shady borrowers who lie and cheat. So no.

[AreWeThereYet??]

Originally Posted by annonymous0381

Loss of millennials could be other city

What do others think of this article? I'm a millennial myself. Buy my question is where will the millennials move? LA,San Francisco, Portland and San Diego are all expensive. No millennial wants to live in Sacramento, Boise, Salt Lake City or Las Vegas.

Almost 2 years ago I left the San Fernando Valley portion of Los Angeles and moved to Seattle for cheaper apartment rental prices. Currently I pay $1200 a month for a one bedroom 610 square feet apartment near the Northgate mall. The landlord charges new tenants $1300 a month for the same apartment as mine.

I really love and enjoy living in Seattle. If my landlord raises my rent when my lease ends in August 2017 to $1500 a month or $1700 a month I will be priced out of my current apartment unit. Looking on craigslist, Zillow and trullia I see very few choices for apartments for rent in Northgate Seattle currently.

I want to stay living in Seattle as long as possible. After spending almost 2 years in Seattle it makes me realize how much I hate LA. In LA an apartment to my liking would rent for $2,000 a month if not more.

Today I looked at condos online and noticed that for a 2 bedroom 2 bath for $300,000 in northgate Seattle seems non existent or vary hard to come by.

In Lynwood,WA I notice a lot of 2 bedroom 2 bath condos for sale under $200,000

Whats wrong with SLC? The tech market is growing and it is easy access to World-Class skiing. I am a millennial and I am probably going to migrate to SLC, but that is because I love skiing.

[locolife]

Originally Posted by AreWeThereYet??

Whats wrong with SLC? The tech market is growing and it is easy access to World-Class skiing. I am a millennial and I am probably going to migrate to SLC, but that is because I love skiing.

A lot of millennials live in SLC, Utah is the youngest state in the nation and that won't change anytime soon. SLC has some great neighborhoods and as you said great access to all the beauty in the wasatch front. Now if they could work on the winter air quality that would be great.

[mhays25]

SLC is great in many ways, but it also scares a lot of people who think it's run by a religious group. And it's certainly influenced by that group...not totally dominated but it's a safe bet that bars and coffee shops aren't a three-minute walk for as many people, and state politics....

[OneTimeSEALover]

Originally Posted by locolife

A lot of millennials live in SLC, Utah is the youngest state in the nation and that won't change anytime soon. SLC has some great neighborhoods and as you said great access to all the beauty in the wasatch front. Now if they could work on the winter air quality that would be great.

You mean the mean age of residents, not the youth of the state.

[Minntoaz]

Originally Posted by annonymous0381

I knew a couple of people my age who moved to Phoenix,arizona and they were very unhappy and miserable there. They couldn't make any friends in Phoenix and hated the rude people, traffic, dirty hot air and sprawl. Phoenix has a high suicide rate and so does Las Vegas.

People in Seattle don't know how great they have it here. In Seattle we have very clean air, good restaurants, good museums, a great classical music scene and a good public transit system.

Me! I'm moving back to the Phoenix area (the burbs)! We lived there for six years before moving back to Minneapolis before coming here. We are still in our 20's so yes this does apply. My husband can work anywhere in the western region and I am able to work anywhere due to my career. We have many friends down there and though we won't live there forever we can buy a brand new home for less then we're paying in rent in Seattle area. We will have leftover money to get out in the summers and voila no depression.