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A Bad King posted:How does anyone afford to put 20% down when starter homes begin at $360k. That's over 70k in cash. What the hell is wrong with this world. get a faang job op
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Mar 10, 2023 16:04
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if you never ask anyone about buying a house then you just get your scraps of info from business news which talks about 20% because they’re talking to investors the first time I learned that wasn’t needed was when I went to my partners stepbrothers housewarming party. he and his wife had a big house and I asked him “hey what did it cost for us to be here…not the mortgage but what did you pay so we could all be standing here and having a party” and he said ten grand……and I had ten grand in cash in a loving safe the whole time.
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Mar 10, 2023 16:16
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spacemang_spliff posted:also it's illegal to build anything but detached single family homes because olds and suburbcucks start going abloo bloo bloo muh property values as soon as you mention building anything but more suburban hellscape. this despite the fact that housing prices never go down and you could turn the house next to mine into a literal crack den and i'd still net six figures selling my 800 sq ft house My last apartment is in the city and surrounded by single family homes. It's one of those newer 5 over 1s built a decade ago. The property manager mentioned they had to have a bunch of community meetings and reassure olds that they won't change the character of the neighborhood. It was completely absurd claim. One, most of the people in the apartment are under 40 years old, so it definitely changed the character of the neighborhood to drop in 500 younger people. Two, that neighborhood was known as a ghetto full of dilapidated houses until rapid gentrification in 2010s. All those single family homes only have any value because of that. Deadly Ham Sandwich has issued a correction as of 17:11 on Mar 10, 2023 |
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Mar 10, 2023 16:33
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Paradoxish posted:I don't know what you want me to say. Real estate has been an "investment" for as long as anyone posting in this thread has been alive. Everyone posting here also agrees that housing as an investment is wildly stupid, but we can't change reality. Due to my age (xennial) a ton of people I know were married by '10 and they all bought houses in the '09-'13 window. Each of them had huge equity increases by 2016 and flipped the starter houses for big downpayments on bigger houses. Then everyone who bought in 2016-2020 saw zero increase in equity if not a decline, and the ones in 'starter houses' are still stuck there unless they had their job + life situation line up just right to upgrade in 2021 It really does come down to little windows of time based on your age, relationship status, job status, on and on. The neighbors who bought in '06 spent 15 years trying to get back to the equity they began at, if they even could. And the friends who bought at big ten college town off campus straight up just lost money from 2012-2020 (one bought for 80k, sold for 60k when had to move for work) because the city they chose got worse for whatever reason.
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Mar 10, 2023 16:41
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AnimeIsTrash posted:get a faang job op I thought they laid off approximately a quarter of the FAANG workforce because stock must go up? Nothing works! It's a sham. We should be at midnight and not two seconds prior. This is infuriating. No one below the top 20% can afford to live without going into hock, much less live comfortably, and those in the top quintile don't even see it. I have done everything "right," and yet I'm left with a third of my income going to childcare, a bit more than a third going to housing, and the rest going to survival. I can't be the only one!
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Mar 10, 2023 16:42
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from local paperquote:A family earning the median income ($111,200) would have to spend more than three times that to buy even the median-priced existing home. That ratio has nearly doubled throughout the past decade as the cost of construction in the metro outpaced many other metros. 2011 crew
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Mar 10, 2023 16:42
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spacemang_spliff posted:also ill never move again because I got my house at 3% interest and I can't afford to triple my mortgage payment every month and I couldn't rent an apartment for what I pay in mortgage. same and I'm stuck in Arkansas now, gently caress
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Mar 10, 2023 17:56
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actionjackson posted:from local paper looks like I won't be making the move from Crotchfester to MSP. Hello...Detroit?!?!
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Mar 10, 2023 18:00
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A Bad King posted:How does anyone afford to put 20% down when starter homes begin at $360k. That's over 70k in cash. What the hell is wrong with this world. Invest in the right tech stonks at the right time. That’s how we did it. If we waited a year later we’d be SOL.
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Mar 10, 2023 18:04
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Deadly Ham Sandwich posted:My last apartment is in the city and surrounded by single family homes. It's one of those newer 5 over 1s built a decade ago. The property manager mentioned they had to have a bunch of community meetings and reassure olds that they won't change the character of the neighborhood. It was completely absurd claim. One, most of the people in the apartment are under 40 years old, so it definitely changed the character of the neighborhood to drop in 500 younger people. Two, that neighborhood was known as a ghetto full of dilapidated houses until rapid gentrification in 2010s. All those single family homes only have any value because of that. yeah and usually "character of the neighborhood" is code. 5 over 1s are good but they're usually just built and there's no consideration for walkability or driveability so it's just more parking spaces. there's an area in my town that built a bunch of them but didn't do anything about the stroad they're built next to so there's a cool strip of mutlifamily housing and restaurants and bars near another area that is has a bunch of shops and bars and stuff but you still have to cross 4 (plus turn lanes) of 45 mph traffic. plus they're all still rentals
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Mar 10, 2023 18:05
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actionjackson posted:from local paper 110k seems high??
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Mar 10, 2023 18:08
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A Bad King posted:I thought they laid off approximately a quarter of the FAANG workforce because stock must go up? Welcome to loser crew. If it is any consolation, you don't have to worry about much any more. The next noteworthy event in your life is your death. More seriously, the "doing things right" morality play was always a way to divide working people along race and survivorship bias lines to keep them working against each other instead of the rich. Noted fat person Michael Moore predicted/explained Trump's victory by pointing out that people in the rust belt felt pretty much exactly like you do. That they were doing what they should be doing but their quality of life does not reflect that. I'm not saying you should vote for Trump, but people not getting what they want from the status quo tend to want dramatic changes.
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Mar 10, 2023 18:12
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the mortgage insurance is the final economic turn of the knife duck you institutions don’t charge me money for paying you money
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Mar 10, 2023 19:00
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Ornery and Hornery posted:the mortgage insurance is the final economic turn of the knife That’s like the big benefit of VA loans imo, more so than the 0% down which is a bit of a double edged sword Should make that available to everyone if we’re going to keep the whole rotten system going
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Mar 10, 2023 19:04
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my pmi is like 40 bucks a month, which means every year we pay the bank the 480 bucks, which is about the increase in monthly rent from our last apartment 4 years ago.
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Mar 10, 2023 19:10
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meanolmrcloud posted:my pmi is like 40 bucks a month, which means every year we pay the bank the 480 bucks, which is about the increase in monthly rent from our last apartment 4 years ago. yeah people getting freaked out about PMI just didn't do the numbers. oh, to avoid a $100/mo at most expense (so 1200 a year for 5 years) I need to save up another 80k? yeah let me get right on that.
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Mar 10, 2023 19:52
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lol i was always under the impression it was prohibitively punitive
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Mar 10, 2023 19:53
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i say swears online posted:lol i was always under the impression it was prohibitively punitive I think mastershakeman is somewhat understating how much it can cost a month especially in higher priced areas
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Mar 10, 2023 19:58
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Quick Googling has a ton of the lenders saying it's .1-2% of your loan per year in insurance, based on balance and credit score Let's say it's a real bad 1.5% pmi and 600k house 5% down = 30k. Another 8500 a year in pmi, you pay that for 5 years so 42k that just goes into their pockets Or 20% down. 120k. So 90k extra to save in those 5 years. Pretty good deal to do 20% down! OK where did house prices not jump if you waited 5 years? 2015-2020 with perfect timing? Otherwise woops that house is now 800k and you need to come up with another 40k for the 20% down.
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Mar 10, 2023 20:10
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i say swears online posted:lol i was always under the impression it was prohibitively punitive it can easily be 300-500 a month
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Mar 10, 2023 20:12
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mastershakeman posted:Quick Googling has a ton of the lenders saying it's .1-2% of your loan per year in insurance, based on balance and credit score Nobody is claiming that 20% is better. They’re saying it can be an onerous bullshit extra cost
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Mar 10, 2023 20:15
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Bar Ran Dun posted:it can easily be 300-500 a month Significantly less than property tax in many places. It's a factor but so is trying to save up a hundred grand extra when prices keep going up up up And we don't even know what these interest rates are gonna do HashtagGirlboss posted:Nobody is claiming that 20% is better. They’re saying it can be an onerous bullshit extra cost 100% agreed on that
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Mar 10, 2023 20:15
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mastershakeman posted:Significantly less than property tax in many places. It's a factor but so is trying to save up a hundred grand extra when prices keep going up up up I think it’s also annoying that VA loans don’t have to pay it, and unless military types are more credit worthy (lmao) it’s clearly possible to make loans without needing PMI
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Mar 10, 2023 20:22
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HashtagGirlboss posted:I think it’s also annoying that VA loans don’t have to pay it, and unless military types are more credit worthy (lmao) it’s clearly possible to make loans without needing PMI Yeah. I pay it and it sucks. We were going to try to reappraise to get out of it then had a basement flood that's taking forever to restore, so just resigning ourselves to paying til we hit 78% ltv. The extra annoying thing is that banks whine about needing the pmi for insurance, but the heroes and cares acts shower homeowners in default with cash that gets sent to the banks for back mortgage payments anyways
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Mar 10, 2023 20:26
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HashtagGirlboss posted:I think it’s also annoying that VA loans don’t have to pay it, and unless military types are more credit worthy (lmao) it’s clearly possible to make loans without needing PMI there several credit unions that started based on that assumption for military officers
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Mar 10, 2023 20:35
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PMI is much more than $100 in most markets and it’s a pain in the keister
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Mar 11, 2023 10:46
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Ammanas posted:you save up. its strange to expect to own a home at 24 with no kids or whatever. my wife and i saved for several years and have the money to put down 20%+ and then the market went loving batshit and starter homes are selling for 450k. currently. with 6% interest rates. so guess what, we can put down the 20% still but cant RATIONALLY afford the payment. when people are paying 40% of their pretax income toward housing you've got a loving time bomb economy yet it just keeps chugging along. no partner but  on all counts 
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Mar 11, 2023 11:50
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HashtagGirlboss posted:Good news! Dementia is really good at taking forever to finish the job and also requiring a ton of care. It’s one of the best ones if you want to see somebody’s assets complete consumed providing end of life care Just push them down the stairs lol (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 11, 2023 14:16
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PoundSand posted:looks like one of those “come play my lord” adverts for lovely mobile games come play my landlord
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Mar 11, 2023 17:00
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HashtagGirlboss posted:Nobody is claiming that 20% is better. They’re saying it can be an onerous bullshit extra cost Yeah, the main issue with PMI is that it's enough to make homeownership unaffordable for some marginal buyers, because even a few hundred dollars per month will really matter to those people. PMI is all but guaranteed to be a non-issue for anyone who can save for a 20% down payment. It may be a very large issue for people who can barely scrap together enough for a 3.5% down payment.
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Mar 11, 2023 17:08
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y’all got a house yet?
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Mar 17, 2023 07:17
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i signed a lease on an apartment yesterday  been living in friends' spare rooms since 2019 and things're comin' up milhouse
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Mar 17, 2023 07:21
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Ornery and Hornery posted:y’all got a house yet? ive been buying all the houses so you cant buy them
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Mar 17, 2023 14:52
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Ornery and Hornery posted:y’all got a house yet? A few weeks ago I went to see a bog-standard split level listing for $330k. Last sold in 2013 for $215K. The back yard was quite literally subsiding down the hill and into the neighbor's yard. It went under contract yesterday so I have no idea what the gently caress people are doing anymore.
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Mar 17, 2023 14:57
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I live in a fairly well off area, but every single housing development that's going up around here starts at prices where the mortgage alone would eat up ~50% of the net median household income for this city. It doesn't make any loving sense. There's an entire development with like 30 lots going up on my street where prices start at around $650k.
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Mar 17, 2023 15:13
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Paradoxish posted:I live in a fairly well off area, but every single housing development that's going up around here starts at prices where the mortgage alone would eat up ~50% of the net median household income for this city. It doesn't make any loving sense. I'm guessing that development started while mortgage rates were 2.8%, though? Maybe they're just betting that we get free money again starting next week.
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Mar 17, 2023 15:18
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Twerk from Home posted:I'm guessing that development started while mortgage rates were 2.8%, though? Maybe they're just betting that we get free money again starting next week. House prices went up here by nearly 18% while interest rates were doubling. Nobody is budging on anything and houses are still selling. I posted about this elsewhere, but the same poo poo is happening with other "assets" like classic cars. There's a car blog I read where the writer laments that so many 1950s era cars are rotting because young people don't like them and the people trying to sell them will not budge on the price at all.
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Mar 17, 2023 15:21
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Pittsburgh Fentanyl Cloud posted:A few weeks ago I went to see a bog-standard split level listing for $330k. Last sold in 2013 for $215K. The back yard was quite literally subsiding down the hill and into the neighbor's yard. A home in my neighborhood sold for ~250k in 2018 (back then, I thought that was the top-end of this housing bubble -- hah!), and is now under contract for $365k after a weekend. There were about 22 cars lined up on our street during the open house. People want a home. I don't know who can afford ~$290 per square foot, but they exist.
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Mar 17, 2023 15:24
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Twerk from Home posted:I'm guessing that development started while mortgage rates were 2.8%, though? Maybe they're just betting that we get free money again starting next week. I don't know when the plans went into motion, but they only started construction about two months ago.
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Mar 17, 2023 15:27
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When I had PMI up until 2020 I was pay $65 a month on a $190k loan.
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Mar 17, 2023 15:27
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