(Thread IKs:
skooma512)
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Xaris posted:for someone with a tiny bit of capital, there seems to be a lucrative business in creating a shell LLC "home insurance" that homeowners can buy so they can tick the box that they have insurance, and then if any mass payout ever gets required just fold up "oops we dont have any money" and start a new "Premium Home Insurance 2.0 LLC" Microcaptive insurance companies have been a tax dodge for a while for businesses
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Apr 12, 2024 15:14
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BRAKE FOR MOOSE posted:I graduated college in 2008 and all I saw and experienced for a decade was how hosed we were in earning potential, and then a bunch of us bought our first home in 2018-2020 and now we have mortgages far cheaper than equivalent rent and we're building equity. Older millennials are going to be so much worse and reactionary than boomers because this cohort is going to do everything it can to protect that as a source of wealth In what way do they need to protect it? It's not like we're coming for people's houses any time soon. I think there will be a fair share of the younger generations that goes "gently caress you got mine" because they realize there's not really any other viable alternatives, protests won't do poo poo, politics won't do poo poo, if you got it made you just keep your head down and coast. But overall I'd say it's more likely that well off millenials (and zoomers) have friends that got screwed over by our system and are going to be inherently more empathetic to the idea we need economic reform than people who grew up in such a bubble that they still think knocking on doors and looking the boss straight in the eyes with a firm handshake is how you get a career that'll lead you to a comfy life.
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Apr 12, 2024 15:16
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On one hand it is good to build up equity at low rates, and on the other hand, housing is consistently losing versus inflation. Houses also have a bunch of overhead that still has to be taken care of. I don't know if it is quite as simple as anyone with a house being a lucky ducky and everyone else being screwed...or it is just everyone being screwed.
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Apr 12, 2024 15:18
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Crazyweasel posted:Most of my cohort were able to get houses at $350k or less with sub 4% rates. Those lagging behind and those who are just straight up 4 years younger than us now have to pay $625k at 7%+ rates. I wanted to get a house in early '21 when I found something I loved and the market hadn't gone crazy yet, but wife wasn't ready to leave the city. We just moved into something a little bigger/nicer than I had originally planned because everything below it was bidding war hell, but we were over 2x higher interest and almost 2x the price. My budget and plans are shot to poo poo, but that we got anything at all still has me feeling lucky - 3 years difference.
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Apr 12, 2024 15:20
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I've been in the workforce for 27 years, if I weren't too broke in the '00s to buy I'd be in a completely different place right now. Victorian rowhouses that were $80K back then are going for $700K+ now. The '00s were a real poo poo time if you were in your twenties.
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Apr 12, 2024 15:22
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we had over a decade of ZIRP housing so stuff like rental inflation is invisible to big chunks of the population. and people are bad at forecasting housing prices - many goons were calling a housing crash during ZIRP which is nuts with hindsight
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Apr 12, 2024 15:23
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Ardennes posted:On one hand it is good to build up equity at low rates, and on the other hand, housing is consistently losing versus inflation. Houses also have a bunch of overhead that still has to be taken care of. Housing may have some overhead but renting being what it is today I think the overwhelming majority of people would rather own their home rather than be at the mercy of some psycho min-maxer landlord.
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Apr 12, 2024 15:26
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Ardennes posted:On one hand it is good to build up equity at low rates, and on the other hand, housing is consistently losing versus inflation. Houses also have a bunch of overhead that still has to be taken care of. MrsSand and I got our house in 2014 and refinanced when rates were super low circa the pandemic. To put things in perspective if we bought our current house from ourselves with current rates our mortgage would about triple (estimated sale price is over double, rates are over double) and we can't really afford that without being like a lost job away from immediate homelessness. Instead we live in a nice house for what is presently the rent of about a 1 bedroom apartment in the area. Another side affect of the rate being so low is that even though we could pay off the rest of the mortgage early we can instead just put that money in safe investments and come out ahead, so our mortgage is also serving as a source of free money. I'd call that pretty lucky ducky.
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Apr 12, 2024 15:26
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Ardennes posted:On one hand it is good to build up equity at low rates, and on the other hand, housing is consistently losing versus inflation. Houses also have a bunch of overhead that still has to be taken care of. it's like a car...
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Apr 12, 2024 15:26
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PoundSand posted:In what way do they need to protect it? It's not like we're coming for people's houses any time soon. lmao my friend, I have been advocating locally (Boston area) for affordable housing since 2012, you will not believe the insane lengths that people will go to in order to prevent anything new from being built. it doesn't matter if it won't actually hurt property values, the notion of expanding access is horrifying. too many people with property do not "keep their head down," they violently oppose equity with all their hearts. and that's all gen x right now, the FYGM millennial will be worse for sure.
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Apr 12, 2024 15:26
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I really enjoy paying pet rent. I get so much out of it.
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Apr 12, 2024 15:27
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HOA's are necessary to keep the riff raff out
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Apr 12, 2024 15:28
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It really depended on if you had the actual cash to save and spend and it also begs the question if what you could have done with that money otherwise. If you timed the market in the early 2010s or so you did probably quite well, since housing prices were depressed (especially 2010-2012 or so), but if you waited until the late 2010s, it probably is a lot more mixed when taking inflation into account. Housing prices actually really leveled off between 2016-2020, they didn't crash, but there was very little of a rate of change for years. PoundSand posted:MrsSand and I got our house in 2014 and refinanced when rates were super low circa the pandemic. To put things in perspective if we bought our current house from ourselves with current rates our mortgage would about triple (estimated sale price is over double, rates are over double) and we can't really afford that without being like a lost job away from immediate homelessness. Instead we live in a nice house for what is presently the rent of about a 1 bedroom apartment in the area. Another side affect of the rate being so low is that even though we could pay off the rest of the mortgage early we can instead just put that money in safe investments and come out ahead, so our mortgage is also serving as a source of free money. I'd call that pretty lucky ducky. You had dual incomes and you brought at a decent time, but it really also depends on location. Average housing prices in general went from $340k to a high of $550k and then back down to 492k, so you beat the average. So your situation was good, your location was good, you had good rates, and you had the right time with dual incomes. But the question isn't about individuals, but the general situation with housing, Adjusted for inflation, average housing prices right now are below or roughly at what they were during the 2016-2020 era. Ardennes has issued a correction as of 15:39 on Apr 12, 2024 |
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Apr 12, 2024 15:30
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Buffer posted:I really enjoy paying pet rent. I get so much out of it. How about pet insurance
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Apr 12, 2024 15:36
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Ardennes posted:It really depended on if you had the actual cash big if true
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Apr 12, 2024 15:36
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Mandel Brotset posted:big if true It gets kind of in the weeds when people are taking about a hypothetical situation from a decade or more ago. Remember, also a house comes with plenty of overhead that figures into it as well and property taxes have been climbing in much of the country. Basically, if you had money, because your family had money, you probably came out fine and if you didn't you were hosed. It is America. That said, I really don't think there is going to be a major housing crash in the near future. Prices are still going to be under pressure from high rates (perhaps slightly higher than now) while inflation eats from the other side and generally foreclosures rate is still quite low. Eventually constrained supply may propel a recovery but it really depends on energy prices/inflation/rates etc. Ardennes has issued a correction as of 15:47 on Apr 12, 2024 |
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Apr 12, 2024 15:42
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https://twitter.com/jburnmurdoch/status/1778739411917656121
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Apr 12, 2024 15:54
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"inequality is overwhelmingly *within* generations, not between them" class analysis ftw
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Apr 12, 2024 15:57
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I bought a house out of college for 120k in the boonies. I got laid off by the one single employer in the area in 2017 and sold it for 150k and started renting because I moved to a new city with employers. I'm a loving clown, basically everyone I graduated with own houses with massive gains on them lol. my old house is estimated 400k now btw
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Apr 12, 2024 15:59
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webcams for christ posted:class analysis ftw
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Apr 12, 2024 16:01
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I failed to buy a house when I had the chance in 21 and now I am going to die poor despite my income. If not for the friends that let me stay at their places in exchange for handyman work and cooking I would be living on the street.
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Apr 12, 2024 16:09
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Car Hater posted:I failed to buy a house when I had the chance in 21 and now I am going to die poor despite my income. If not for the friends that let me stay at their places in exchange for handyman work and cooking I would be living on the street. have you considered learning to code
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Apr 12, 2024 16:14
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piss guzzler 420 posted:have you considered learning to code if you aren't an incredibly skilled/experienced dev you're completely hosed in the tech world right now. i can still code a bit but there is zero way i could pass any interview gauntlet. i feel bad for fresh grads who have 200k in debt and have to compete in this market. they might have to wait another 2-3 years if this ever recovers at all. i'm not sure if it will.
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Apr 12, 2024 16:23
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David Brooks finds new ways to make me Extremely Angry https://twitter.com/robdelaney/status/1778702947133665400
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Apr 12, 2024 16:34
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triple sulk posted:if you aren't an incredibly skilled/experienced dev you're completely hosed in the tech world right now. i can still code a bit but there is zero way i could pass any interview gauntlet. i feel bad for fresh grads who have 200k in debt and have to compete in this market. they might have to wait another 2-3 years if this ever recovers at all. i'm not sure if it will. yeah i am being facetious, i know coding is as much of a dead end as anything else. little joke! little humor! as capital continues to suck the life out of us
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Apr 12, 2024 16:34
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I still think all the new grads should learn 2 coal…. lotta money to be made in declining oil and increasing need for infinite energy. coal is going to be the new code
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Apr 12, 2024 16:36
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Gaghskull posted:This is one of those things that the banks already prepared for. Each insurance company has an AM Best rating and most home loans require an A- or better for your insurance carrier.
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Apr 12, 2024 16:38
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Gonna have my house paid off this summer  Wife is doing more schooling 
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Apr 12, 2024 16:41
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SirPablo posted:Gonna have my house paid off this summer wtf how
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Apr 12, 2024 16:51
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https://www.youtube.com/watch?v=iWrtaMkH3R0
FlapYoJacks has issued a correction as of 17:23 on Apr 12, 2024 |
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Apr 12, 2024 16:54
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gradenko_2000 posted:https://twitter.com/BretDevereaux/status/1778421278992683172?t=B7cSjwE6Rpd3BdN0cSHViA&s=19 I think most folks would go back to ~2015ish. Pre trump Food and drinks were affordable Rent was low, houses were affordable More or less identical modern convenience wise Tinder was still good Reddit was kinda funny
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Apr 12, 2024 17:08
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Xaris posted:drat. I figured if we had high deductible scam plans for healthcare, why not for housecare Banks are evil, not stupid most of the time, unfortunately. They have made sure that they're going to get paid, no matter what.
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Apr 12, 2024 17:11
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https://twitter.com/louismirante/status/1778794716718584078
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Apr 12, 2024 17:16
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SirPablo posted:How about pet insurance totally not scammy in any way
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Apr 12, 2024 17:19
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bad for nimbys but good for developers. i'm conflicted.
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Apr 12, 2024 17:20
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Beached Whale posted:David Brooks finds new ways to make me Extremely Angry g that moral form re we turn to the When Lasso was
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Apr 12, 2024 17:20
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shrike82 posted:many goons were calling a housing crash during ZIRP which is nuts with hindsight I thought the general narrative there was "these rates will go up eventually and when they do, surely property values will come down" which, lol
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Apr 12, 2024 17:20
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Morbus posted:I thought the general narrative there was "these rates will go up eventually and when they do, surely property values will come down" which, lol Hell, that's even what the experts told us (now they're telling us that the minute interest rates come down house prices will skyrocket. apparently house prices just skyrocket no matter what.)
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Apr 12, 2024 17:22
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shrike82 posted:many goons were calling a housing crash during ZIRP which is nuts with hindsight it certainly is nuts, but not unusual. many goons are calling a crash/"great recession" now lol
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Apr 12, 2024 17:22
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All must collapse, Trillions must vanish. Chaos must reign
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Apr 12, 2024 17:23
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