|
I’m seriously despondent over this poo poo. I *finally* scored a guillotine-qualifying (barely, not considering inflation over the past year) job and I’m able to afford rent  . I’m 38. I lived off of my house savings when the pandemic wrecked my career track. I’m not starting from zero but I didn’t even have quite 10% saved in 2020 before Covid kicked off. now I’m down to around 3% (against the low-end of the current market) saved, I missed the sweet low% lending that was available, and people/institutions are bidding over ask/waiving inspections to snag what’s available. so the game plan is….save aggressively for ten years as real estate continues to appreciate, lock in a 30 year mortgage, and then I’ll be almost 80 when it’s paid off? I have effectively zero retirement stashed away after starting my career in 2008 (pay cuts due to the financial crisis were fun fresh out of college). I got through college due to student loans (revamped in 2008 under Obama iirc, so mine were high% which also sucked). I paid those off by starting a business I ran on the weekends for the past decade while I climbed the ladder in my career track. all that poo poo got wrecked and/or rendered irrelevant in 2020. it’s since been made worse by how money was tossed around during the pandemic. why even bother trying anymore. which is it? save for retirement, save for a house, or (god-forbid) try meeting someone to start a family at my relatively advanced age. it feels absolutely hopeless.
|
#
¿
Apr 22, 2022 19:36
|
|
|
|
| # ¿ May 9, 2024 16:18 |
|
|
Ammanas posted:yeah youre priced out of a home, save diligently for retirement and marry a high earner. thing is: I’m an accountant. I took the CPA exam out of my own pocket because I thought it would be a good career move. the local bus service is offering the same bonus to new bus drivers as I would receive once I get my license at this job. interest rate hikes over the past two months wiped out ~$90k in buying power. what really sucks is not only knowing I’m too poor to afford a home but also being excessively skilled in articulating it in myriad forms of hard numbers.
|
|
#
¿
Apr 22, 2022 19:55
|
|
|
meanolmrcloud posted:that’s crazy. when we bought in 2018, we had a combined income of maaaybe 90k, but they could only use my wife’s credit because I’m a fuckup. we got approved for 150k, which was definitely enough at the time for a decent 1200sqft house in a medium neighborhood. I still have price alerts on for the area, and you have to go to worse neighborhoods for shittier houses that are probably not worth buying. I’m looking at $300k condos boasting 600-900sqft right now and that needs some reconsideration on account of interest rates. it’s not very motivating.
|
|
#
¿
Apr 22, 2022 21:45
|
|
|
LGD posted:that'd be my conclusion as well, save for retirement and focus on personal life, both are highly worthy goals on their own and can potentially lead you to home ownership/secure housing down the road (and give you greater flexibility) it’s (obviously) weighing on me a bunch. my modest world got rocked by Covid and at mid-life I’m evaluating what to do and how I want to spend my remaining years. if I could have built something out of my career I’d feel better about it but as it stands I’m locked into renting. busy season hours + continuing professional education after hours + the general boring nature of the work just doesn’t feel worth it.
|
|
#
¿
Apr 22, 2022 22:29
|
|
|
RC Cola posted:I hear Pittsburgh is cheap and affordable I can’t justify a bike that nice, though.
|
|
#
¿
Apr 22, 2022 23:14
|
|
|
gettin calf mogged in the housing market thread
|
|
#
¿
Apr 23, 2022 00:30
|
|
|
Lacrosse posted:My loan officer was actively talking me out of 20% down. They kept insisting on 3.5% because the PMI would be so low it'd be better to save the rest of the down-payment for something else. you can use that money to convert half of it into an AirBnB and get on that Side Hustle grindset #CEO #FIRE
|
|
#
¿
Apr 23, 2022 00:55
|
|
|
i am harry posted:I ONLY knew about this because I asked my brother-in-law straight up what they paid to get into a $200,000 house almost a decade ago and his answer was $10k and I was like wtf I can get that this i never knew how little my friends were putting down until I started asking a couple years back. I’m a sucker.
|
|
#
¿
Apr 23, 2022 01:18
|
|
|
i am harry posted:
|
|
#
¿
Apr 23, 2022 17:10
|
|
|
empty whippet box posted:what's that mean? that less mortgages are going to be processed because the market's about to crash and everyone's houses are about to lose a bunch of value, and then subsequently get bought by extremely rich people who then jack the prices up to higher than they were before(now)? my interpretation is that with how much institutional money has flooded into the market in earnest (i.e., REIT's are now playing the game instead of the mere financialization of individual ownership via MBS's) that poor people who have to borrow money to own a house will have a harder time doing so. That means they'll have an even harder time borrowing the excessive amount necessary to compete with above-asking cash offers from institutional investors. The market will cool a little bit but it won't crash because (1) those who already own are locked in at low rates and (2) institutions are already just renting out what they bought anyways and borrowed at even lower rates than individual homeowners ever had access to to begin with. Basically those who had a balance sheet to begin with won out. Those of us trying to build a balance sheet are now further priced out.
|
|
#
¿
Apr 23, 2022 18:28
|
|
|
vyelkin posted:looking for a new apartment and i cant afford any of these places lol same I gotta move in two weeks. lol. 
|
|
#
¿
Apr 23, 2022 18:40
|
|
|
Nice and hot piss posted:If I cut the tree down in my backyard I could probably put in an ADU that barely meets living standards, and charge $1500 a month. it's the new way society works. full commodification of every last fragment of our lives. you can burn that tree to generate power to mine for bitcoin.
|
|
#
¿
Apr 23, 2022 19:32
|
|
|
Ornery and Hornery posted:i want shelter entitled much? edit: snipe. here's some content i posted in the economics thread a while back: more on the fun of the Denver housing market. this likely applies elsewhere/everywhere: How much do renters, buyers need to make to afford living in the metro area? the article posted:The Article posted: what’s the point of even working anymore. just…why? 19 o'clock has issued a correction as of 23:07 on Apr 23, 2022 |
|
#
¿
Apr 23, 2022 23:02
|
|
|
bi crimes posted:there's joy to be had in a job well done  hell yeah
|
|
#
¿
Apr 23, 2022 23:07
|
|
|
crossquoting from the doomsday Econ thread:fits my needs posted:https://twitter.com/CNBC/status/1518610401835065344?s=20&t=eLXQeDEXlGxaANSAN5NVJw totally normal and sustainable
|
|
#
¿
Apr 25, 2022 17:08
|
|
|
SorePotato posted:Imo ban all posters who own property. Tf are you doing here the housing crisis thread turned into a bunch of computer touchers complaining about how expensive their kitchen remodels are. this thread should be moved to D&D where it can have brunch. shameful!
|
|
#
¿
Apr 26, 2022 01:30
|
|
|
AnimeIsTrash posted:they should be killed 
|
|
#
¿
Apr 26, 2022 01:30
|
|
|
“look, I know you feel that being homeless sucks but have you SEEN how expensive good looking cabinets (just the cabinets!) cost!?!”
|
|
#
¿
Apr 26, 2022 01:32
|
|
|
shrike82 posted:i'd be surprised if the majority of posters over 35 don't own a place yeah I’m almost 40 and gonna just die in a ditch at this point because I’m a poor person. I should have become a realtor.
|
|
#
¿
Apr 26, 2022 01:33
|
|
|
CongoJack posted:My place is at 1600 Pennsylvania Avenue NW, Washington, DC 20500, it's an old remodel. If you need a place to stay just hop the fence and knock on the front door, I work from home most of the time. this reads like the plot to an Ernest movie.
|
|
#
¿
Apr 26, 2022 01:52
|
|
|
H.P. Hovercraft posted:the previous owners installed so many cabinets in the kitchen/living room/greatroom that there's literally nowhere to hang a picture (aside from the fireplace) i carry a can of bearspray when I check the mail because my neighbor tried killing his girlfriend last year
|
|
#
¿
Apr 26, 2022 05:08
|
|
|
H.P. Hovercraft posted:if he couldn't even kill a girl what are you worried about lol when it was happening I called the cops and they said, "yeah, about four other people also called we're on our way"
|
|
#
¿
Apr 26, 2022 05:16
|
|
|
General Dog posted:I paid down about 60% down on my house when I bought a couple of years ago, but once the pandemic came along and interest rates dropped to nothing compared to the 4.5% I was paying, I decided to just go ahead and pay the rest of the thing off. I don’t know if that makes sense or not, but it feels nice not to owe anything on it. you deserve it more
|
|
#
¿
Apr 26, 2022 06:36
|
|
|
but have you considered how difficult it is to hang pictures in your newly remodeled kitchen? suddenly owning doesn’t sound so great, does it?
|
|
#
¿
Apr 26, 2022 18:31
|
|
|
it really just sucks. I’m apartment hunting right now and deciding if I should (a) find the cheapest thing possible so I can save money to potentially be competitive in bidding but also probably be miserable because lovely apartments suck or (b) find something nice and just YOLO and not save and live a happier life in the meantime.
|
|
#
¿
Apr 26, 2022 18:37
|
|
|
nah, you should learn to code and invest in crypto. do something society needs and you will be rewarded. thank me later.
|
|
#
¿
Apr 27, 2022 00:40
|
|
|
dude if they forgive student debt that’ll be the ultimate own against me. i worked weekends for years to get ahead and pay that poo poo off so I could save for a house. loll lmaoo I should have just borrowed for a house and deferred my loans. even if there is no student debt relief I would have been way ahead. bootstraps are for suckers. Mod edit: removed some personal information Somebody has issued a correction as of 16:54 on Apr 27, 2022 |
|
#
¿
Apr 27, 2022 15:35
|
|
|
Mod edit: removed some personal information
Somebody has issued a correction as of 16:54 on Apr 27, 2022 |
|
#
¿
Apr 27, 2022 15:45
|
|
|
mod edit: removed some personal information
Somebody has issued a correction as of 17:11 on Apr 27, 2022 |
|
#
¿
Apr 27, 2022 16:02
|
|
|
Relevant Tangent posted:mod edit: removed some personal information lol Somebody has issued a correction as of 17:31 on Apr 27, 2022 |
|
#
¿
Apr 27, 2022 16:03
|
|
|
TeenageArchipelago posted:
me too
|
|
#
¿
Jan 10, 2023 03:38
|
|
|
Fitzy Fitz posted:Flipper buys it, paints everything gray, remodels ONLY the kitchen and bathroom, and puts back on the market in 6 months for twice the price. Soon to be bought WFH tech workers or retirees from another state. denver_metro.txt
|
|
#
¿
Jan 10, 2023 03:40
|
|
|
Speaking of short term rentals, you guys reminded me of this local'ish gem: Summit County second-home owners report struggles if their properties aren’t paid for by short-term renters] quote:Summit County local Timothy Paynter has owned a second property in Breckenridge for 20 years that he rents for six months out of the year. he just wants to achieve his dream of being a landlord 
|
|
#
¿
Jan 11, 2023 04:12
|
|
|
CRUSTY MINGE posted:Come to the San Luis Valley. We have alligators and sand. And an airbnb with camels. oh poo poo! I was looking at land down there because lol at buying anything north of the springs. reading into the water situation and it just sounded too risky to start making moves. are you homesteading down there?
|
|
#
¿
Jan 11, 2023 04:46
|
|
|
CRUSTY MINGE posted:Not yet. Someday. I'm sorry I slept on this response! I haven't had time to sit at my Posting Station. I was looking at the "smaller" lots of 5-10 acres. was trying to find land with a grandfathered well already on-site after reading that approval for a new well might be a crapshoot if the aquifers are in rough shape. like you mentioned: others are trying to grab the water.. That level of uncertainty coupled with the fact that my career very much keeps me in the city means it's just an idea I was playing with in lieu of the mayhem of the Denver market. Still keeping an eye out in case I *crack ping* and need to just disappear and do spirograph art for the rest of my life. Thanks for the info and offers to help on the setup! Off-grid living would be a hell of a project. I've successfully made space for all of those guys except a mountain lion (but I understand that not seeing them at all is ideal). heading home from work one night and coming within 30 feet of a moose doe was the closest I'd come to any of the wildlife simply because I didn't see her until I was that close (way too loving close. moose are loving huge).
|
|
#
¿
Jan 12, 2023 04:04
|
|
|
Ornery and Hornery posted:I wish anybody knew actual poo poo about what home prices are going to do.
|
|
#
¿
Jan 13, 2023 04:05
|
|
|
Ornery and Hornery posted:please give me a large lump sum of cash a mortgage broker unironically advised me to ask this of my friends and family
|
|
#
¿
Jan 13, 2023 18:41
|
|
|
Red Baron posted:we will find out what happens in ten years when critical mass has been reached and not a single second beforehand it's true 
|
|
#
¿
Jan 13, 2023 22:49
|
|
|
Red Baron posted:sorry bud it's fine tbh, just would be cool to be able to buy a home is all.
|
|
#
¿
Jan 14, 2023 00:14
|
|
|
|
| # ¿ May 9, 2024 16:18 |
|
|
Minecraft Holmes posted:it's time we started scamming all the elderly out of their homes i propose mortal kombat
|
|
#
¿
Jan 14, 2023 01:15
|
|