Pierce Manhammer
Moderator
Yeah it was soooo much better for Gen X! We had it soooo easy…
It was this way all through the 90’s kids:
It was this way all through the 90’s kids:
Between the cost of houses themselves, the ridiculous down payments required in cash and the mortgage rates, I am not sure why anyone would think about purchasing a house right nowYeah it was soooo much better for Gen X! We had it soooo easy…
It was this way all through the 90’s kids:
Because now is better than tomorrow.Between the cost of houses themselves, the ridiculous down payments required in cash and the mortgage rates, I am not sure why anyone would think about purchasing a house right now
Maybe but what's the point if you are going to have a $3000 house payment for the rest of your life with almost no chance of paying it off?Because now is better than tomorrow.
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Well yes, the value of buying a house is that you need a place to live no matter what.The value of buying a house is that one day you will own it outright and won't have payments left on it unlike you would renting.
That's true but that's also why people who go on back to back to back cruises indefintiely are so interesting because by the time you end up factoring in food costs, housing costs, vehicle costs, insurance costs, medical costs, Wifi/cable, etc that you wouldn't have on a cruise ship, in some cases, travelling around the world nonstop is actually less expensive than paying rent/mortgage payments.Well yes, the value of buying a house is that you need a place to live no matter what.
Nothing about that idea is even serious. Traveling the world by boat eating garbage food, surrounded by infectious disease and the inevitable bouts of seasickness? If we wanted that just join the navy.That's true but that's also why people who go on back to back to back cruises indefintiely are so interesting because by the time you end up factoring in food costs, housing costs, vehicle costs, insurance costs, medical costs, Wifi/cable, etc that you wouldn't have on a cruise ship, in some cases, travelling around the world nonstop is actually less expensive than paying rent/mortgage payments.
You ever been on a cruise ship? If so you would know it's not garbage food. I mean it CAN be garbage food if you choose it, but it could also be high end restaurant quality food too and anything in between. (at least on the ones I have been on some years ago...maybe things have changed recently).Nothing about that idea is even serious. Traveling the world by boat eating garbage food, surrounded by infectious disease and the inevitable bouts of seasickness? If we wanted that just join the navy.
I take it you are not high on home ownership. For most people, home ownership has less to do with being a financial return on investment. That part is secondary to what a home is; a place to plant roots and build a life. You have to sleep and shvt somewhere regardless. May as well own the piece of land.
The cruise ship idea is just.. weird to bring to a home topic but we can move on.You ever been on a cruise ship? If so you would know it's not garbage food. I mean it CAN be garbage food if you choose it, but it could also be high end restaurant quality food too and anything in between. (at least on the ones I have been on some years ago...maybe things have changed recently).
There are so many food options available that you can choose to eat as healthy or an unhealthy as you want. Literally if it's not on the menu you can ask for it and they will make it for you.
When are you not surrounded by infectious disease tho? Is it any different then living in an enclosed apartment complex? Or going to busy restaurants, bars, stores, etc?
I've never really got seasick on any of the cruises I've been on and they have small patches you just put behind your ear that make that a non issue now.
I own a home actually...I am just saying it doesn't make sense for a lot of people who don't these days to be buying one with the high costs and the high mortgage rates. Especially in these cities where home prices are north of a million dollars for places that look like shacks or shanties.
Dumb question.. not interested in homeownership personally but just curious.The cruise ship idea is just.. weird to bring to a home topic but we can move on.
Regarding the home; the ideal time to buy a home is when one is ready to buy a home. The “break even” point between buying vs. renting is what is in flux. There is no point in waiting for the “favorable” market or interest rates. You need a place to stay regardless.
The ideal time to buy one is when you can AFFORD to buy one. That's what people don't seem to get. And if you can't afford to buy one then your options are to move to a place you CAN afford to buy one or not buy one.The cruise ship idea is just.. weird to bring to a home topic but we can move on.
Regarding the home; the ideal time to buy a home is when one is ready to buy a home. The “break even” point between buying vs. renting is what is in flux. There is no point in waiting for the “favorable” market or interest rates. You need a place to stay regardless.
Yes, but that is instead a personal finance problem, not something inherently wrong with homeownership. People overspend on all kinds of shvt.Too many people are putting them in a financially precarious place to buy a house and they are going to suffer greatly for it over the rest of their life financially because of it.
That's the point I am trying to make. People making 200+K living paycheck to paycheck and racking up credit card debt because they can't afford the house they live in is absolutely ridiculous and these people need a logic and IQ check.
It's hard to label it a personal finance issue when houses are simply not affordable in many places for the average working person, even with normal incomes for a family.Yes, but that is instead a personal finance problem, not something inherently wrong with homeownership. People overspend on all kinds of shvt.
Indeed it is. Good old supply and demand.The home price to income ratio is severely out of whack compared to any other time.
If you currently have too many women chasing you, calling you, harassing you, knocking on your door at 2 o'clock in the morning... then I have the simple solution for you.
Just read my free ebook 22 Rules for Massive Success With Women and do the opposite of what I recommend.
This will quickly drive all women away from you.
And you will be able to relax and to live your life in peace and quiet.
Because they have been told their entire lives that owning a house (and btw they don't own them, their banks do) is the best thing you can do and it makes you an adult. It's a status move more than anything.Between the cost of houses themselves, the ridiculous down payments required in cash and the mortgage rates, I am not sure why anyone would think about purchasing a house right now
Being financially and fiscally smart makes you an adult not owning a house.Because they have been told their entire lives that owning a house (and btw they don't own them, their banks do) is the best thing you can do and it makes you an adult. It's a status move more than anything.
For real estate, inflation is your friend. However, this can be location-specific. Metro NYC (Fairfiled County, CT, Pike County, PA, Northern NJ, Central NJ, Westchester, NY, Orange County, NY and Rockland County, NY will all increase in value. Whereas Greene County and Sussex County; not as much. Flood zones also a no go.Between the cost of houses themselves, the ridiculous down payments required in cash and the mortgage rates, I am not sure why anyone would think about purchasing a house right now
Not really...For real estate, inflation is your friend. However, this can be location-specific. Metro NYC (Fairfiled County, CT, Pike County, PA, Northern NJ, Central NJ, Westchester, NY, Orange County, NY and Rockland County, NY will all increase in value. Whereas Greene County and Sussex County; not as much. Flood zones also a no go.
A home I purchased as a rent in 2017 for $200k is now work $515k and shoots off over 70k a year in rents. I think you are mistaken.Not really...
No job is giving their employees raises anything close to offset the higher inflation they are seeing and which doesn't even seem to account for basic things like groceries considering many things are double or triple in price and many others are well over the 7-8% rate of inflation, upwards of 40-50% higher.
So higher home prices are nice but the money to pay for these sky high home prices is increasingly being crunched by the cost of everything else taking discretionary income.
If you currently have too many women chasing you, calling you, harassing you, knocking on your door at 2 o'clock in the morning... then I have the simple solution for you.
Just read my free ebook 22 Rules for Massive Success With Women and do the opposite of what I recommend.
This will quickly drive all women away from you.
And you will be able to relax and to live your life in peace and quiet.