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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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Anonymous Mon Sep 18 17:59:29 2023 No.56135731 [Reply] [Original]

Will houses be affordable for the average wagie ever again?

Anonymous Mon Sep 18 18:02:30 2023 No.56135757

>>56135731
no because the average normgroid FOMOs into the housing the second they get a chance. they don't think, they don't reason, they don't understand.
>UGHH I KNOW I KNOW THIS HOUSE WAS LITERALLY HALF THE MONTHLY MORTGAGE 3 YEARS AGO BUT I JUST GOT A $10K/YEAR RAISE AND NOW I CAN JUUUUUUUST BARELY AFFORD TO QUALIFY FOR THE MORTGAGE
>HELLO SHEKELBERG REALTY ASSOCIATES???
>YES, THIS IS JOHN Q. NORMALNIGGER PUBLIC.
>I'D LIKE TO BUY A HOME, IMMEDIATELY.

>>	Anonymous Mon Sep 18 18:03:41 2023 No.56135763 how do we know when it is a good time to buy a house?

>>	Anonymous Mon Sep 18 18:04:43 2023 No.56135771 >>56135731 No, you'll rent and be happy.

>>	Anonymous Mon Sep 18 18:04:47 2023 No.56135774 >>56135763 always, look at the chart houses will always go up, unless theres a massive dieoff like the black death housing will always go up as long as the population doesnt go down

>>	Anonymous Mon Sep 18 18:04:48 2023 No.56135775 File: 28 KB, 554x772, bbb.png [View same] [iqdb] [saucenao] [google] >>56135763 >it's literally impossible to time the market, warren buffet said so.

>>	Anonymous Mon Sep 18 18:07:33 2023 No.56135792 >>56135757 those normies arent wrong though even the worst mortgage is still better than renting the only better alternative is living with your parents

>>	Anonymous Mon Sep 18 18:07:55 2023 No.56135796 Houses always go up, get in while you can. I will raise the rent on my rental property every time I can just because I can. It is your only escape from me or the pods.

Anonymous Mon Sep 18 18:21:18 2023 No.56135889

>>56135792
>those normies arent wrong though even the worst mortgage is still better than renting
that's really not true these days. i can rent a nice 1 bedroom cuckpartment for $1800/month and save $1500/month. or i could barely squeeze into a shitty plywood box home and save $100/month, where 1 unexpected maintenance issue fucks my ass raw.
>muh equity
irrelevant when you look at amortization schedule. vast majority of your payments are going toward interest for the first several years.

>>	Anonymous Mon Sep 18 18:23:19 2023 No.56135907 >>56135889 Rent keeps going up though while your mortgage will stay the same in under 5 years your mortgage will be way less than your rent

>>	Anonymous Mon Sep 18 18:37:45 2023 No.56136023 >>56135763 When you dont think about buying a house Its quite ironic, fomo lets you want to buy at the top, but a bottom is ignored, many such cases

Anonymous Mon Sep 18 18:49:21 2023 No.56136097
File: 289 KB, 640x633, 1687193141224144.jpg [View same] [iqdb] [saucenao] [google]

Houses have always been affordable. Even a fuckin mechanic can afford a nice house nowadays. Pool money together with your wife/family and you should easily have enough to get a nice mortgage from a bank. That's how normos do it. A nice 500k loan which they will pay their entire lives. Hell, these loans were pretty much free during Covid (which is when anyone smart enough got shitton of loans). It's sad that this is how it works (that you have to become a goddamn slave to the bank) but that's just how it is for 95% of people.
People in slavic countries (like CZ for example) pay far far more for their houses relative to how much they earn (compared to the US) and you don't see them complaining. Yes, you will be indebted to the bank forever but who cares?

>>	Anonymous Mon Sep 18 18:51:12 2023 No.56136110 >>56135907 >hoomer cope you are tied to a mortgage in a dead nation being replaced by spics and niggers lol is that really what you want to do long term? you are TRAPPED.

>>	Anonymous Mon Sep 18 18:52:05 2023 No.56136123 >>56136097 >CZ >slavic What

>>	Anonymous Mon Sep 18 18:53:20 2023 No.56136136 >>56136110 As opposed to what? Where are the renter poors gonna go?

>>	Anonymous Mon Sep 18 18:55:29 2023 No.56136155 >>56135889 > i can rent a nice 1 bedroom cuckpartment for $1800/month and save $1500/month. or i could barely squeeze into a shitty plywood box home and save $100/month nope. mortgage is still cheaper and you save more

>>	Anonymous Mon Sep 18 19:00:39 2023 No.56136194 >>56136097 A mortgage for a $500k house is $3600 a month and median household income is like $6000 a month house is that affordable?

>>	Anonymous Mon Sep 18 19:02:44 2023 No.56136214 File: 893 KB, 1024x791, Income-1024x791.png [View same] [iqdb] [saucenao] [google] >>56135792 Depends on the part of the country, but for the most part you are right. West Coast, Rockies, and Mid-Atlantic are exceptions.

>>	Anonymous Mon Sep 18 19:03:03 2023 No.56136219 >>56136155 do you have a learning disability?

>>	Anonymous Mon Sep 18 19:11:06 2023 No.56136305 File: 12 KB, 294x314, dual income.png [View same] [iqdb] [saucenao] [google] >>56136194 Because the majority of households have both parents working. If you are trying to buy a home for yourself on a single income, you are in the minority.

>>	Anonymous Mon Sep 18 19:14:15 2023 No.56136326 >>56136305 >Because the majority of households have both parents working. Yeah thats what I said $6000 a month is the average median household income

>>	Anonymous Mon Sep 18 19:34:15 2023 No.56136468 >>56135731 no. the average wagie is going to keep getting poorer in real terms, the middle class will keep shrinking until we reach historical norms of only rich and poor people

Anonymous Mon Sep 18 20:09:04 2023 No.56136773
File: 83 KB, 652x932, median income by family size.png [View same] [iqdb] [saucenao] [google]

>>56136326
>average median

Those things are different.

Median income of a married family with 2 kids is over 100k. This is the demographic that represents the majority of home purchases.

Median household income is not the best metric to use, since 30% of people will rent their entire lives. Home buyers are in the top 70%, 65th percentile income is the median.

Anonymous Mon Sep 18 20:13:04 2023 No.56136811

>>56136773
>

A bigger share of homeowners (41.6%) than renters (28.7%) had a bachelor’s degree or higher. They also earned more money: median annual household income was $78,000 compared to renters’ $41,000.

https://www.census.gov/library/stories/2023/06/owning-or-renting-the-american-dream.html

>>	Anonymous Mon Sep 18 20:14:26 2023 No.56136825 im going to invest every penny i can into BTC. it'll 5-6x from here and then i'll use that for a big downpayment and get my monthly cost low. otherwise ill just kill myself

>>	Anonymous Mon Sep 18 20:18:19 2023 No.56136854 >>56136773 How many earners are in those 4 people though? I imagine its higher because most zoomers are living with their parents now

Anonymous Mon Sep 18 21:20:35 2023 No.56137292
File: 101 KB, 1112x620, houshold income of home buyers.png [View same] [iqdb] [saucenao] [google]

>>56136811
Not representative of who you are competing against. This data measures who owns a home, not who is buying a home right now. So you have retirees on fixed pensions based on a percent of their salary from 10-20 years ago included in that statistic.

About half (47%) of all home buyers are older Millennials (32-41) and Gen X (42-56). People buying homes in these groups had a median income in 2020 was well over 100k. Those incomes are even higher now.

People aged 57+ are one third of the market, and they all have their homes paid off and the ability to buy in cash. 80% of the market is either pulling in 110k+, or paying cash for their house.

Anonymous Mon Sep 18 21:28:21 2023 No.56137347

>>56135792
>those normies arent wrong though even the worst mortgage is still better than renting
if your rent is 40% of your income, it will always stay that way. if your mortgage is 40% there are still costs - if the HVAC blows up, a tree falls on the roof, etc, anything you can't do yourself and you wouldn't pay for if you were renting. then if your mortgage is where the bulk of monthly payments is only towards interest, that isn't great either.
don't get a bad mortgage because it's "better than renting"

Anonymous Mon Sep 18 21:57:32 2023 No.56137535
File: 214 KB, 1024x649, rent by year.png [View same] [iqdb] [saucenao] [google]

>>56137347
Mortgage payments are fixed, rental payments are not. Rents rise with income. Only property tax can be increased for homeowners, and that's capped at 3% in most areas. If mortgage rates drop, homeowners can refinance to lower rates, lowering their monthly payments. Rent never goes down.

You do an inspection before you buy a house. If the inspection shows the HVAC is old and about to go out, ask sellers to either replace it or provide a home warranty that will cover the cost of replacement. HVAC replacement will be $10,000 and last 20+ years.

Home insurance (required if you are taking out a loan) covers natural disasters (tree falling on roof).

>>	Anonymous Mon Sep 18 21:59:18 2023 No.56137544 >>56136123 cope. you will never be german.

>>	Anonymous Mon Sep 18 22:15:24 2023 No.56137629 >>56137347 >anything you can't do yourself and you wouldn't pay for if you were renting are you insane? you think landlords don't charge you for ruining their property?

>>	Anonymous Mon Sep 18 22:19:08 2023 No.56137654 >>56135731 No. Buy Bitcoin

>>	Anonymous Mon Sep 18 22:19:32 2023 No.56137659 Only retards rent.

>>	Anonymous Mon Sep 18 23:13:09 2023 No.56138009 >>56137659 Based

>>	Anonymous Tue Sep 19 01:29:27 2023 No.56138844 >>56137347 >if your rent is 40% of your income, it will always stay that way. lol lmao

>>	Anonymous Tue Sep 19 03:00:28 2023 No.56139349 >>56135763 when all the boomers are dead

>>	Anonymous Tue Sep 19 09:54:10 2023 No.56140838 >>56135757 this is actually what pisses me off as well, it keeps prices at levels that would be impossible without people using the next 30 years of their income to buy a house. even car prices are affected by overly needy consumers

>>	Anonymous Tue Sep 19 10:14:42 2023 No.56140903 >>56135763 The best time to buy a house is when it's time in your life to want one dumbshit.

>>	Anonymous Tue Sep 19 10:16:09 2023 No.56140910 >>56135775 gottem

>>	Anonymous Tue Sep 19 13:49:21 2023 No.56141853 I just bought my first house for £51k, yes it's a 1 bedroom in a shithole but it's still a house. Never give up

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