Another *fuck the housing market* thread

[SWRTOFFICIAL]

mannnn fuck the housing market...

me and my partner are both so fed up with living with our parents individually,I rly cant tolerate living with my entitled sister anymore, and my partner's parents dont like dogs so their dog doesn't get to do dog stuff in the house, the list of grievances there goes on and on.

we have been looking for a place to live for almost a year now. rent is too pricey, and landlords here are robber barrons that'll squeeze every dime out of you (known by my partner's sister and her family who has moved around my town quite a bit and has seen this in action)

also to buy a house the cheapest you can get anything is 150k, and then on those houses you need about another 20-40k in work to fix whatever and clear mold out and make it livable for my partner who needs certain conditions because of health complications.

My partner was talking to their sister the other day. who's currently in process of building a house, said that it would literally be cheaper to build a small house and have the local Amish do it. Partner's bro in law also is looking to buy land which we could build on, then rent from them, luckily materials are pretty cheap here in the Northwoods and there is no shortage of wood or land to build on so its a real possibility

hopefully that works out, but it is still at least a year and a half into the future. its still just hard financially being a college student and also living in a growing area where prices of everything are going up and up. and jobs dont pay nearly enough round these parts especially for somebody who can only work full time 4 months out of the year

still banking on the housing market to collapse again so shit becomes affordable an maybe just maybe we can get into a not moldy house that doesn't need 30k in work that costs under 120k

also I could live in the town I go to school to, where things are a lil cheaper which is 30 miles away from where I live now but its kinda dogshit except for the campus and theres nothing to do and def not in the best environmental condition considering there are corporate farms that get absolutely blasted with glycophate pesticides for 5 months of the year surrounding it. my parter's health would not allow that

fuck corporate farms too but thats another rant...

**This thread was edited on Apr 5th 2022 at 10:36:20am

**This thread was edited on Apr 5th 2022 at 10:37:01am

 

[ASSholebomber22]

Bro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

 

[SWRTOFFICIAL]

Bro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

I am not sayin ur wrong but that sounds like a long ass stretch. its really hard to make that kinda money as a student lmao. and with inflation and having to also afford bills and food and car payments and school and gas and literally everything else. idk man maybe that'd be realistic if we were living in like 1990, and shit always looks better on paper than in practice so I'm finding that hard to believe

also if they maybe even taught us a sliver of how the financial world works in school I wouldn't be making this thread but I'm really working with nothing here lmao

**This post was edited on Apr 5th 2022 at 10:51:16am

 

[Professor-Modelo]

Biffbarf is right… you can easily make that happen on a very basic restaurant income. Also I don’t think you REALLY want the housing market to crash again

 

[ASSholebomber22]

I am not sayin ur wrong but that sounds like a long ass stretch. its really hard to make that kinda money as a student lmao. and with inflation and having to also afford bills and food and car payments and school and gas and literally everything else. idk man maybe that'd be realistic if we were living in like 1990, and shit always looks better on paper than in practice so I'm finding that hard to believe

At those prices you don't even have to go to school. Seriously. Find any mortgage calculator you want. I put it 200k with a 10k downpayment and a 5ish percent interest rate, take that monthly payment, multiply it by 3 so it's a third your living, divide it by 2 and boom you have the minimum you need to make as an individual. You need to make less than 25k each. This has to be one of the most attainable way to buy a house in the entire US.

Also, wtf are you doing paying for school. Work until you're no longer a dependent of your parents then go to school when you can fill out a fafsa with little/no taxable income then school is pretty much free.

Also why the fuck would you have a car payment? Fuck that shit. Buy a beater with a heater financing cars is one of the worst ways to spend your money.

 

[r00kie]

I am not sayin ur wrong but that sounds like a long ass stretch. its really hard to make that kinda money as a student lmao. and with inflation and having to also afford bills and food and car payments and school and gas and literally everything else. idk man maybe that'd be realistic if we were living in like 1990, and shit always looks better on paper than in practice so I'm finding that hard to believe

also if they maybe even taught us a sliver of how the financial world works in school I wouldn't be making this thread but I'm really working with nothing here lmao

**This post was edited on Apr 5th 2022 at 10:51:16am

Qouting to emphasize that last point you made. It amazes me how little financial literacy is taught to high schoolers. But hey, if we teach kids how to calculate interest and plan a budget how would we get them to sign up for these ridiculous student loans?

Anyway, you're a college student who is actually looking into their future regarding big life things like buying a house, you're already ahead of your peers. For me personally I'm 4-5 years out and thats if the Boise housing market simmers down a hair but my current renting situation is amazing so I'm going to milk it as long as I can.

**This post was edited on Apr 5th 2022 at 11:04:08am

 

[SWRTOFFICIAL]

Biffbarf is right… you can easily make that happen on a very basic restaurant income. Also I don’t think you REALLY want the housing market to crash again

where

 

[Professor-Modelo]

I’m no banker but that seems like a VERY long term loan if you’re paying 300 bucks a month on a house…

also it’s absurd to expect to be able to purchase a nice home without making decent income and while being enrolled in classes. It’s not the housing markets fault that nobody is trying to pay someone with no degree 75+ a year… first you must become qualified, then you must work and acquire paper. Only then is you becoming a homeowner in the cards

View attachment 1038853

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**This post was edited on Apr 5th 2022 at 11:05:05am

**This post was edited on Apr 5th 2022 at 11:05:32am

 

[SWRTOFFICIAL]

At those prices you don't even have to go to school. Seriously. Find any mortgage calculator you want. I put it 200k with a 10k downpayment and a 5ish percent interest rate, take that monthly payment, multiply it by 3 so it's a third your living, divide it by 2 and boom you have the minimum you need to make as an individual. You need to make less than 25k each. This has to be one of the most attainable way to buy a house in the entire US.

Also, wtf are you doing paying for school. Work until you're no longer a dependent of your parents then go to school when you can fill out a fafsa with little/no taxable income then school is pretty much free.

Also why the fuck would you have a car payment? Fuck that shit. Buy a beater with a heater financing cars is one of the worst ways to spend your money.

I literally did it, lets say on the realistic side with taxes and all we make a combined 40k, we are not married and dont have plans to soon, I dont know how shit works so maybe that'll cut down the amount I can afford? but with 40k, about a 5%interest rate, and a 10k down payment the most I could afford is like 90k

I'm going to school cuz I wanna be a fucking teacher and I would rather be one in 3 years or less rather than 8 so I dont have to do shitty wage work anymore and can have a job I want that doesn't make me want to go insane

cuz a motherfucker dont just have that kinda cash on hand in the real world, in December I took a 5k loan out to buy a Prius cuz I needed a fuel efficient car to get to school with cuz my old car drank a tank every 2 days

 

[ASSholebomber22]

View attachment 1038853

where

Link me where you found that because you messed something up and the 300/month mortgage payment probably has something to do with it

 

[SWRTOFFICIAL]

Qouting to emphasize that last point you made. It amazes me how little financial literacy is taught to high schoolers. But hey, if we teach kids how to calculate interest and plan a budget how would we get them to sign up for these ridiculous student loans?

Anyway, you're a college student who is actually looking into their future regarding big life things like buying a house, you're already ahead of your peers. For me personally I'm 4-5 years out and thats if the Boise housing market simmers down a hair but my current renting situation is amazing so I'm going to milk it as long as I can.

**This post was edited on Apr 5th 2022 at 11:04:08am

thanks homes, I appreciate the support. hopefully we can figure something out where a good deal or a safe place to rent pops up but either way we really are both driven to get out of our parents houses respectively

 

[SWRTOFFICIAL]

Link me where you found that because you messed something up and the 300/month mortgage payment probably has something to do with it

View attachment 1038861

yea but $50,000 is a long ass stretch for 2 students

and yea idk how fuck works so forgive that 300 error

**This post was edited on Apr 5th 2022 at 11:15:56am

 

[r00kie]

thanks homes, I appreciate the support. hopefully we can figure something out where a good deal or a safe place to rent pops up but either way we really are both driven to get out of our parents houses respectively

I feel that. I lived with my parents through school and even for almost a year after, finally moved out just over a month ago. IMO beats taking out an extra 10k a year for room and board. I wish I had some advice on finding cheap housing while a student but I never went that route. How long til you graduate?

 

[SWRTOFFICIAL]

I feel that. I lived with my parents through school and even for almost a year after, finally moved out just over a month ago. IMO beats taking out an extra 10k a year for room and board. I wish I had some advice on finding cheap housing while a student but I never went that route. How long til you graduate?

I got like 2 years, then probably going for masters. Its def nice to not have to pay for student housing but my parents are at my heels about moving out and have been real dicks to me since I moved home after my first year. I'm sure something will work out tho cuz things usually do

 

[Professor-Modelo]

Then you need to choose between working now and buying a house with your partner, or graduating and joining the work force asap. That’s all there is to it.

I’d personally recommend finishing out school since you’re already there. Your sister can’t possibly be that bad

yea but $50,000 is a long ass stretch for 2 students

and yea idk how fuck works so forgive that 300 error

**This post was edited on Apr 5th 2022 at 11:15:56am

**This post was edited on Apr 5th 2022 at 11:20:45am

 

[SWRTOFFICIAL]

Then you need to choose between working now and buying a house with your partner, or graduating and joining the work force asap. That’s all there is to it.

I’d personally recommend finishing out school since you’re already there. Your sister can’t possibly be that bad

**This post was edited on Apr 5th 2022 at 11:20:45am

lmao yeah thats nice advice, I am rly not in as big of a rush as original post makes it sound, but my parents are just dicks about me being home too while she has a free pass to do anything she wants with zero consequence and living together would just be a big convenience thing.

im sure it'll work out one way or the other

 

[SWRTOFFICIAL]

[tag=263991]@Biffbarf[/tag] you were right, once I typed the right shit in it made more sense, probably a good idea to tough it out another year and save for a down payment though. shits still hard and 50k is a strech for a 2 students. [tag=269407]@Professor-Modelo[/tag] kinda put it right tho with makin a choice to stop school or to just play it and wait

 

[SWRTOFFICIAL]

maybe I should do research before I chirp?

but maybe I dont care and I like to just speak my mind lmao

either way thanks for ur opinions and input. y'all all had some valid points

 

[oldmanski]

Hang in there and keep at it. Concentrate on your schooling and keep looking for a place to live, something will come around. I dont have much advice to give but stick with what you want, work hard and dont give up. Things will work out.

 

[skierman]

LOL at the fucking morons who think the only barrier is how much you make.

Tell us more about how you idiots have never bought a house.

 

[Professor-Modelo]

Not the ONLY barrier, but all the other barriers do seem to directly correlate with income

LOL at the fucking morons who think the only barrier is how much you make.

Tell us more about how you idiots have never bought a house.

 

[WoFIowz]

View attachment 1038853

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You gotta put more than 5% down man. Also wtf are you doing not saving up mad cash living with no housing, no home/renter insurance, no utilities, nothing but a car payment? If you're really serious, look at your expenses and cut out everything nonessential, and cut out all that extra bullshit you spend on every day.

yea but $50,000 is a long ass stretch for 2 students

and yea idk how fuck works so forgive that 300 error

**This post was edited on Apr 5th 2022 at 11:15:56am

Don't buy a house while you're a student. That's part of it. You gotta get a job first buddy. Next how about you cool the jets and save money at your parents house. Think it's bad now? Imagine foreclosure and having to live with them after you fuck that up.

Also the housing market is starting to slow down a bit. Predictions that by 2024 it should be back to normal price increases of ~5%. We could see an inversion but that's a total guess. Some places are actually seeing a decline in prices but they're very few and far between and they're rich folk towns anyway.

You could always move to a cheaper town or the ghetto. Housing isn't this pricey everywhere.

 

[r00kie]

I got like 2 years, then probably going for masters. Its def nice to not have to pay for student housing but my parents are at my heels about moving out and have been real dicks to me since I moved home after my first year. I'm sure something will work out tho cuz things usually do

Gotcha. Yeah being a student takes sacrifice and I don't know of anyone who was able to buy a house while being a full time student unless they got married. It's life. Like I said I have no finanvual advice to give but I'd say just keep the main thing the main thing. Unless your parents are throwing your stuff out on the lawn, navigating that uncomfortable dynamic for two more years will set you for post grad life and pay huge dividends, financially and otherwise.

 

[yungona]

tdlr: i am poor and i can’t afford luxury housing like yungona

 

[bbridge]

Qouting to emphasize that last point you made. It amazes me how little financial literacy is taught to high schoolers. But hey, if we teach kids how to calculate interest and plan a budget how would we get them to sign up for these ridiculous student loans?

Anyway, you're a college student who is actually looking into their future regarding big life things like buying a house, you're already ahead of your peers. For me personally I'm 4-5 years out and thats if the Boise housing market simmers down a hair but my current renting situation is amazing so I'm going to milk it as long as I can.

**This post was edited on Apr 5th 2022 at 11:04:08am

Dude exactly. They've taught us how many hotdogs joey can shove up his ass running at 25 grasshoppers per gallon of gas, but refuse to teach us how any of the real world works. Like knowing about mitochondria is cool, but in reality that crap isn't going to get me a house, or a car, or any stability in the real world.

**This post was edited on Apr 5th 2022 at 1:54:19pm

We have detected instance of bullying in this message/comment.

The person you are writing to might feel bullied. Maybe you should avoid sending messages like this.

**This post was edited on Apr 5th 2022 at 1:55:08pm

 

[SWRTOFFICIAL]

Hang in there and keep at it. Concentrate on your schooling and keep looking for a place to live, something will come around. I dont have much advice to give but stick with what you want, work hard and dont give up. Things will work out.

honestly no advice is the best advice, much love

 

[Lonely]

Bro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

Hmm? Ya need 40k for the downpayment alone on a 200k house, unless you are doing a FHA loan but those come with their own bagage.

I'd have a hard time believing that a couple making 10$ an hour has 40k lying around...

With that combined income, 10k saved a year is feasible, but still difficult when looking at the rise of the cost of rent. I'd imagine it'd be difficult to save nearly a quarter of what you earn just for a downpayment when rent is half you're income.

Housing market is still fucked though. The affordability of a 200k house hasn't really changed, but now houses that were 200k five years ago are being listed and sold for 600k. That's the fucked part

 

[ASSholebomber22]

Hmm? Ya need 40k for the downpayment alone on a 200k house, unless you are doing a FHA loan but those come with their own bagage.

I'd have a hard time believing that a couple making 10$ an hour has 40k lying around...

With that combined income, 10k saved a year is feasible, but still difficult when looking at the rise of the cost of rent. I'd imagine it'd be difficult to save nearly a quarter of what you earn just for a downpayment when rent is half you're income.

Housing market is still fucked though. The affordability of a 200k house hasn't really changed, but now houses that were 200k five years ago are being listed and sold for 600k. That's the fucked part

Nobody's buying houses with 20% downpayments anymore.

 

[skierman]

Nobody's buying houses with 20% downpayments anymore.

You're an ignorant fuck, aren't you?

 

[Lonely]

Nobody's buying houses with 20% downpayments anymore.

So our hypothetical dairy queen couple would have to do an FHA right? Or are banks handing out loans to people with that sort of income, with a 190k mortgage, and potentially student or other types of debts? At a rate that doesn't fuck you up the ass?

 

[ASSholebomber22]

You're an ignorant fuck, aren't you?

Ha you're cute. This is the result of having ns posts on your resume

So our hypothetical dairy queen couple would have to do an FHA right? Or are banks handing out loans to people with that sort of income, with a 190k mortgage, and potentially student or other types of debts? At a rate that doesn't fuck you up the ass?

I can't guarantee rates or lack of predatory lending, but banks are doin dummy shit right now ala 2k8 round 2. I know personally of 3 homes purchased within the last year at single digit down payments.

 

[SWRTOFFICIAL]

Can I buy a house with my $40million invested in butthole NFT’s and Fartcoin?

 

[Lonely]

Ha you're cute. This is the result of having ns posts on your resume

I can't guarantee rates or lack of predatory lending, but banks are doin dummy shit right now ala 2k8 round 2. I know personally of 3 homes purchased within the last year at single digit down payments.

Hmm. In that case do I buy a home this weekend? There's a great one I'm looking at in duluth

 

[yungona]

You're an ignorant fuck, aren't you?

Poor

 

[SWRTOFFICIAL]

Poor

Rich parents moment

 

[skiindana]

Focus on putting money away for retirement rather than buying a house. People do not understand how much time matters when you're investing. If you're in your 20s and not putting money into an index fund you're missing out on hundreds of thousands later in life.

Say you put away just $200 a month starting at age 20 and retire at 65. With 7% returns you'll have ~$760,000. Now say you instead wait 5 years to start putting away $200. You end up saving $12,000 less, but at retirement you only have ~$530,000. People think it is impossible to get rich or takes some great skill, but just being patient will almost guarantee you retire a millionaire if you just start now. Zero effort beyond saving $200...

On the house:

Housing is not an investment. It is an inflation hedged, leveraged, tax advantaged, saving vehicle. It will roughly appreciate at inflation and median local income (unless the US becomes Canada) after accounting for interest rates. With that said, unless you're buying more than one house or spend beyond your means, prices do not matter much - you're just buying into a 'price-level'. If prices go down you'll lose equity but all homes in your area will go down at a similar rate. If prices go up, you'll gain equity but it will be useless since prices in your area will rise at a similar rate.

We bought a house last year because the money was basically free and we had too much cash which was quickly losing value. This isn't really true today - if we bought our house now we'd spend +100k and have a payment that is +300 a month on just higher interest.

 

[skiindana]

Hmm. In that case do I buy a home this weekend? There's a great one I'm looking at in duluth

Do you plan on living there for at least 5 years? Can you afford the payment without issue? Cool if the price goes down 15%?

 

[skiindana]

Nobody's buying houses with 20% downpayments anymore.

We bought with 20%

 

[SWRTOFFICIAL]

Focus on putting money away for retirement rather than buying a house. People do not understand how much time matters when you're investing. If you're in your 20s and not putting money into an index fund you're missing out on hundreds of thousands later in life.

Say you put away just $200 a month starting at age 20 and retire at 65. With 7% returns you'll have ~$760,000. Now say you instead wait 5 years to start putting away $200. You end up saving $12,000 less, but at retirement you only have ~$530,000. People think it is impossible to get rich or takes some great skill, but just being patient will almost guarantee you retire a millionaire if you just start now. Zero effort beyond saving $200...

On the house:

Housing is not an investment. It is an inflation hedged, leveraged, tax advantaged, saving vehicle. It will roughly appreciate at inflation and median local income (unless the US becomes Canada) after accounting for interest rates. With that said, unless you're buying more than one house or spend beyond your means, prices do not matter much - you're just buying into a 'price-level'. If prices go down you'll lose equity but all homes in your area will go down at a similar rate. If prices go up, you'll gain equity but it will be useless since prices in your area will rise at a similar rate.

We bought a house last year because the money was basically free and we had too much cash which was quickly losing value. This isn't really true today - if we bought our house now we'd spend +100k and have a payment that is +300 a month on just higher interest.

Skiindiana back from the dead, haven’t seen that name in a while! That’s honestly some pretty damn motivating advice tho, 200 a month is pretty damn easy

 

[skiindana]

Skiindiana back from the dead, haven’t seen that name in a while! That’s honestly some pretty damn motivating advice tho, 200 a month is pretty damn easy

Yooooo

I browse all the time. I'm pretty knowledgable about retirement and savings stuff so feel free to hit me up if anyone needs help.

 

[.frenchy]

Hmm? Ya need 40k for the downpayment alone on a 200k house, unless you are doing a FHA loan but those come with their own bagage.

you also dont have to put any money down with a VA loan

sparknotes: OP must join the army

 

[Lonely]

Do you plan on living there for at least 5 years? Can you afford the payment without issue? Cool if the price goes down 15%?

The 15% drop is more of what I'm concerned about tbh. Stuff isnt as crazy in Duluth but I'm assuming at some point this"bubble" will pop and don't want to get fucked over by standing next to it when it does

 

[SWRTOFFICIAL]

you also dont have to put any money down with a VA loan

sparknotes: OP must join the army

As nice as not having to put money down sounds you wouldn’t catch my hippie ass dead in the military.

(no disrespect to veterans and active duty tho, y’all brave as fuck and all y’all do is appreciated)

 

[skierman]

Focus on putting money away for retirement rather than buying a house. People do not understand how much time matters when you're investing. If you're in your 20s and not putting money into an index fund you're missing out on hundreds of thousands later in life.

Say you put away just $200 a month starting at age 20 and retire at 65. With 7% returns you'll have ~$760,000. Now say you instead wait 5 years to start putting away $200. You end up saving $12,000 less, but at retirement you only have ~$530,000. People think it is impossible to get rich or takes some great skill, but just being patient will almost guarantee you retire a millionaire if you just start now. Zero effort beyond saving $200...

On the house:

Housing is not an investment. It is an inflation hedged, leveraged, tax advantaged, saving vehicle. It will roughly appreciate at inflation and median local income (unless the US becomes Canada) after accounting for interest rates. With that said, unless you're buying more than one house or spend beyond your means, prices do not matter much - you're just buying into a 'price-level'. If prices go down you'll lose equity but all homes in your area will go down at a similar rate. If prices go up, you'll gain equity but it will be useless since prices in your area will rise at a similar rate.

We bought a house last year because the money was basically free and we had too much cash which was quickly losing value. This isn't really true today - if we bought our house now we'd spend +100k and have a payment that is +300 a month on just higher interest.

Two issues...

1. Home ownership is the number 1 way to gain multi-generational wealth, not retirement accounts.

2. You're advocating for renting where you're tossing money into something with zero equity, it costs a lot fucking more than mortgage payments in most areas and the quality of life is terrible. Yeah man, sharing walls with loud-ass families, partying college kids and abusive couples! SWEET!

"We bought a house last year because the money was basically free and we had too much cash"

Tell me your privileged without telling me you're privileged.

 

[SWRTOFFICIAL]

Two issues...

1. Home ownership is the number 1 way to gain multi-generational wealth, not retirement accounts.

2. You're advocating for renting where you're tossing money into something with zero equity, it costs a lot fucking more than mortgage payments in most areas and the quality of life is terrible. Yeah man, sharing walls with loud-ass families, partying college kids and abusive couples! SWEET!

"We bought a house last year because the money was basically free and we had too much cash"

Tell me your privileged without telling me you're privileged.

I gotta agree, I do not wanna rent, that would honestly be worse than living with my parents lmao, I’d rather hang on for like 2 years and save my shit so I can actually get into a position where buying a house is more realistic than get stuck in leases in shitty apartments

 

[Abomber22]

10 an hour.

Gas

Food

Meds

Dog food

Daily fucking toiletries

Electric

Heat

Water

Garbage

........ sure, two incomes of 10 per hour could survive..... just like millions of others not getting ahead

Bro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

 

[ASSholebomber22]

We bought with 20%

That's what I said. Nobody.

 

[SWRTOFFICIAL]

10 an hour.

Gas

Food

Meds

Dog food

Daily fucking toiletries

Electric

Heat

Water

Garbage

........ sure, two incomes of 10 per hour could survive..... just like millions of others not getting ahead

10 an hour aint shit, anybody who lives in the real world knows that its incredibly hard to get by on that kind of money

 

[ASSholebomber22]

10 an hour.

Gas

Food

Meds

Dog food

Daily fucking toiletries

Electric

Heat

Water

Garbage

........ sure, two incomes of 10 per hour could survive..... just like millions of others not getting ahead

What are you babbling about old man?

 

[SWRTOFFICIAL]

What are you babbling about old man?

homie you aint even trying to make point any more, ur just being a dick to be a dick

 

[ASSholebomber22]

homie you aint even trying to make point any more, ur just being a dick to be a dick

Nah ain't trynna be a dick. Old man is trying to argue a point I never made. I can try to be a dick tho if you want