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GATTACA!

GATTACA!

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Irish#1 said:
We married in '73 and 10 months later had our first. Our rent at the time was $110. We got a notice that it was being raised to $135. Once we had our first one the wife quit working and our income was $6K - $6.5K. I was upset about the raise in rent and decided if we were going to pay that much we might as well own a home. We borrowed $2K from my dad for a down payment and got our first house for $28K or somewhere in that range. Our payment was $190. $135 was going to stretch us, but $190 looked impossible. Each of us owned our own cars when we married. We sold one and basically cut back or way down on everything else. Especially when #2 showed up in '75. #3 came in 81. #4 & #5 came in 85 & 86. She wanted another girl but no luck, so we quit at 5. I increased my salary to keep up by taking new jobs because they paid better. We ate a lot of potatoes back then. Bought generic brand groceries and the kids got hand me downs a lot. We didn't have two cars until around '90 when she went back to work. We improved our housing by selling after prices went up so we made enough to upgrade, but keep our payment close to the same. Once the youngest was in school, she went full time and we bought our current home. Once my salary allowed it, she quit to be home when the kids got home from school.

You can compare the COL and economy from then to today and say it's tougher now and it may be, but it's not that much of a difference as some think. It was tough back then as well. My point is if you're committed to having someone home with the kids all the time, you'll find a way.
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In 1973 a $28k home was slightly above average. A $190 payment x 12 would equal $2,280 annually. 2,280/6,500 = roughly 35% of your income.

In 2024 a average house price is around $420,000. That $2,000 downpayment loan you needed to ask your dad for is now $15,000 at 3.5%. Your $6,500 salary adjusted for inflation is $48,135, which is almost exactly what the average salary is in 2024. The payment on a $420,000 house with 3.5% down at 6.8 APR is $2,563 per month. That's $30,756 per year. Roughly 63% of your income.

It's a gigantic difference.

And before anyone starts. Yes you can find a fixer upper for less money. You can rent and try to save for years. You can sublet your house. You can add an extra revenue stream by having both spouses work. You can cut out a car and your morning coffees. Everyone is responsible for their own financial decisions. That isn't my point. My point is that the economic conditions aren't the same as they used to be. Until price gouging and corporate greed are addressed these trends are going to continue to get worse.

It's to the point where a majority of gen z believe they won't ever be able to own a home.

www.prnewswire.com

Survey Reveals 60% of Gen Z Worry They Will Never Own a Home

/PRNewswire/ -- 60% of Gen Z worry they might never own a home, with nearly all adult Gen Zers (98%) citing significant barriers to homeownership, according to...
www.prnewswire.com www.prnewswire.com
 
Sea Turtle

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GATTACA! said:
In 1973 a $28k home was slightly above average. A $190 payment x 12 would equal $2,280 annually. 2,280/6,500 = roughly 35% of your income.

In 2024 a average house price is around $420,000. That $2,000 downpayment loan you needed to ask your dad for is now $15,000 at 3.5%. Your $6,500 salary adjusted for inflation is $48,135, which is almost exactly what the average salary is in 2024. The payment on a $420,000 house with 3.5% down at 6.8 APR is $2,563 per month. That's $30,756 per year. Roughly 63% of your income.

It's a gigantic difference.

And before anyone starts. Yes you can find a fixer upper for less money. You can rent and try to save for years. You can sublet your house. You can add an extra revenue stream by having both spouses work. You can cut out a car and your morning coffees. Everyone is responsible for their own financial decisions. That isn't my point. My point is that the economic conditions aren't the same as they used to be. Until price gouging and corporate greed are addressed these trends are going to continue to get worse.

It's to the point where a majority of gen z believe they won't ever be able to own a home.

www.prnewswire.com

Survey Reveals 60% of Gen Z Worry They Will Never Own a Home

/PRNewswire/ -- 60% of Gen Z worry they might never own a home, with nearly all adult Gen Zers (98%) citing significant barriers to homeownership, according to...
www.prnewswire.com www.prnewswire.com
Click to expand...

Does anybody even build $250,000 homes anymore? I mean, that's a quarter of a million dollars.
 
drayer54

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GATTACA! said:
In 1973 a $28k home was slightly above average. A $190 payment x 12 would equal $2,280 annually. 2,280/6,500 = roughly 35% of your income.

In 2024 a average house price is around $420,000. That $2,000 downpayment loan you needed to ask your dad for is now $15,000 at 3.5%. Your $6,500 salary adjusted for inflation is $48,135, which is almost exactly what the average salary is in 2024. The payment on a $420,000 house with 3.5% down at 6.8 APR is $2,563 per month. That's $30,756 per year. Roughly 63% of your income.

It's a gigantic difference.

And before anyone starts. Yes you can find a fixer upper for less money. You can rent and try to save for years. You can sublet your house. You can add an extra revenue stream by having both spouses work. You can cut out a car and your morning coffees. Everyone is responsible for their own financial decisions. That isn't my point. My point is that the economic conditions aren't the same as they used to be. Until price gouging and corporate greed are addressed these trends are going to continue to get worse.

It's to the point where a majority of gen z believe they won't ever be able to own a home.

www.prnewswire.com

Survey Reveals 60% of Gen Z Worry They Will Never Own a Home

/PRNewswire/ -- 60% of Gen Z worry they might never own a home, with nearly all adult Gen Zers (98%) citing significant barriers to homeownership, according to...
www.prnewswire.com www.prnewswire.com
Click to expand...
There's a whole industry of people who were/are buying houses in bulk, sight unseen, at low interest, and trying to force more and more people to rent. They want to move to a European renter model where people depend on landlords.
 
GATTACA!

GATTACA!

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drayer54 said:
There's a whole industry of people who were/are buying houses in bulk, sight unseen, at low interest, and trying to force more and more people to rent. They want to move to a European renter model where people depend on landlords.
Click to expand...
Yepp, that's another giant issue.
 
A

ab2cmiller

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I can’t remember the stat, but remember hearing Blackrock has bought up a huge amount of homes.
 
Giddyup

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Black rock is pseudo govt. guess u buy off enough judges anti-trust laws are mute. They own a shit ton of companies in the same industry. Price manipulation
 
RDU Irish

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Polish Leppy 22 said:
Everyone's situation is different.

1) My wife wouldn't stop working because she makes really good money, she works 100% remote and law school wasn't free. She's going to be paying off that loan for years and I can't take that on.

2) Assume my wife is a librarian making $45k a year: yes, she would be at home with two kids. The only thing that would change with our lifestyle is that in 2022 we probably purchased an older home versus the new construction townhouse we got. Probably fewer trips to Starbucks. And instead of her expensive Pilates classes she loves, she's probably joining me at LA Fitness.

We don't drive fancy/ expensive cars. We don't spend much on clothes. We don't go on vacations at all because my in laws live at the beach. We live within our means and again, we didn't start a family until we were ready to support a family.
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I was finishing an MBA finals project in the hospital while my wife was in labor with our first. Both of us worked full time while completing advanced degrees, remodeling a 100 year old house and starting a family in our mid/late 20s. CFA charter and starting my own business to boot. She tried staying home for a while when I was buying a business moving our young family 1000 miles in our early 30s. Two year window or she loses credentials with no part time options so she kind of "had" to go back full time but she also wasn't digging the full time mom routine. Took a while but her switching to supplemental was a massive improvement in our quality of life. She carried my ass while I built a business more than once buying houses on her W2 alone. Now her work is completely optional, mine too really.

But I still did a pile of work in a recent renovation, about 500sf of tile work, building a deck and screen porch, thousands of sf of painting, sealing a crawl space, installing all kinds of shit - lots of nights and weekends plus a few days off work to bust my ass keeping the project on schedule and on budget. My daughter helped me carry 80 sheets of drywall to the second and third floor - lazy fucking contractors watching a 16 year old girl to their job for them and get pissy when they get fired. I find the viewing of successful people as an ATM machine offensive. Go make something for yourself - hell start with making a sandwich. Most are too lazy to even do that.
 
RDU Irish

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GATTACA! said:
In 1973 a $28k home was slightly above average. A $190 payment x 12 would equal $2,280 annually. 2,280/6,500 = roughly 35% of your income.

In 2024 a average house price is around $420,000. That $2,000 downpayment loan you needed to ask your dad for is now $15,000 at 3.5%. Your $6,500 salary adjusted for inflation is $48,135, which is almost exactly what the average salary is in 2024. The payment on a $420,000 house with 3.5% down at 6.8 APR is $2,563 per month. That's $30,756 per year. Roughly 63% of your income.

It's a gigantic difference.

And before anyone starts. Yes you can find a fixer upper for less money. You can rent and try to save for years. You can sublet your house. You can add an extra revenue stream by having both spouses work. You can cut out a car and your morning coffees. Everyone is responsible for their own financial decisions. That isn't my point. My point is that the economic conditions aren't the same as they used to be. Until price gouging and corporate greed are addressed these trends are going to continue to get worse.

It's to the point where a majority of gen z believe they won't ever be able to own a home.

www.prnewswire.com

Survey Reveals 60% of Gen Z Worry They Will Never Own a Home

/PRNewswire/ -- 60% of Gen Z worry they might never own a home, with nearly all adult Gen Zers (98%) citing significant barriers to homeownership, according to...
www.prnewswire.com www.prnewswire.com
Click to expand...

Same house at 3% interest is $1717/month - $845/month less - ONE THIRD less. IMO housing will correct 20% in the near term - already seeing it as the first 5%-10% isn't as noticeable in the new build market as incentives get thrown around to cover it up. Existing home inventory is incredibly small - anyone with a mortgage can't afford to move as the same mortgage would be 50% higher cost per month. Cash buyers are less interest sensitive and propping up prices a bit. It does not take a lot of 3% down buyer to give up and mail the keys to the bank and collapse prices.

The housing market has not adjusted for higher interest rates for longer, the expectation was set that they would come back down and quickly. We may never see 2.5% 30 year mortgages again in our lifetime. A lot of people overextending on these 3% down, $500k houses were expecting to refi at 4% to make it work. If they wake up in a year and rates are still 7% and their house is only worth $450k there might be some hard choices to make.

If I did not own, I would be building a war chest and lying in wait. It's only been 15 years since the last real estate crash but people act like it can't happen again.
 
NDWarrior

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I was just curious about this incident and this whole thing is bizzaro. The guy never had designs on playing football in college, let alone the NFL. NFL is on I think floors 2 & 3 and this guy is clearly on a mission to get to the 33rd floor where Blackstone is based, and then he specifically shoots the CEO of Blackstone BREIT and head of Blackstone core and real estate (Wesley LePatner). He has a private investigator background where he most recently had a PI license in NV which expired in December last year and his most recent job had been surveillance. And one of the supposed "mental health" issues is that he was trying to get $5K owed him for casino winnings at the Red Rock Casino, BUT for some reason didn't want to show his ID and was arrested (this also sounds very strange). And I'm reading about him saying he has CTE which was substantiated by supposed notes saying this that were found on him and at his parents house in Las Vegas where he had been living. Apparently, some associates helped him put together the AR-15 assault rifle he used and they're going to be questioned. They say he took the wrong elevator. That could happen, but then why do you specifically shoot the head of Blackstone core and real estate when I'm sure her office is not close to the elevator. It sounds like he sought her out. This sounds like one strange shooting incident. It sure looked like he was on a mission and he wanted to kill this Blackstone CEO, and he was driving a nice BMW. I'm sure somewhere in this incident, there is something illicit going on, but who knows.
 
NDWarrior

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Irish#1 said:
Not everything is some type of conspiracy or nefarious scheme.
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I'm really not a conspiracy theorist, but when I quickly read the story, and about the goofy sounding CTE notes and ranting at the NFL, it sounded way too made up to not dig in a little. I'm sure nothing more will come out of it, unless guys who helped him put the AR-15 together shed any new light on the situation.
 
F

FDNYIrish1

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NFL is floors 5-8 which I’m sure also has access stairs in the occupancy. Lots of different elevator banks serving sky lobbies and different floors. Some you hit the floor at the elevator lobby and the car doesn’t have buttons. Security in these buildings is more deterrent than tactical. There’s a guard at the desk, and then you usually key your way into the elevator banks. Sometimes there’s a guard but it would be very easy to access. Then when you get to the floor, you most likely have to key your way into the specific corporations occupancy when you leave the car. Usually glass. Psycho with a gun can cause a lot of problems once they get into the elevator. A lot of these offices are wide open floor plans and very limited places for concealment, let alone cover. Horrible event.
 
L

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I think the most likely explanation is that, if a maniac walks into an office in Midtown and starts firing, there is a good chance they hit someone who is destroying the country or world currently lol
 
NDWarrior

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LifelongFan said:
I think the most likely explanation is that, if a maniac walks into an office in Midtown and starts firing, there is a good chance they hit someone who is destroying the country or world currently lol
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Well, funny you said that... Blackstone does own a lot residential and casino properties in Vegas. I noticed one person on some comments line of a story discussing how Blackstone has bought up like 20 something % of Vegas apartment units market, that they then raise rents by 2-3x.
 
Giddyup

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11 companies own most of the food supply in grocery stores. Too many monopolies paying off judges/prosecutors
 
NDWarrior

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Ok, so Blackstone CEO was actually shot in the lobby with the others (sounds like she was trying to hide behind a big pole or column) and not on the 33rd which makes it now sound a lot more random so I admit I was wrong in thinking this was more than it looks like it is. It's still strange that the guy was so sure he had CTE when no one can know if they have it until they're dead and their brain is examined.
 
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Irish#1

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NDWarrior said:
Ok, so Blackstone CEO was actually shot in the lobby with the others (sounds like she was trying to hide behind a big pole or column) and not on the 33rd which makes it now sounds a lot more random so I admit I was wrong in thinking this was more that it looks like it is. It's still strange that the guy was so sure he had CTE when no one can know if they have it until they're dead and their brain is examined.
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News said the coroner would be examining the shooter. I imagine some type of report will be issued once he's finished.
 
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