Home Buying / Housing Market Griefing Thread - You're going to rent until you die.

NoReturn said:
I figured road hermits were a bell curve. They're either completely broke or independently wealthy. I don't think it's feasible for anyone who has to work a steady job, even if it's remote.
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One of the independent medical evaluators (these are the guys who work for insurance companies to try to deny your claims by saying your injuries aren't that bad) in my area is a retired gerontologist who lives in an RV in a state park.

Every time he sends me a letter about one of my patients I ask him about his life living in a van down by the river.
 
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I'm going to put this here because I have stated in the past the Democratic Socialistic Party is AT FAULT with the moratorium and all of the fucking rules that most are illegal.

The Democratic Socialistic Party are a bunch of fucking morons. There is a a lot of fucking spin doctoring on the reason why there is a problem. Their actions have as cause A DECREASE IN RENTALS AND AN INCREASE IN PRICING.

I'm in this business I know what's going on many parts in the county.
This video validates what I am saying.

 
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It is impossible to predict what rent will do in the future and trying to do so is a fool's errand. The greatest thing owning a house offers is stability.

Keep in mind, I am not from anywhere hear a big city and bought a fixer upper bungalow on a half acre lot for <$200K less than 10 years ago. I wouldn't sell my soul to buy a million dollar 500 square foot condo in a big city. I'm just saying, trying to calculate lifetime cost of owning a house vs renting is not actually possible because you don't know what changes to supply/demand in city you are renting in will do to rent prices. Prices could plummet if the city empties out or go to the moon if the government brings in a bunch of immigrants. With a house, once it's paid off, at least you can always live in it, regardless of what happens in the market. If it's paid for or you have an affordable payment, your home's inherent value as a place you can live is totally independent of market forces.

On a more philosophical level, I think living in a big city where you can never feasibly own anything has essentially become a modern neo-serfdom where your feet will be kept to the fire and you will never be able to comfortably retire. Personally if I had to take a pay cut to get the fuck out of places like LA, Chicago, New York, Toronto or Vancouver to take a job in a small city with 50,000-100,000 people where I could actually potentially own something, I would do it. I have never had to make that decision because I am from one of those places and never left, but that's just where I see the future going in big globo homo cities. There is a historical precedent with the landless classes getting absolutely fucked up the ass again and again and I don't see why the trend would stop now.

Standardized Profile said:
Real estate is only 10% of HNWI asset allocation. It doesn't make or keep them rich. It's just one of the things rich people do with their money. That doesn't mean normal people should do it.

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That's not really the point. The key here is generationally wealthy. It's a lot easier to invest part of your paycheque when you don't have to worry about blowing a third of it on rent. If you have a house and you die, one of your grandkids can live in it and never have to worry about having a landlord or paying rent, or your family can sell and use the money to invest or buy their own houses. That's how intergenerational wealth is built.
 
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Never Scored said:
That's not really the point. The key here is generationally wealthy. It's a lot easier to invest part of your paycheque when you don't have to worry about blowing a third of it on rent. If you have a house and you die, one of your grandkids can live in it and never have to worry about having a landlord or paying rent, or your family can sell and use the money to invest or buy their own houses. That's how intergenerational wealth is built.
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Bingo. It's also why buying a home without any generational assets us more difficult.
 
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TheRedChair said:
I'm going to put this here because I have stated in the past the Democratic Socialistic Party is AT FAULT with the moratorium and all of the fucking rules that most are illegal.

The Democratic Socialistic Party are a bunch of fucking morons. There is a a lot of fucking spin doctoring on the reason why there is a problem. Their actions have as cause A DECREASE IN RENTALS AND AN INCREASE IN PRICING.

I'm in this business I know what's going on many parts in the county.
This video validates what I am saying.

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The socialist mindset is unable to look beyond solving surface-level problems, hence why when they have a nice idea like "eviction moratorium" or "rent control" it ends up causing lots of unintended consequences. Although at this point, I'd say it's pretty well-known what these policies do, yet socialists keep wanting it. I believe the government could play a large part with helping people rent a place to live, but it's inevitably going to involve an expansion of the housing supply which means subsidies for expanding that. But socialists don't want that because that means handouts to construction companies and people who aren't poor.

Marxist materialism that lies at the heart of socialism can't really comprehend the idea of "things inherently beneficial to society" like "home ownership being common". A Marxist will advocate against stripping people of second homes, but won't advocate for helping more homes get built to begin with. That's why socialism is a bankrupt, obsolete ideology that made some good observations but fails in many other respects, like similar obsolete theories like astrology or alchemy. The fact we still have socialists tells me there's real problems in society.
 
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Zoomers: “Buying a what?”
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What I think is a far more interesting question is "How long can this housing affordability trend continue?" When home-owning and renting becomes so prohibitively fucking expensive and people wash their hands of the idea, and live on the streets or in a van down by the river will the bubble finally pop? Will people start firebombing some dudes seventh investment property in Roblox out of spite for something they could never possibly achieve?

Not to mention the demographic winter forthcoming when young potential families can't afford a space to raise one.

People can bend, they can spend more and more of the total %age of their wages on trying to break into the housing market, but eventually the sheer math of the situation breaks. 2+2 does not a 7 make. They give up, they tune out of the market completely because it's literally impossible. Using homes as a vehicle for investment and retirement will work for literally one generation my dude.
 
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Guy in his mid-fifties on a salary of 175,000 (roughly) remortgages to an eighty percent mortgage on a property worth around 480,000 in 2020, how fucked is he?
Please say VERY fucked.
 
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Death Grip said:
Guy in his mid-fifties on a salary of 175,000 (roughly) remortgages to an eighty percent mortgage on a property worth around 480,000 in 2020, how fucked is he?
Please say VERY fucked.
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The question is why??? There might be a reason to this because sometimes there is a such thing as good debt.

I have my 22 year old "Simple Financial Calculator" on my screen so lets do some basic numbers and keep it simple. I think I got that program from Computer Currents as they gave out free floppys of programs when you bought their magazine. Any how lets go.

Lets say he got out 375,000 out of this loan. If he did this in Dec/Jan of this year it be around 3% interest. 30 year loan.

His payment would be around 1580 per month. with interest being taxable. The first year would be 920 per month or 11 thousand he can write off on his taxes.

This person makes around 175,000. We will keep this simple and lets say 30% of his check goes to taxes, SS, and other things. Per month he is netting around 10 grand. which is rather nice if you come to think about it.

This is just one suggestion that he might be doing this to have cash on hand while not giving the government any.

If I find that I am giving too much money to the FED's I'll take a loan, you just have to weigh in all of your options. I do know for a fact that those super rich will have many types of loans to balance out what they earn.... legally.

Note: I do a similar thing with my investment properties. All repairs are tax deductible. My long term care insurance is Tax Deductible. IT IS IMPORTANT TO HAVE A GOOD ACCOUNTANT ON YOUR SIDE.
I pay good money for a good accountant/attorney/other workers, etc. so that I can get the maximum financial efficiency with my money.
 
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Death Grip said:
Guy in his mid-fifties on a salary of 175,000 (roughly) remortgages to an eighty percent mortgage on a property worth around 480,000 in 2020, how fucked is he?
Please say VERY fucked.
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This person do you wrong; or just general antipathy to people who earn a lot? Anyway, good chance he's not fucked at all. So he borrowed around $384,000. Lets say 3% interest rate (I'm yoinking Mr. R. Chair's figure here). So if it's a ten year term (he wants to retire at 65) then we've got repayments per month of around $3,800. A lot for you and I but he's pulling down $14,500 per month before taxes. There'll be plenty left over to make that payment and still live a regular life. And there's a good chance at those sort of sums he might overpay, too! Overpaying is great if you can do it.

Anyway, so long as he can maintain his income and he managed to get a fixed rate mortgage (very likely he did this) then this should work out pretty well for him. He'll end up with a valuable asset that will have likely kept pace with inflation and he'll have the joy of living in a really great home for all that time as well. I mean, unless this $480,000 home is in San Francisco in which case it's likely a two-room apartment

If you have excess money and aren't a mad spender then getting it into a house is probably a pretty smart thing to do. Especially if we do see runaway inflation in the USA which many think will happen. Money in the bank is currently losing its value at around 8% p/a right now in the USA. And that's the official figures.
 
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The amount borrowed was around 422,000. Lots of overheads. Does that mean it's a more than an 80% mortgage?
 
greenthrowaway said:
Rates are above 5%. They were under 3% just a year ago.
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Rates were around 3% on Dec/Jan 2022. As stated before I've been looking for the last house I want to live in so I've been watching what has been going on. The rates started to spike really fast when the feds in March raised the rates slightly. It is just one of the things that should have been done almost 2 years ago.

But the Socialistic Democratic Machine has their own agenda and inflation is it's own taxation. They are directly to blame for this inflation that will effect 85% to 94% of the US population.

For 2 years I've been saying "save your money... Spend wisely, don't make those I-Must-have- choices". We can have information in a matter of moments. So much faster than even 10 years ago to make those decisions when things are going bad. So if you missed your opportunity on things because of your lack of observation skills, well sucks to by you.

Now as far as those fucking libtards moving from California to Arizona.


I already know that 31% increase over last year equals over 100 thousand dollars for some shitty assed home.

It is a shitty ass place to live in and 3/4 of it is fucking hot, dusty, and a miserable lifestyle. The other 1/4 of the state where you can get in touch with your inner feeling and have special healing rocks that makes you feel special. This is how out of touch people are. IT IS A FUCKING DESERT. The heat is no fucking joke. And yet people are going to the promise land because their snow flake city that they came from are fucked up with crime, taxes and girly men making laws for more girly men. Lets not forget the DROUGHT because why Arizona is a fucking Desert.

In general these are the same ASSHOLES who did NOTHING or PROMOTED the libtard lifestyle that is infecting other states. And Arizona is a blue state.

Yup Blue states and the increase in violence in those Blue cities.

However as bad as California It still has a surplus of money to fuck with. Around 3 million left Cali or almost 9.5%

New York however is over 30%.
the national movers study break down gives you an idea on which states are going to bet infected by libtards...

 
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