People aren’t paid enough. The rich have too large a portion of the resources.
Eat the rich. Bury their collaborators.
The worst part is that I am getting paid a salary I could have only dreamed about years ago, and yet I still can’t afford anything with how drastically everything went up in price.
Wages in general have gone up a little bit, but it’s crazy to me that I’m earning more than 5x as much as I used to 15 years ago and feel like my buying power has not noticeably improved at all. I’m still stuck living in crappy apartments because that is all I can afford.
Exactly! My partner and I together make over $100,000 a year and finally we are just barely comfortable. All of our bills get paid and even though the budget is tight, we still have a little money and decent credit. I could put a $1,000 guitar on credit and pay that off no problem, but there’s no way we could get a house.
Maybe if our wages doubled then we could find something further out in the sticks. Hopefully by that time more companies allow full remote work because I already lose an hour or more a day traveling.
Companies demanding return to office is such a twist of the knife. It’s a pay cut, making someone spend an hour or two commuting without paying them for it. But the boss doesn’t care
Maintenance, gas, car insurance, more expensive food, tolls, parking, and time. It’s a massive paycut for many people when you really think about it.
Stop the food waste. Collaborators can be eaten too.
If they’re too bitter for consumption, they can probably be composted and used in a garden. Either way, we’ll get a rich meal.
WE ARE ALL FUCKING POOR
I know no one really asked this question.
- Average house price in Q1 2025 was $500,000.
- $100k down at 6.5% with great credit and monthly payments of $3180 for 30yrs.
How many people can say they will have a job that pays that well for 30 yrs?
$100k down
Fucking LMAO
“Yeah, before you buy, we want an amount of money you will never have at any one point in your entire life before we consider thinking about suggesting a mortgage to you”
Oh…you poor bastard. Now you can pay the PMI and your morrgage will be around $4400 a month. You can save up $15-20k and refi when rates go down.
Welcome to renting for ever.
Unless you live near a major city. Then you double the price of housing.
Probably the same reason megacorporatins are turning in record profit, year over year, and a very few people have increased their income by several billions of dollars, but that’s just a guess. 💁
Don’t forget about the corporations that are buying as many houses a quick as possible (faster than a person who will have a mortgage can) and at a higher price than what a person can/will pay becaue they are using them as investments.
Absolutely!
Homes are fucking expensive. I couldn’t afford to buy a house in most markets at current prices. I have no idea how people are able to buy homes today.
Even my neighbor down the street…1st home for him, wife, and 2 year old kid. He tried to sell because he didn’t understand how property taxes worked. The previous owner of 30 years payed 1.5K a year. He bought the home and was hit with a 15K tax bill. He couldn’t afford it and thought his bill would also be 1.5K. The closing agent and real estate agent didn’t explain anything to him. They were just happy to collect commission and fees on a very expensive house.
Ah, a Californian
This doesn’t make sense to me.
In my state the bank pays the property taxes. Its included in the monthly mortgage and goes into an escrow account for taxes.
I guess the rules vary by state.
Some places cap property tax increases per year, or even have a flat rate based on purchase price (or appraisal?) that never goes up… until you sell the house to someone new. Then the tax gets recalculated based on the current value of the house. So if the price of the house went up 10x in those 30 years, the tax is going to be 10x higher. It’s actually beneficial to the taxpayer IMO to have a consistent predictable tax that doesn’t go up over time if your neighborhood gets gentrified or whatever and home prices skyrocket.
That part makes more sense. In my state the tax on the house goes up. It’s not locked like that.
I feel like it’s an oversight to not calculate the new tax rate and include it as cost to the buyer.
The bank losses out on the loan if you foreclose on it. They make money on the interest not the sale.
The only one who makes out on a bad sale like that is the realtor.
Escrow isn’t a requirement. The only requirement is that you pay your taxes and insurance whether you have someone else doing it or do it yourself.
What varies from place to place is how property taxes are calculated. Many places “lock you in” to a rate when you buy and only reassess when the property changes hands. In my state, the rate just increases by 3% every year regardless of whether you sell or not so nobody is hit with a big surprise bill.
The bank usually pays taxes and Insurance from the escrow account. You pay into escrow every month. If insurance goes up, so does the amount you pay into escrow
That is only if your mortgage was written that way. I don’t know if mortgages are “usually” written that way, but only my first mortgage had an escrow account.
Article title writer pictured here
because the previous generation were all robber barons that drained the world for their personal gain at the expense of the children they insisted on having.
I watched my own father illicitly borrow millions of dollars by bullshitting other rich boomers, acquire vast acres of property across the country, promise the family he would pass it all down to us and our futures were set, then have everything taken away by courts as he and and the rest of my family drank themselves to death after snorting away every family assets on cocaine and other drugs.
I lost everything I owned after investing my time and energy into being there for my family and they just crashed out without any accountability to their next generation. Starting over in the middle of my life from nothing. I may never own property of any kind. I probably will never retire.
I feel like it was all just a microcosm view of what’s happening broadly. The legacy of the boomer generation is going to be crushing us for a century to come or maybe forever.
Can’t wait to take care of them in their adult diapers too.
In our one-bedroom apartments that we still struggle to afford. Not sure how we’ll be able to take care of them full time when we’re also still working full time.
And people think we can afford to save for our own retirements. Lol.
Two posts down my feed is this:
Investors bought 27% of US homes in Q1, as traditional buyers struggle to afford
Being muscled out by cash paying conglomerates, investment funds and venture capital is always fun.
A 7% interest rate doesn’t help
I had two houses at that interest rate in the 2000’s. The wage to house price was still reasonable then. Made $40k, paid $88k for a 3/2 in middle class suburban Tampa. I’m making 30% more now but houses are 400% more.
While true, I would point out that the low mortgage rates that increased housing prices — low mortgage rates permit people to borrow more and tends to drive up prices — in the decade-and-a-half before 2022 was unusual for the US. Prior to about 2008, interest rates were at or higher than they are today.
Here’s a graph of the 30-year fixed-rate mortgage rate:
https://fred.stlouisfed.org/series/MORTGAGE30US
Here’s the Case-Shiller Home Price Index. This measures same-home prices — that it, it attempts to factor out changes in types of home being built, so new homes being larger won’t drive it up.
https://fred.stlouisfed.org/series/CSUSHPISA
It’s not adjusted for inflation, though.
Here’s an inflation-adjusted graph:
https://www.longtermtrends.net/home-price-vs-inflation/
Between about 2011 and 2022, the real price of a given house rose rapidly in a low mortgage rate environment. In 2022, mortgage rates returned to something that’s more historically-normal.
I expect that to sell a house in this environment, a homeowner will probably have to cut what they’re asking.
Now combine them both and do average monthly payment.
Even with higher prices, lower interest rates mean lower monthly costs
Not on top of the wild overvaluation.
My household income is well above the median in my area. Besides a bit of student loans, I have no other debt. I’m doing pretty well compared to most people my age, financially.
I still needed an FHA and down payment assistance to squeak into the cheapest house on the market that wasn’t a trailer
I know a few millennial homeowners, and almost every one falls into one of two categories: they were gifted the home (or down payment) from a family member; or they married a Gen-X doctor in 2007 and bought right after the market crashed in 2008 and they’ve watched their home value quadruple since then.
That’s it. Have family that’s well-off enough, or marry someone that had money at the right time to exploit a financial disaster.
This is a really, really stupid question.
I fucking wonder. Maybe I can ask Grok.
Grok: “It’s the Joos. Heil Hitler!”
So, after last week, I guess that’s heil Grok?
…Grokler?
Mecha Grokler
I’d wager that Elno changes Grok’s name to something similar in the coming months.
Wages didn’t increase at the rate of inflation for like 80 years. The USA is now a shithole country in general and emigration out has reached all time highs, kids don’t want to buy homes here. All of the overseas investors looking to purchase US properties no longer trust in the USA due to volatility due to an actual dictatorship forming and heavy fines and tariffs being put in place by countries on either side of the issue.
I could go on.
A house is a huge liability. If i lose my job, what do i do about the debt? It’s the job market uncertainty that i fear more than the current pay levels, tbh.
House is an asset. Mortgage is a liability. Having one without the other is now a dream.
It must be because of those dang woke DEI!
Those… those [Insert Other]!
