• habanhero@lemmy.ca
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    1 year ago

    OP’s Mortgage: $2600/month

    You: “I want to live in Beverly hills… but I can’t afford it, so I don’t live there.”

    Out of touch with reality? Check.

    • Corkyskog
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      1 year ago

      What really blows is when I bought my house 8 years ago, it was affordable. I now make almost 40% more and there is no way I could afford the same house. Mortgage, taxes and insurance (including flood insurance because the NFIP sucks) is less than $1,400. Once PMI is removed, it will be closer to 1,300, and once we finally remove flood insurance (because we are inland and the maps are outdated) it will be less than $1,100 a month.

      I just don’t see how millennials find homes anywhere remotely desirable in this market.

      • Klanky@sopuli.xyz
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        1 year ago

        Even back at the end of 2019, we managed to find a house in a decent area that we could afford on my $60K/yr job. The mortgage was only $100 more a month than we were paying for a TINY “2” bedroom apartment. We managed to use our state’s first time homebuyer program to get a grant to pay to remove the PMI up front, which was a big help. I now make more money but I really think we couldn’t afford our house now (at least at the price online website estimate). It’s crazy and we never want to move if we can avoid it!

        • Corkyskog
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          1 year ago

          I have a “starter house” but in a very desirable town, it’s possible it might make someone more money to tear down and build a mcmansion. We will probably want to move, which is fine because bigger houses aren’t that much more expensive. Once the mcmansions hit the market during the lull, they never went away. It’s just no one is willing to pay 650k+ for them. So now they are in the 450k range, it has driven down the price of reasonably large and or older big farm style homes down. So now my 170k property is worth like almost 250k and the house that would have been 400k, is around 325 to 350. Those two events basically closed the gap significantly.

      • Flying Squid@lemmy.world
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        1 year ago

        My daughter is only 13 but we’re already expecting she’s going to spend her 20s with us because of this.

      • aesthelete@lemmy.world
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        1 year ago

        I just don’t see how millennials find homes anywhere remotely desirable in this market.

        It’s a strange market to be sure, but one way or another I think it’ll end. Either mortgage rates go way, way down, or prices, or both in the medium to long term.

    • SCB@lemmy.world
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      1 year ago

      A $2600/month mortgage is like a half million dollar house dude

      They should absolutely move if the wife has cancer.

      • aesthelete@lemmy.world
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        1 year ago

        A $2600/month mortgage is like a half million dollar house dude

        Umm…try looking up what $400,000 worth of debt will cost you monthly today (and what your existing equity plus debt and on-hand cash will even buy you in today’s market).

        I wouldn’t move in this market at all if you can make your mortgage payments.

        • SCB@lemmy.world
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          1 year ago

          $400,000 will buy you a mansion where I live. My house is worth about half that, and it’s quite nice.

          • aesthelete@lemmy.world
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            1 year ago

            👏 👏

            Just simply be like this random dude on the Internet…live in his neighborhood and emulate his daily commute…he’s the finest, most shining example.

            Feeling down? Wife got cancer? Relocated from your entire friends, family, and your job? No worries, you’ll have SCB from the Internet to keep you company.

            • billy_bollocks
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              1 year ago

              Grow up bud. You’re not contributing anything meaningful to the conversation

            • SCB@lemmy.world
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              1 year ago

              Or just move literally anywhere in the Midwest with the equity from your half-million dollar home, and buy one for 150k, and get your wife treatment.

              You can’t possibly be this dumb, so I’m going to assume you had a bad day at work today. Hope it gets better.

              Uselessly being a dick isn’t going to make it better. Call a friend.

              • aesthelete@lemmy.world
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                1 year ago

                LOL. I’m having a lot of fun actually.

                You’re like a parody of all of the bad advice I’ve gotten in my life, and all of the worst of the fortune/CNN money/bloomberg clickbait non-sense that I’ve read over the years.

              • solstice@lemmy.world
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                1 year ago

                You can’t possibly be this dumb

                Haha I said literally that exact same thing to this asshole the other day word for word! Or maybe it was another moronic asshole on lemmy, there’s tons here and it’s hard to tell them all apart. But this guy is definitely a particularly bad and aggressive flavor of stupid for sure.

      • habanhero@lemmy.ca
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        1 year ago

        Maybe in the boonies but my point is Beverly Hills is not a $2600/month zone and what OP is paying is not unusual.

      • gingersneak@lemmy.world
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        1 year ago

        A 2000 sq ft 3 bed 2 bath in a good neighborhood goes for about that where I live, which is known to be in the lower CoL part of the country. The reason shit is so fucked up is that our overlords at huge mutual funds like Blackrock have bought up all the houses so that they can rent them to serfs and collect perpetual income for almost no risk.

        • SCB@lemmy.world
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          1 year ago

          known to be in the lower CoL part of the country

          Lol no it is not. I’m not sure why you’d want to pretend it is.

          I actually live in a moderate CoL area and am a homeowner. I could sell my house right now and buy a house not 20 miles away for about half what my current house is worth, which is also not half a million fucking dollars.

          Do you know how insane this sounds to someone from “flyover country?”

          There’s an entire neighborhood going up near me in the 200s. Amazing school system, right outside the city, easy access to parks/lakes/what have you.

          the reason is Blackrock

          Lol no it is not. It is because we restrict what housing can be built where and thus have insufficient housing.

      • Flying Squid@lemmy.world
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        1 year ago

        Where should they move to that houses are less than half a million dollars these days, inner city Detroit?

        • SCB@lemmy.world
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          1 year ago

          Or, God forbid, outside of a major city.

          My house is worth mid-200s (now, purchased for 140 about 8 years ago), in a very nice neighborhood. I have a pool, a literal white picket fence, and half an acre of property. My house is among the more expensive areas where I live.

          There’s an entire fucking country away from the coast buddy. Check it out. Or don’t, and only move here when the breadwinner of your family has a potentially-fatal illness and you need to live somewhere less expensive that also has top-tier medical care nearby, which is what I suggested to OP.