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WookieMan says
I like you guys here, but you need to realize that CA is NOT the rest of the country. Not by a long shot.
This is one of the best comments on Patnet. Where are all the California fluffers here to respond to this ?
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I understand the "pensions getting slashed", but what does "401k getting slashed" mean?
They don’t have them. Go to Home Depot and look at the demographic. Same with restaurants. Boomers are broke for the bottom 90%
But it means they never had them in the first place, not that "they are getting slashed".
Hector the Mexican and Alice the $18/hr cashier single mom can't afford $450k for a 1800 sq ft ticky tack shack they don't need and can't buy.
A houseload of such hot-bunking hard-working adults living their American Dream pool their money and make it work to get a mortgage.
My neighborhood has many such folks That's why it's so difficult to find parking where I live.
And you've got the infamous NJ Property Tax, which must be murder on a $400k+ house.
Before they all left Long Island or died out, this was a big freaking concern of my Long Island middle class homeowner relatives back in the 70's - 80's. The taxes were so high that it took a long time to sell a house.
mell says
WookieMan says
Most boomers are on fixed income.
That means nothing, everybody is when they stop working. There is no reason for a boomer to be broke, just look at the house price appreciation. It's the same for the east coast. Pension and 401k plans just started getting slashed in the past 2 decades til now, and some may still be too high to be sustainable.
I understand the "pensions getting slashed", but what does "401k getting slashed" mean?
AmericanKulak says
Hector the Mexican and Alice the $18/hr cashier single mom can't afford $450k for a 1800 sq ft ticky tack shack they don't need and can't buy.
A houseload of such hot-bunking hard-working adults living their American Dream pool their money and make it work to get a mortgage.
My neighborhood has many such folks That's why it's so difficult to find parking where I live.
there are now big time M13 gangs and daily gang-related murders all over the Town of Babylon.
Exactly. Back in the days a single earner would do, no over occupation. It's ridiculous to argue that today's avg wages have an even remotely similar buying power than the boomers.
Yep, from 300% of income to ~500+% of income.
If the ratio is 3 or less, then there is incentive to save a lot of money and make at least a 50% downpayment.
What was the average age of a purchased house 30-40 years ago versus today. T
So much difference then and now as far as economy and demographics. Women are more employed now, for example.
in idaho out here, a lot of people moved in which spiked sales a lot. it keeps going. however interesting enough flippers see losses. 4 different guys who came here tried flipping, 3 lost money and one made very little. no one buys flips here, mainly new construction.
Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:
Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.
Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.
Did those median incomes in 1970 include a workforce that had college degrees (and attendant debt) to the extent the modern one does? .
Personal debt is anti-American.
gabbar says
Personal debt is anti-American.
Oh, personal debt is an American tradition. Irresponsible, yes, but quite the practice in the US.
Yet to meet a millionaire that didn't use debt to make their wealth.
HeadSet says
gabbar says
Personal debt is anti-American.
Oh, personal debt is an American tradition. Irresponsible, yes, but quite the practice in the US.
Yet to meet a millionaire that didn't use debt to make their wealth. You don't use your own money if you want to be wealthy. And then YOU become the bank and make more. Rarely are W-2'ers millionaires. Their check goes to putting food on the table and their house. They're broke or on food stamps even if they pull in $100k.
WookieMan says
Yet to meet a millionaire that didn't use debt to make their wealth.
Personal debt and investment debt are two different things. Borrowing to buy rental property or company equipment is not the same as borrowing to buy that 'vette.
I'm a guy who didn't use debt to achieve wealth.
I'm a weirdo to my friends however.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.