The prices of houses are more inflated than they've ever been in human history

[Zander]

People are stupid.

Lowest-income families spend 40% of their money on what economists label luxuries

 

[Manonthestreet]

Basic starter house in metro area in MN is about 225.......absurd rip off

 

[Remodeling Maidiac]

People are stupid.

Lowest-income families spend 40% of their money on what economists label luxuries

They get off the Nintendo long enough to turn off their 65" tv & hop in their 2016 Toyota with 20" custom wheels to go buy some steak with their EBT card

 

[Zander]

Bitch spends $25,000 on her son's PROM!!

MmmmHmmmm......

North Philadelphia Mother Spends $25,000 On Son's Prom: 'It Was Epic'

 

[Remodeling Maidiac]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

 

[Manonthestreet]

Perhaps a blue book for real-estate. Never understood why crap can sell for the same amount as new

 

[Manonthestreet]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

 

[peach174]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

To those who want to make fun of millennials living in their parents basement, fuck off. I wish I still did. The prices for houses and housing is more inflated than it's ever been, on top of that, we all encouraged our kids to go to college, where those prices are even more inflated than housing prices. No shit millennials are stuck in their parents basement. They're paying more for school loans than they are a mortgage. My school loans are relatively low...but my girlfriends aren't, and she's on the lower end of what most millennials are paying for school loans. It's nuts...why is it nuts.

Housing: too big to fail...no such thing in capitalism. The big fail all the time when they practice insane business strategies. But since we've instituted too big to fail (both bush and obama), now after the housing crash all the financiers practicing insane strategies knows it's a money maker since govt got their back when it all falls down. And now prices are worse than they were before the crash...not a good sign.

Schooling: Duh...I shouldn't have to mention this, but federal loans. Since many (including our universities) associate federal money with free money...obviously they think they can charge more...and get away with it...which they very clearly have. Guess what, it's not free money. Just like pensions, someone's going to be footing the bill down the road. Most people think hey, it's not going to be me, so fuck it, let's make some money off of it. If you're parents racked up their credit card bills before they were ready to croak, would that not piss you off?? Seriously, do some simple math. Obviously what have going on isn't working. And don't blame capitalism, because it's government intervention causing this.

I seriously doubt you're a grandpa, and I highly suspect your actually still living in your parents basement, parading as a grandpa, because you think you're old school and wise.
1. Most grandparents don't know what family guy is, or the monkey your avatar references too
2. No grandparent uses the word murked. Why? Because the older you get, the less you give a shit about what other people think. No grandparent would give two shits to try to keep up in a serious way with youth lingo. You're either an extremely insecure grandpa, or someone younger parading as a grandpa...I'd say the latter is more likely.
3. You don't at all speak like a grandparent. Emojis??? Are you serious? I'm 29 I don't use fucking emojis, BC I'm not a 12 year old girl. Nor have I ever met a grandparent capable of usingn emojis.

Think that's a pretty solid case right there.

DUDE !
You crack me up.
You are so wrong about older people.

 

[Zander]

Single family Residential Real Estate is valued based on the greater fool theory of "Comparable sales".

Commercial Real Estate is valued based on the INCOME it generates.

Guess what I invest in?

 

[Remodeling Maidiac]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

 

[Marion Morrison]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

To those who want to make fun of millennials living in their parents basement, fuck off. I wish I still did. The prices for houses and housing is more inflated than it's ever been, on top of that, we all encouraged our kids to go to college, where those prices are even more inflated than housing prices. No shit millennials are stuck in their parents basement. They're paying more for school loans than they are a mortgage. My school loans are relatively low...but my girlfriends aren't, and she's on the lower end of what most millennials are paying for school loans. It's nuts...why is it nuts.

Housing: too big to fail...no such thing in capitalism. The big fail all the time when they practice insane business strategies. But since we've instituted too big to fail (both bush and obama), now after the housing crash all the financiers practicing insane strategies knows it's a money maker since govt got their back when it all falls down. And now prices are worse than they were before the crash...not a good sign.

Schooling: Duh...I shouldn't have to mention this, but federal loans. Since many (including our universities) associate federal money with free money...obviously they think they can charge more...and get away with it...which they very clearly have. Guess what, it's not free money. Just like pensions, someone's going to be footing the bill down the road. Most people think hey, it's not going to be me, so fuck it, let's make some money off of it. If you're parents racked up their credit card bills before they were ready to croak, would that not piss you off?? Seriously, do some simple math. Obviously what have going on isn't working. And don't blame capitalism, because it's government intervention causing this.

2007 called, they said you were fulla shit.

 

[Zander]

When you compare the cost to own a home versus renting, it usually makes sense to own (thanks Uncle Sam!)

But never forget a single family home is a place to live. Period.

 

[Manonthestreet]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

 

[BuckToothMoron]

Due to a lack of halfway decent topics on USMB once again, and after being unhappy with how much I spent on groceries for only 2 people...I got to thinking about how much I pay on property taxes...on land that I freaking own. I was in a position to buy a historical house that needed A LOT of work done to it. Sure I bought it for a steal, but the work to get it livable was not at all a steal (thank god my family is in construction and excavation). Not many were in my fortunate position to get heavy equipment necessary for cheap.

To those who want to make fun of millennials living in their parents basement, fuck off. I wish I still did. The prices for houses and housing is more inflated than it's ever been, on top of that, we all encouraged our kids to go to college, where those prices are even more inflated than housing prices. No shit millennials are stuck in their parents basement. They're paying more for school loans than they are a mortgage. My school loans are relatively low...but my girlfriends aren't, and she's on the lower end of what most millennials are paying for school loans. It's nuts...why is it nuts.

Housing: too big to fail...no such thing in capitalism. The big fail all the time when they practice insane business strategies. But since we've instituted too big to fail (both bush and obama), now after the housing crash all the financiers practicing insane strategies knows it's a money maker since govt got their back when it all falls down. And now prices are worse than they were before the crash...not a good sign.

Schooling: Duh...I shouldn't have to mention this, but federal loans. Since many (including our universities) associate federal money with free money...obviously they think they can charge more...and get away with it...which they very clearly have. Guess what, it's not free money. Just like pensions, someone's going to be footing the bill down the road. Most people think hey, it's not going to be me, so fuck it, let's make some money off of it. If you're parents racked up their credit card bills before they were ready to croak, would that not piss you off?? Seriously, do some simple math. Obviously what have going on isn't working. And don't blame capitalism, because it's government intervention causing this.

There are several dynamics at work with home prices. Dodd Frank certainly has had an effect, but even more so is the cheap money and quantitative easing the Fed Reserve has engaged to try and create growth. With bond prices so high, and yields so low, investors have had to chase other investments. That is why after 10 years of very low growth (less than 2% annually) real estate and the stock market are so high.'it's called malinvestment, and it will end ugly.

Student loans/ college cost have risen along with the government guaranteeing a college education to everyone. Supply and demand, more people can get money for college, the price of college rises.

 

[peach174]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

 

[sealybobo]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

I don't think they're doing that stuff again, are they? Now you have to have a big down payment or they won't give you the loan.

And have good credit and a job. Aren't banks being more careful?

I'm glad my homes paid off.

They need to raise interest rates.

I want to start getting 6% on my savings account.

 

[Remodeling Maidiac]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

 

[Manonthestreet]

Going to be whole lot of mty homes when the boomers hit the graveyard.......

 

[Manonthestreet]

Basic starter house in metro area in MN is about 225.......absurd rip off

Keyword, "metro"

That's how real estate works. The closer to the convenience of the big cities the more you pay. It's that way everywhere.

Move to the burbs

Yeah several of guys at work did that...had the 60 mile commute to work and ending up losing the house when prices must necessarily rise policy doubled the cost.....brilliant

60 miles is not the burbs, it's the next fucking town.

Good grief

Please ......distance needed for a sufficient price break to make the sacrifice of time and gas pay off.....

Wrong lol

Says dumbass who doesnt live here

 

[flacaltenn]

I completely agree with your assessment. As usual, once government starts meddling in business and finance, everything they touch turns to gold for those advancing credit. Imagine the possibilities if both mortgage practices and student loans were governed by market forces? Government interference kills competition.

It's government and the banks knowing they're going to be able to repossess your home eventually.
You can't give a 22 year old making 50K/year a 700K mortgage.

Make more than that, paid way less than that...granted I got a 30 year I'm looking to pay off in max 20 years, hoping for 15 years...still I'm bitching about the price. I'm the fuckinn responsible one reaping the shit from those giving and taking these crazy loans. This doesn't happen in a world where you sow what you reap...it just doesn't. You don't survive as a business or as a loanee. How many here still believe in too big to fail??

On LI you can't touch a house for less than 550K, and that's a house that's small and in so so condition.
Prices have risen about 200K in the last year or so.

That's why I left Cali. I lived in a modest place (1200 sq ft) in a very nice location. But it was 1/4 mile from the San Andreas fault with no earthquake insurance. Because Cali TANKED that market back 24 years ago. AND I watched the price on that place go up past $1Mill and said to myself --- "Self -- yo dude -- cash out and plan on retiring somewhere else".. Besides, who TFuck is gonna be able to BUY that place because it wasn't "top of the market" quality.

So I took the money and scrammed. While my daughter still wasn't a fully converted Valley girl and not in HS yet. Got out before the 2008 bust.

Here's the sadder part of your story. In Cali -- folks don't plan and THINK like you did with your "fixer-upper". They would be REfinancing every 3 or 4 years as the rates enticed them to do and SPENT some of that equity on Bimmers and time shares in Tahoe and all kinds of "must haves". Living off the inflation in housing out there year by year. That's just suicidal..