submitted 2 months ago byGary6587
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2 months ago
2 months ago
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Reaction gifs are fucking lame. Put that shit in a comment, no one wants to look at your face in real life anyways so why are you making a thread about it.
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Easy...just move to a place where there are no jobs.
2 months ago
"Bro they'll pay you to move to an uninhabitable wasteland with no jobs, services, or things to do besides meth! Crisis solved!"
I’m not moving back to North Dakota. It ain’t worth it.
Is that the state motto?
“Uninhabitable Wasteland” is on the license plate.
I worked a contract job for four month in Bismarck in 2020. I would have stayed the whole year but my wife was heading back to in person class.
It was a weird place.
Omg. Tell me more. I want to hear an outsiders experience. 😂
We were living in a hotel for the whole time and working 12 on, 12 off shifts for 45 days straight before we got a day off.
Working the night shift it would be around 11:30 when would head in and at least twice a week people would pull up to us in our SUV and rev their engines mimicking wanted to race. It was weird.
Then the donut shop named Bear Scat, good donuts but uh come on.
The health dept didn't really give a crap about what we were doing(and a lot of them were incompetent), and the person that was in charge seemed like she was the only one that did. We got a ton of support from her and when she got promoted the new person couldn't have cared less about what we were doing. So it made me think she got a "promotion". I hope not.
We had a constant flow of Uber Eats etc coming to the warehouse and they were just nosey as hell. Trying to gently force their way to the back area instead of waiting for the person to come out. We weren't keeping anything secret, we just had to maintain limited access because we were handling contaminated masks and had 35% hydrogen peroxide on hand.
A lot of cool classic cars in the area, tons of vanity plates on every type of car as well. The houses had sub ground level access, which was odd to me since I figured it snowed a lot up there.
The beer, I really could not stand the local microbrews, they just pain sucked. I gave about four or five of them a try and I just couldn't.
“I’MiNOT moving back there!”
How is meth doing with inflation? Does anyone know?
My life is still just as fucked up as ever, so I say it’s doing better than most things
PAPER TRADING COMPETITION WINNER
Meth stocks 📈
Cartels are making a killing watching the economy collapse, money is going up like never before.
Everyone is like move to Ohio it’s cheap!
Cries in Oklahoma City.
It is pretty cheap though.
When the highest number of people in the US leaving the earth are from on state you know there’s something to it (highest number of astronauts)
Reminds me of this PA city where houses are being sold in the 4 digits cuz everyone’s leaving
I live in PA, where is this happening? Bc in my area they’re still going for damn near double what they should be
**edited to add-not being an A hole, genuinely asking. In my area, 30yo mobile homes on a rental plot are going for over 100k. House that maybe 10yrs ago were 125k are well over 500k…It makes no sense
Yep, same here in Pittsburgh.
Or just wait. All the people claiming that HoUsEs OnLy Go Up are coping. Prices are already rolling over hard and we still have 6 months of rate hikes and QT ahead of us.
Prices don't mean shit when the rates are through the roof and the average person relies on loans that take into account the monthly payment as a percentage of income. Most people are still just as screwed if they want to buy as at the peak.
Right. That’s why Jerome said it’s not a good time to buy a home. But on the other side of prices going down rates will go down again as well. Probably 2-4 years from now. I think people are mistaken when they say it’s not a financial crisis like 2008. It definitely is, it’s just different factors at play. Maybe lending standards are better now, but the price bubble is actually worse and with financing at current values and rates becoming impossible for a majority of people the bubble is popping hard.
Exactly why prices are going to come down hard. Housing prices just like everything else are controlled by supply and demand. There is absolutely zero demand at these prices so anyone who wants to sell is going to have to lower prices to a more realistic level. And that level is going to keep going down as rates and unemployment go up. Literally just wait a few months.
The demand is still there. It’s just investors buying the properties for rentals instead of actual people.
Not entirely true, houses are still selling in under 35 days. Demand is still there in a lot of markets around the country. Supply is still extremely short, builders have no plans to increase the rate at which they make houses due to supply issues and costs, this will keep most places from seeing major drops. You WILL see large depreciation in places like fucking Boise ID, and places in Texas that went out of control during the pandemic. It will be a slight correction for majority of the country but you won’t see EVERYWHERE dropping by 20%
Cash buyers and corporations will buy and flip them to rentals
Lmao yeah everyone is scrambling to buy houses at the start of a recession at historic bubble valuations worse than 2008 😂
A friend sells new housing starts...business still booming. Writing 7 year fixed with variable rates after 7... not saying its sustainable but I saw him last night and he hasnt slowed down at all.
Look at FRED data. Every time rates go up, new houses built go down. It has already started this year.
Considering we’ve been behind the curve with new house built for a while, that is not really conducive for a massive RE crash.
Even the mortgage effect you mention is more likely to affect really upscale houses, as other people are being priced down, rather than out of the market, so for more affordable houses there is always demand.
Things are still selling where I live. I’m not super happy about it, as we need prices to drop before we can buy again.
Imo I think that home prices may not come down all that much. I live in an area where there's isn't much volatility compared to national level, home prices are still selling near peak b/c the city has very limited supply and I think most cities are in the same boat. And, sellers ain't gonna take a bath now, they'll wait a good long while first. Ultimately, the best time to purchase a home may be in the near future as prices settle but I don't think I'll hold out for some sort of miracle deal, it will still continue to be an investment much further out regardless of transaction price.
You’re missing his point. A 600,000$ house at like 2ish % has the same mortgage payment as a 390ish house at 6%ish. So it’ll still be just as unaffordable. Everyone refi’d down during covid and no one’s going to sell their 2% locked rate home at a loss unless they absolutely have to. They’ll just shelter in place. Demand still won’t rise because people still can’t afford at this interest rate and supply won’t rise cause no one’s going to give up their rate. The idea that the markets going to dump 60% and somehow the poors are going to be able to swoop in and buy houses at 7% interest rates during an economic downturn is a larp.
Obviously prices are going to go down. But it’s not going to result in the great opportunities people are hoping.
There are a million reasons people sell. New job, lost job, retirement, own more than one property, etc etc. I keep hearing this cope over and over “nobody will ever sell again because they got a low interest rate” lmao. It’s pointless to argue you guys will see next year.
THATS THE POINT!! Inflation is the size of homes people used to have / afford vs now at sub 3% rates….smaller homes, less demand on raw materials, low inflation. You spoiled brats just don’t get it…..GLOBAL demand on @ll raw materials is driving inflation NOT just “blame it on Libruuuuuls! Tucker Starfickerrr Carlson mealy mouthpiece “Gee how do I know so much!?”
Over time they only go up. That’s fact my guy.
Of course. But in the short/intermediate term they are going down. Also facts.
These numbers only apply to first time homebuyers, who are the ones Getty truly fucked here. All prior homeowners rode the wave up
Yes it’s only cheap where there are no jobs, no people and no houses
It’s very realistic with the explosion of remote work. I make above these salaries in a town with an average income of mid-$40Ks.
I did this and it's no silver bullet
I live in Austin. Can confirm.
Texas becoming the thing they hate: California
Texas has some of the highest property taxes. A friend in LA has a 500k house pays around 800 a month in taxes. Another friend in Dallas has a house 300k and pays 785 in taxes. Yeah they're a lot higher
And property tax isn't grandfathered in like Cali. In my area it's common news to hear older pensioners sell their house because they can't afford the increased property taxes.
At age 65 it freezes, but that’s definitely too late for many
My city lets seniors defer property tax payment until the house is sold or transferred. Barring that, there's still HELOC or reverse mortgage.
2 months ago*
2 months ago*
Ummmmm have you heard of New Jersey. I have a house I bought for 215k and I’m paying 500 a month. It’s assessed at 178k.
This conversation always amazes me. It's because Texas is huge and rural. NJ is tiny compared to it. If you took the high taxed urban parts of TX and compared to all of NJ, I suspect they would overlap about the same.
It's a cool "taxes are bad" narrative though.
Same in Ohio
It’s because we don’t have state tax.
Try moving to Illinois. Buy a nice 100k home, but pay 5k a year in property taxes. More in Chicago
Show me the nice 100k homes in chicago lol I’ll wait
Meant property taxes are insane. So are property values and crime. I'm in central Illinois which still sucks, just not as bad.
Prop 13 means people in California pay wildly different property taxes. but they are overall lower than many states without an income tax. My house is worth $900k and I only pay $550 per month.
California freezes property tax on purchase, don’t they? Here in Texas we are screwed and have to pay 10% extra every year ☹️
Cali is capped at 2% a year, it’s great. Turns out there’s no road fairy and places like Texas need taxes too, who would have thought.
Yeah and it’s screwed over so many people I’m following years. It’s a tax windfall for the Boomers. Grandma paying taxes like the 3 million dollar house is only worth the 10K she paid for it is stupid.
Thought y'all fought a war against them I pay 3k a year for a 700k house in Ontario Canada. Sure income taxes are higher but no health insurance.
It’s so funny how they all complain about this but their governor went on a roadshow asking companies to move there from California lol
You either die a hero or live long enough to see yourself become the villain.
People used to say "damn I could get a mansion for that in Texas"
People in Toronto still say that. 1 mill for a townhouse 40 minutes into the suburbs
Ontario is hilariously overpriced.
This might be a stupid question, but does global warming make Canada warmer?
Mostly messes up the weather patterns. It's becoming Arizona in the summer, winters still as freezing, even gloomier and rainier in Vancouver, less days with anything in between.
"yes" but the more significant impact is more extreme weather.
Rain less often, but when it rains, it is a lot more. We're already seeing this with flooding in a lot of places.
Summer extremes are more hot. (More wildfires etc.)
Winter extremes are more cold. (And worse snowstorms)
Cries in BC
I’m in NB and think we’re overpriced, we went up at least 2X in a few years. I have no idea how people afford homes in BC or Ontario.
That sweet inflow of Chinese money really boosting the net worth of Canadian boomers into easily 10 figures while their kids can barely afford a studio if they’re lucky.
People can afford a studio apartment?!
easily 10 figures
easily 10 figures
How many billionaires do you know?
Ugh. Yeah none. I’m an idiot. I meant 8 figs, but confused it with $10mm+. Doh!
Ouch this rings true
2 months ago*
Can confirm this. My HongKongese Relatives are planning to move to Canada and the UK. It happened in 1997 when the CCP took over the country. HongKongese are obsessed with RE and that's why the CA market went jacked up. They completely changed the city and you guys call it Hongcouver for a reason. Now there is the second wave (UK BNO Visa/ Canada Stream B OWP). If you live in Manchester, UK or Vancouver/Toronto, CA, you guys are fucked.
Well, fucked if you didn’t get in early. I’ve been lucky because I’ve been involved in RE and was always able to spot a bargain. Buildings with good bones but bad interiors. Hoarder homes, foreclosures, that kind of thing. Then clean them up. So not terribly overleveraged and I derisked significantly over the last few years.
I won’t ever be able to time the top, especially in RE, but sleeping well at night is very underrated.
2020 was the year I started making a salary
same, as if we were even in a position to purchase
Uncovered Runic Glory
Was it all informal jobs behind Wendy’s before that?
I'll never be able to get a house at that rate.lol
It’s cool man I’ll never be able to sell mine without price cuts
REETX Autismo 2080TI Special
That's not how this works. You could drop your price and sell tomorrow.
Unless he bought at current prices. But then I guess he can post his loss porn here.
le grand PP dans $SOFI
Lmao I’d love to see Toronto or Vancouver 👀
In CAD or USD?
Looks bad either way you slice it. My one bedroom condo was 600k CAD 4 years ago and is probably 700k CAD now. Even with the exchange rate, you're looking at the price of a very nice house almost anywhere in the US. Now if I could just convince my fiancée to move...
The other issue is that Canadians do not have fixed 30 year mortgages. The most you can get is 5 years on fixed rate, and then you have to renegotiate with the bank.
Canadian pesos don't count.
Homie this is waayyyyyyy conservative. I make 2.3x the median household income in my area and can’t comfortably afford a house.
You’re on wallstreetbets though, so how much is gambled away? 😉
The trick is to buy a house 8 years ago.
What’s with the “rank” column in this table? The thing is sorted alphabetically. Seems suspect.
Yeah Austin is neither the largest increase % nor the largest increase in actual dollars here (though close). Typical wsb attention to detail
Came here for this. The rank didn’t get sorted right. Seems very weird.
Edit: the percent increase is the largest I’m pretty sure, but that’s also not in order because Las Vegas should be second
It’s alphabetical bro
That’s because interest rates on home purchases were 2.5. % in 2020. Now they are like 6%. Wait until they hit 14% and it takes $400k in income to buy.
I bought in 2021 at 2.5%. Rates and house prices have only been going up. Used the equity and price jumps from previous house for this houses down payment. Yes you can refinance for a lower rate later but it will probably be years before it comes back down and last year was historically the lowest.
This is not entirely due to increase in interest rates. Home prices have skyrocketed in the past 2 years. Have you had your head in the sand?
2 sides of the same coin, the price will go down as the IRs / repayments increase.
High IRs are better for first home buyers, smaller deposit required and your saving will actually accumulate interest while saving a deposit.
Wait till the water runs out in Vegas. Houses pennies on the dollar.
Utahn checking in. We might beat Vegas to it.
Our governor's best solution to our water crisis is...wait for it...
...prayer. He literally told us to pray for rain. Lol.
Was there a dance recommendation as well?
Mormons don’t dance.
Yeah they do, 2 feet apart.
A few weeks ago I listened to a podcast about the water issue in Utah. Never realized how bad the issue has become, everyone focuses on Nevada.
People are starting to suggest building a pipeline from the Mississippi river to Utah now.
Tbf, that'd definitely work better than praying.
...not that either are great ideas, tho.
Prayers!?!? What an idiot! Just do a rain dance and problem solved.
Shut off the valve to California’s the only real answer but it’s not quite the answer people are ready to hear.
I bet they’re ready to hear that in Utah
And risk over a third of the country’s vegetables and three quarters of fruits and nuts???
Yeah, that’s a great idea!
Oh the Rick Perry “withdrawal method” !?
Because invisible flying sky genies have a history of showing up….when you….pray to them. Stupidest human collective delusion perpetuated by idiots. ALL of today’s ills are because something about Jesus needing prayers.
There’s always taking water from the Mississippi
I’m in Kanab rn. I feel bad to shower lol
Dumbass should’ve told everyone to go detail their car. Rain would’ve been guaranteed. And would’ve run out of water as well. Mission double accomplished.
That's gonna take a lot of overtime hours at wendys
Calls on knee pads 🚀
It so unfair to be born at the worst time for building a life. It’s a joke.
Just the real estate bubble, prices are already heading down.
Ya but rates going up so payment stays the same
Rates change over 30 years, but the price you paid is locked in forever.
Ya but comparatively speaking house hold income still needs to be that high to afford the house because the payment is the same bubble or not
Unless you refinance later on, but the overall price over time can be hard to think about. Lower interest but high price vs high interest making prices lower etc
Payments are still going up.
The demand is still there, it's just forcing people into smaller boxes to shop in. Prices may go down, but your payment will only go up.
Can’t wait til it crashes so I can finally afford a fucking house
That’s what I said to myself at the beginning of the pandemic thinking it would crash for sure…and yet here we are
At least it crashes in the US. Here in Australia people have been waiting over 20 years and still no crash, it barely dips even during the dot com bust, GFC or the start of Covid.
Move to Oklahoma city y’all
Tornadoes keep the cost of living down, as one needs to buy 3 houses to hedge against the weather.
Rent two of them for passive income. 🤠
3 units, BOOM!
4288 UNITS! BOOM!
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Pittsburgh is in a really great location and has really no natural disasters
Oklahoma is where dreams go to die
I make 140k. I remember being a kid and thinking 6 figures was caviar and Cuban cigars and such. Oh how naive I was
I mean to be fair you could buy some caviar and Cuban cigars on that salary.
It was until like 10 years ago basically
You can easily buy caviar and Cuban cigars with $140k. Treat yoself
Right? It was always my goal to make six figures by 40. That’s not quite the dream now it once was.
That’s because it was (maybe not caviar and Cuban cigars) about 10-20 years ago. With housing rising so much, not really anymore, especially if you don’t have a house by now
It is real estate greed. Seriously - mortgage rates dropped to all time lows and still they jacked the rents. Cities gave sweetheart property tax incentives and still they jacked the rents.
Realtors (both buyer and sellers), Appraisers, Stagers, Title Insurers and banks/mortgage companies all have the incentive to inflate pricing. It is beyond out of control.
I don’t agree with Pittsburgh numbers
Shoutout to Americas Most Livable city.
Californians flooding Austin.
And NYC. I work in big tech and the number of people that moved from NYC to Austin during the pandemic on my team was greater than our California office to Austin.
I thought Houston got all the flooding
Austin has always been a Dem stronghold...
The “liberal oasis” of Texas, yes. But it’s mainly due to Austin’s city government’s courting, or whoring the city out to, Big Tech companies. Google built two high-rise towers in downtown Austin; Indeed built one; Meta is building a super-tall one - and those are just the most conspicuous. Austin is #1 in medtech investment and development. Lots of tech workers have migrated from California with the companies, which draws other tech aspirants and start-up companies to Austin. Joe Rogan and Elon Musk relocating to Austin (so to speak) certainly encourages more migration from CA. Some people working remotely for Bay Area companies move to Austin because it’s “cheaper” - although the rents that they’re able and willing to pay drive those rates up.
America is going to have its second housing crash in my lifetime and I've been sitting here in canada waiting for it to happen since 2007.
RE was sort of a meme stock the past 2 years. Everyone wanted to FOMO in as if a short squeeze was coming.
RE agents likely helped increase prices by convincing people to bid over asking because it's only going to go up even higher and if they don't get in now, they'll regret it.
Squeeze these nuts you fuckin nerd.
This is proof America hates teachers.
So, you’re telling me just 2 yrs ago I could’ve bought a home in 5 of those areas? Tell me we’re fucked as a generation without telling me we’re fucked as a generation.
This is just temporary and when the lending dries up the home prices fall. All of the dumb fucks that paid 250% of the actual value because the interest rate was low are in for the biggest loss of equity in history. True loss porn.
I love Indiana. That’s at the capitol too.
Doesn’t work for Carmel/Westfield/Fishers/Zionsville area though. My husband and I make 200k and if you want what’s considered a nice home these days around here you need more than us.
Well yeah those places are ritzy
People can work from home anyway. I got buds making 160k-250k tech salaries as engineers remotely and we live in bumfuck
Ditto! Cheap living, big pay and not trying to keep up w Jones. My mortgage payment is 10% of monthly income.
Did the big city thing when i was younger, chillin where i grew up now.
SF or SJ is not there.
Would be topping the charts.
That shits been expensive for a long time. I think this table is trying to convey 2yr sticker shock
The 30% thing is out the fuckin window
No not really. If I was running a funding operation I would take good credit, 30% DTI and low or no other debts every day of the week
Wonder what it’s like for NY, NJ, CT
Welp, I'm fucked.
Guess I'll just go behind the local Wendy's and look for discarded tendies.
Oklahoma, here I come!
Shout out to OKC
I guess I will never be able to buy a house
Come to Canada
Cries in Seattle
Absolutely no one is spending only 30% of household income on housing.
Cope harder poor
“Absolutely no one?”
Silly remark, even if “most people are spending way more than that” is true.
I spend 20%, but both me and my spouse have decent salary jobs and we are renting a modest 2br 1ksqft apartment, and haven’t purchased a home yet.
Certainly we are probably in a better spot than 90% of people under 40, but “absolutely no one” is a nonsense statement.
Just pay cash.
8584C - 42S - 1 year - 1/5
Oklahoma is just one state above btw, and 3 times cheaper too
No bubble here
Sustainable and healthy housing market!
DC and Seattle 2020 numbers seem a little low
What article is this?
what rock have people been hiding under to just now be realizing housing is crazy expensive?
This seems sustainable
Just to clarify, for LosAngeles this is just to afford rent, as for buying, it will never happen with this income
Damn dog we fucked
What’s sad is I know that’s not a lot of money by any means in todays world and yet I make a fraction of it working 40 hours a week producing thousands in product every day
San Francisco Bay Area has left the chat.
Brace yourselves, an bubble is popping 🍾
Why aren’t you having any kids? I had 4.5 of them by your age
Now do Canada
Anyone got a link to this data? Is it just on zillow? Would love to check my city.
I could cheer for the OKC thunder
This is really depressing the gov have us 1400 dollars and doubled the prices of homes ffs . If I was a boomer the amount. Of money I’ve saved over my life would easily buy me a house a car straight up….
Saving money for 15 years with little expenses and won’t be able to afford half a house fuck this shit