Future generations renting instead of owning homes

[Raven]

**** most younger people now days can't drive a nail in. If you own your own you can't just send a text for a leaky faucet. YOU have to fix it YOURSELF or $$$.

Way easier to live on a sidewalk or under a bridge then in an RV or trailer and also a vehicle to pull it... oh wait...

 

[MarkS]

They are too small for most people. Kids and dogs, forget it. We just got some land and are going to build. Our plan is live on site in a camper. For me it's fine, hell compared to my room on the ship its a VIP presidential suite, my bride not so much. We will see.

We’re looking to buy a piece of land and have a metal building erected then section off an area to build living quarters while living in our camper. My wife loves the idea because we can either rent or sell our home which sits on 5 acres. The house’s on our road have been selling from $350K and up with 1 acre. The next door neighbor just paid $447K for a house built by over 10 years ago.

 

[Ric-san]

Lot rent is only like $400 a month too. Can park for free in the state forest. Vanlife park for free anywhere

Turn on YouTube and see all the folks living out of Prius’es to Vans. BLM land out west is dirt cheap to boondocks on… most are “stealth” campers and pay nothing. BONUS if you camp in San Francisco, you can crap on the street, no issues; they have a paid “poop patrol” there….just sayin’.

 

[Jrose]

We just got super lucky and bought a house with 2 acres out in Cantonment. Every home we looked at and made an offer on was bought from under our feet by a company who offered cash over asking price. I thought we were screwed but like I said, we found a house and the owners turned down the cash offer because they wanted the house to go to a family. Good luck to anyone trying to purchase right now. I think we are about to witness a major surge in the homeless population. Rents to high, and unless you have a large amount of cash or get lucky, buying is a nightmare.

 

[FLT]

Just for reference, in the early to middle 80’s 8 and 3/4 percent was considered a good interest rate . You had to have excellent credit to get that rate.

 

[Raptor727]

Just for reference, in the early to middle 80’s 8 and 3/4 percent was considered a good interest rate . You had to have excellent credit to get that rate.

Hell I'd pay that 8% on 20-30k over the 6-8% for 300-400k any day

 

[Longtooth]

Hell I'd pay that 8% on 20-30k over the 6-8% for 300-400k any day

Drive your 7k car to get gas at 90 cents a gallon.... Times they are a changing.

 

[FLT]

Hell I'd pay that 8% on 20-30k over the 6-8% for 300-400k any day

Did you factor in that $300 a week was a good paying job back then?

 

[Viking1204]

It’s already starting, the tax man and insurance companies are collecting money based on those inflated sales prices. Most
People didn’t allow for an extra 3 to 5 thousand dollars that it’s costing them . It’ll get a lot worse sooner than most people are willing to believe. Realtor’s and bankers created this bubble, just like the last one. I shouldn’t bitch to much about it though, I made out like a bandit in the last one and likely will this time as well.

I sold my house in February for $138K more than I built the house for 17 years ago. Paid off all our debt, put a huge chunk of money in the bank and now we're renting until the bubble bursts again! This was the 3rd house we sold for a lot more than we paid for it. The cycle runs its course about every 5 years. This uptick in prices started in 2020 when Covid hit and interest rates bottomed out. Here we are 2.5 years later and rates have gone up so prices are going down. In the next 2 years there will be deals to be made and we'll be ready!

 

[FLT]

Drive your 7k car to get gas at 90 cents a gallon.... Times they are a changing.

I bought a 68 Camaro with a 396 cubic inch 375 horsepower engine for less than $4,000 brand new. Sunoco 260 was 37 cents a gallon. It was about 107 octane back then . Chevrolet under rated those engines, they were about 430 horse power , you needed good gas to avoid knocking and the related engine damage that pre ignition could cause.

 

[Viking1204]

I bought a 68 Camaro with a 396 cubic inch 375 horsepower engine for less than $4,000 brand new. Sunoco 260 was 37 cents a gallon. It was about 107 octane back then . Chevrolet under rated those engines, they were about 430 horse power , you needed good gas to avoid knocking and the related engine damage that pre ignition could cause.

My Dad had an old Buick Wildcat and would go to the small town airport and get airplane fuel for it and it ran a lot better than with standard fuel!

 

[Longtooth]

I bought a 68 Camaro with a 396 cubic inch 375 horsepower engine for less than $4,000 brand new. Sunoco 260 was 37 cents a gallon. It was about 107 octane back then . Chevrolet under rated those engines, they were about 430 horse power , you needed good gas to avoid knocking and the related engine damage that pre ignition could cause.

I mean, I just looked up the median price of a car in the 80s.

I wasnt around then.

 

[FrankT]

I am staying where I am, 100K equity..$750 a month and a 3% loan...I cannot afford today's prices or rates. Cannot or will not buy a new car so 0 car payments! Glad I am old...lol

 

[Raven]

Turn on YouTube and see all the folks living out of Prius’es to Vans. BLM land out west is dirt cheap to boondocks on… most are “stealth” campers and pay nothing. BONUS if you camp in San Francisco, you can crap on the street, no issues; they have a paid “poop patrol” there….just sayin’.

Poop patrollers make like $100,000 a year too

 

[Raven]

I am staying where I am, 100K equity..$750 a month and a 3% loan...I cannot afford today's prices or rates. Cannot or will not buy a new car so 0 car payments! Glad I am old...lol

You got a nice house too

 

[Welldoya]

In the “old days” people expected a lot less.
I was born in 1955. Growing up in the 60s and 70s, there were no neighborhoods with 3,000 sq ft houses.
There was the occasional big house where the rich kid lived who’s dad was a doctor but I knew several kids who’s dad was a doctor or lawyer and they lived in a 2,000 sq ft house.
We moved every couple of years because Dad was in the USAF so we always rented.
Always a 3/1 in the 1200 sq ft range.

 

[ccc]

Allot of it is priorities. Right now I am worried about how much liquid cash I have for retirement, I’m probably better than 60% of people but still worried. Why ? SELF INDUCED ! If I didn’t buy guns, pay for a deer lease each year, enjoy fine bourbon and food, I would have a TON MORE $$$ in the bank ! Now our house is paid for but still worried. Self choices get allot of people where they are in life. Don’t believe me, drive by an apartment complex and look at the $70,000 dollar cars AND UP ! If they had a used Kia they might be able to afford a house. And let’s not forget hair extensions, latest I-Phone and so on and so on. Our parents raked and scraped to get by to have that 3/2 and a white picket fence, this generation is not willing to sacrifice.

 

[Ric-san]

We just got super lucky and bought a house with 2 acres out in Cantonment. Every home we looked at and made an offer on was bought from under our feet by a company who offered cash over asking price. I thought we were screwed but like I said, we found a house and the owners turned down the cash offer because they wanted the house to go to a family. Good luck to anyone trying to purchase right now. I think we are about to witness a major surge in the homeless population. Rents to high, and unless you have a large amount of cash or get lucky, buying is a nightmare.

That company you mention sounds like “Blackrock”…investment management and financial services.

 

[Jrose]

That company you mention sounds like “Blackrock”…investment management and financial services.

I inquired about who it was, but appearantly no one had any information. Its almost as if they waited for our offers, and then made theirs immediately after. We would be the first to offer but within hours, they'd get a better cash offer and accept. This isn't the first house I've bought either but I've never seen anything like it. I know up in Tennessee near a family horse farm of ours, there are " investors " offering ridiculous amounts of money to buy up the farm land. In some places, these investors are paying a million an acre.

 

[Rebel_Rider1969]

That company you mention sounds like “Blackrock”…investment management and financial services.

Their is several of these company's, owned by the oligarchs of the US.