OT Unregulated capitalism killing the American Dream

[MickZagger]

The next generation will never be able to afford a house at this rate and it’s really sad. I tell my folks all the time the boomers had it easy. They’re actually starting to agree

 

[Lanny]

The next generation will never be able to afford a house at this rate and it’s really sad. I tell my folks all the time the boomers had it easy. They’re actually starting to agree

Not true, I'm a boomer and it wasn't easy dealing with the war and perhaps even more difficult with the aftermath. Then, I had to figure out how to pay for my education. Of course I got the GI Bill which lavished me with $110/month. My parents gave me $50/month. Talk about rolling in clover.

 

[MickZagger]

Not true, I'm a boomer and it wasn't easy dealing with the war and perhaps even more difficult with the aftermath. Then, I had to figure out how to pay for my education. Of course I got the GI Bill which lavished me with $110/month. My parents gave me $50/month. Talk about rolling in clover.

every generation dealt with their own hardships no doubt. The fact that hard working young Americans may never even able to own a home is alarming. It’s going to be a couple generations of family splitting a mortgage payment. I’m lucky I bought about 6 years ago and put a good chunk down, I got a decent amount of equity. But this is getting out of control. I’m seeing houses that 5 years ago would sell for half what they’re selling for now while incomes remain stagnant. Unless a housing collapse this could be awful.

1 in every 5 houses these days is being paid straight cash by an investment firm usually based outside of the US. How do young Americans compete with that?

 

[Road Ratt]

Blackrock, Koch Robbing Future Homeowners.



The ultra wealthy are buying up America and turning Americans into renters.

 

[SlyPokerCat]

Boomers don't comprehend that college and houses are astronomically more expensive today than in their lifetime.

Everyone would rather pay 60,000 with 8% interest rates for a brand new home in Portland/Gresham like my parents did in 1988 than the 600,000 a house like that would cost today with 4% interest rates.

Here is Hasan Minhaj calling out congress about it.



Many boomers say our generation just needs to pull themselves up by their bootstraps. One of the dumbest sayings I have ever heard.

 

[riverman]

You can only flip houses at rapid speed so many times before it's out of control...it's out of control..especially in New York and California..getting there in Oregon...glad my son here bought his house in 2017....glad I own mine...my oldest son was born and raised in California has a great job and can't afford a house there..he's looking to move to Texas just so he can buy a house and lower his cost of living. He's been renting in California and raising kids his whole life. Sucks....the get rich quick real estate boom has about ruined that American dream for young people

 

[barfo]

It's possible to live a happy life without owning a house. At least, that's what I hear.

barfo

 

[riverman]

It's possible to live a happy life without owning a house. At least, that's what I hear.

barfo

yeah....but you have a ship....others just have grocery carts or eviction notices

 

[crandc]

I am a boomer, renting a house. I will almost certainly never own a home. Yes, college was cheaper but I graduated into double digit unemployment.
Went decades with crap jobs.
In order to retire had to live very frugally.
No bed of roses and a lot of thorns.

 

[MickZagger]

You can only flip houses at rapid speed so many times before it's out of control...it's out of control..especially in New York and California..getting there in Oregon...glad my son here bought his house in 2017....glad I own mine...my oldest son was born and raised in California has a great job and can't afford a house there..he's looking to move to Texas just so he can buy a house and lower his cost of living. He's been renting in California and raising kids his whole life. Sucks....the get rich quick real estate boom has about ruined that American dream for young people

No such thing as a starter home anymore

 

[MickZagger]

I am a boomer, renting a house. I will almost certainly never own a home. Yes, college was cheaper but I graduated into double digit unemployment.
Went decades with crap jobs.
In order to retire had to live very frugally.
No bed of roses and a lot of thorns.

But don’t you live in San Francisco where unless you’re a millionaire it’s impossible to buy a home and even then you’re getting a shack? I’m hoping the rest of the US doesn’t become like that

 

[riverman]

I am a boomer, renting a house. I will almost certainly never own a home. Yes, college was cheaper but I graduated into double digit unemployment.
Went decades with crap jobs.
In order to retire had to live very frugally.
No bed of roses and a lot of thorns.

If I had remained single and not had children I could have easily never bought a home...for most of my younger years I could move in a taxi cab.I leased two houses later on...one in Hawaii and one in Nevada City Calif...that was a good setup. Not at the same time....

 

[MickZagger]

I came from a family where my parents essentially got rich off the real estate game. So I’m a little jaded

 

[SlyPokerCat]

Gen Z is so fucked.

 

[riverman]

I came from a family where my parents essentially got rich off the real estate game. So I’m a little jaded

I've profited from it over the years now twice..selling houses but not with the jump you see in today's market

 

[barfo]

No such thing as a starter home anymore

Nonsense, you deliver them every day!

 

[riverman]

Nonsense, you deliver them every day!

Now I know where my shoes went!

 

[SlyPokerDog]

Seems like if we wouldn't vaccinate everyone 50yrs and older we could solve this problem very quickly.

 

[riverman]

Seems like if we wouldn't vaccinate everyone 50yrs and older we could solve this problem very quickly.

Or not allow dogs to breed

 

[BLAZINGGIANTS]

Bought my first house (condo) at 23. Fixed it up, made some money, got married, and had my wife’s mother basically steal $350-400K in cash and home equity from us (long fucking story).

Still doing okay. Love our house in Oregon wine country, love our house in Hawaii more. But it certainly hasn’t come without serious sacrifice and a strong work ethic. Most of my childhood classmates are in a strong financial position. Those that are a couple years younger definitely have more struggles (but also a much stronger sense of self-entitlement).

 

[barfo]

Seems like if we wouldn't vaccinate everyone 50yrs and older we could solve this problem very quickly.

It's ok, we aren't vaccinating Republicans, and that will be sufficient to free up the housing market soon.

barfo

 

[riverman]

It's ok, we aren't vaccinating Republicans, and that will be sufficient to free up the housing market soon.

barfo

the last year and a half has left many shipping containers lying dormant and empty...it's the new tiny house craze...with the trade wars who needs shipping containers?

 

[BLAZINGGIANTS]

I came from a family where my parents essentially got rich off the real estate game. So I’m a little jaded

well that explanation changes the shape of the original post a bit (even if you are totally correct).

 

[BLAZINGGIANTS]

It's ok, we aren't vaccinating Republicans, and that will be sufficient to free up the housing market soon.

barfo

we actually are. they just aren’t accepting it.

(and I’m okay with that.)

 

[SlyPokerDog]

Condo prices are going to crash.

After what happened in Miami insurance companies are going to require repairs to be done and the assessments are going to be crazy high.

Also instead of condo boards reviewing potential owners, owners are going to review the boards to make sure maintenance and repairs have been done.

 

[MickZagger]

well that explanation changes the shape of the original post a bit (even if you are totally correct).

Its not a post looking for empathy. I do fine for myself. I’m just appalled at the housing market and I’m sure I’m not alone

 

[MickZagger]

And it wasn’t very hard to get rich off real estate as long as you purchased a home every 10 years from about 1985 until now.

 

[MickZagger]

I graduated in 09 when the economy collasped. My first job after getting two bachelor's degrees was 15/hr. I make 6 figures now. A lot of boomers aren't retiring and millenials are stuck with lower level jobs.

Gen Z is so fucked.

I make 6 figures too and I don’t feel I’m well to do by any means and I’m actually very frugal

 

[BLAZINGGIANTS]

Its not a post looking for empathy. I do fine for myself. I’m just appalled at the housing market and I’m sure I’m not alone

totally understood and agreed. that later addition adds a bit to your original post.

i mean, I feel bad for folks. But I also deal with a lot of folks a few years younger with an enormous and uncomfortable amount of sense of entitlement while being shit workers. Many Boomers were quite likely given an easier shot at life, but at least many of them still worked for it rather than expecting handouts.

I admit my perception could very well be out of line, but it’s my experience.

 

[BLAZINGGIANTS]

Yep. Bottom line is real estate was easily developed and sold for substantially cheaper prices for boomers. A brand new house in Gresham in the late 80's for 60k. My dad was a blue collar worker making like 40k back then. Nowadays someone would have to make 350-400k/year for a 500-600kish brand new house in the same area.

Income inequality continues to rise.

I dunno. Given interest rates and everything, that math seems off. I don’t make $350-400K and I qualify for well over $500-600K. Even with us going conservative and not by the “guidelines” of affordability.