1st Gen Lunchtable Thread - General Discussion

If you have 2+ kids, and the options are pay 15k each a year for both of them for 4 years of room and board in college, or spend $200k on a condo and sell it for 400k in a few years, it makes sense

 

My tuition was like $800 a semester after scholarships. Just seems crazy to me. Some people live in a different world I guess.

 

Especially if you consider that you'll never actually pay the list price for the property. You'll pay whatever percent down, a few years of payments, and then sell it... like you say, probably for more than you paid for it.

 

They do, and the people living in the world you're talking about probably don't feel as rich as you perceive them to be.

Again, it's all very relative.

 

I guess so, I’ve just talked to some locals that say they can’t afford a house for their family here cause of rich west siders buying up properties for their kids and then renting them out after they graduate.

 

EGO mower running strong going on 3 years

 

I posted about a girl that ran through over a million essily over stupid financial decisions.

She was a customer of ours at the dealership and bought several cars only to end up in a huge negative, tons of debt, and a mortgage she could barely afford.

Worst part? She had a house that was paid off that her dad bought her for high school graduation.

The $2 million or whatever she got was what she inherited when he passed away just a few years later.

 

Yup. Everything is completely fucked and will only get worse every single day for the rest of our lives

How're y'alls Tuesdays goin

 

Owning an extra home as a parent means more that'll go towards your children.

Just need to be smart and put the home in a trust so the child doesn't inherit the huge property taxes that come with exchanging hands.

Haven't done it yet but we'll have to for our homes for our kid.

 

Hell my dad made great money when we were kids and he still borrowed money from my grandfather to put a down payment on one of our homes (we moved around a lot) back in the 90s.

I didn’t take any direct financial help from mine but I’m way older than my parents were when they were first buying homes. Was nearly 40 when we got our first house last year. A chunk of the down payment I made came from some inheritance I got when my grandparents died so in a way I did get some direct help I suppose.

the gap between average home prices and average income has definitely widened in the last few decades especially since the 08 crash, no denying that.

 

feeling this

 

I've been vaguely aware of how wild markets have been, but this house makes it very clear.

It's a nice but modest house. Two bed, 1 bath, 800 sq ft, no existing garage (but plenty of space to build one), in a nice but not exceptionally special part of town.

https://www.redfin.com/CO/Colorado-Springs/916-E-La-Salle-St-80907/home/34443613

2016: Sold for $178,000
2019: Sold for $290,000
2022: Sold for $427,500
2025: Listed for $449,500

 

You could always look in Pueblo

 

There’s a listing for a home up in the mountains behind our development…completely off the grid 2 bedroom 900 sqft cabin with shared well water going for $500k. I’ll see if I can find the listing.

 

And its exactly like that everywhere, meanwhile wages have barely budged.
You either got on that boat before '21, or probably never will.

 

it wasn’t great before Covid either, but at least interest rates weren’t what they are now.
Of course 5 years from now we’ll probably be looking back longingly at today’s numbers, it’s all relative. Relatively shitty that is

 

Yeah I remember looking at like early 2020 prices, thinking 'wow theyre up like 50% over the past couple years, thats way overpriced' just to watch both the list price and interest rate triple from there. Rents about doubled as well..
Its completely unsustainable and I have no idea how it keeps going except through massive corporations buying them up by the tens of thousands.
We're already at the point where it takes an above average mid career professional salary to afford a fucking 1-bed apartment alone in the suburbs of a 2nd tier city.

I'll stop ranting now.. This shit gets me going

 

Where’s the Kowloon walled city when you need it?

 

I got on the boat in '20, when interest rates where low (sub-3%) and the COVID-era housing market was starting to show itself. Between the increases in both home prices and interest rates, my monthly payment to buy the exact same house today, with the same % down, would be roughly double.

 

Corporations and overseas investors are a big part of the problem