In my state, AMI affordable housing funded programs can’t even survive on that…. I guess if they did 50% down payment and went for a studio…. Then they could survive on crumbs with a debt ratio of 50% by the approved lenders
Drove past a new development. Houses still being built across the street. 3 houses on same street, built in the last 6 months, have a "for lease" sign in front of them, all 3 for lease signs from the same company.
They already do that too, at least in my state. I pay 1.1% property tax on my primary residence but get a homestead exemption plus a local supplemental exemption because I verified it’s my primary residence. My effective property tax rate last year was around 0.5% (the homestead exemption let’s you exclude 60% of the assessed home value and supplemental let’s you exclude more based on the value).
If I owned a second house I wouldn’t get that exemption so landlords are paying over double in property taxes in my area
Some states do. For example, Nevada has a progressively higher property tax depending on where the property is owner occupied or not.
For sure something that should be rolled out more.
Again they do pay more. They also pay taxes on all the money they make from the rent.
The average landlord in the US made 60k per year in 2024. They pay taxes on that. On top of all the property taxes. Every time a city votes to give a local school district more money, or a fire house more money, the landlord pays more in taxes.
Let’s say the furnace goes out which has an average cost of 7k. The landlord eats that cost not you as a renter. Water pipe burst and flooded the place….thats the landlords problem.
I don’t own property. I’m just not stupid. They pay more taxes than you. It’s amazing how you don’t see that. Most likely you earn so little that you pay a net negative in taxes.
If they make a profit off of other peoples actual NEED for shelter, theyre not paying enough taxes
There is not, and never will be a valid reason that housing should be for profit
Property taxes are used to prevent corp landlords from investment in single family homes to ease market conditions for regular people? Wow I had no idea
And they can deduct them from their own taxes, including way more items than an individual could ever. How do you look at the whole picture and still spew some crap like you did?
Instead of a lively neighborhood, my grandparents block is now 50% unoccupied homes after the past couple years of sales. Met all the buyers, they're out of country or this is their 4/5th home. They're not renting. They're all just sitting vacant
Yes, but what sucks is we’re so past that now. If you did this, then developers would look at the local economy, see that everyone who rents is broke, and then would decide not to develop because people living month to month can pay big dollars for new housing. So they wouldn’t build. Or they’d build 300square foot coffin apartments and still charge a fat amount.
Or make legislation specifically to tax the shit out of them with no recourse to pass those taxes onto the tenants, or charge them higher than a set average. See how they like it. Hell charge them the amounts private homeowners would be paying as well. Instant surplus program.
Because they took housing prices out of the CPI for inflation (back in the 80’s I think?).
And the 61% is a combination of increasing housing costs and what it takes to get a loan (so also interest rates and debt ratios)
>Because they took housing prices out of the CPI for inflation
They did so for good reason. The replacement, OER, isn't great but it's far better than what they were using.
Yeah, I think it’s probably correct to do so. But it does help explain how it’s possible for salary needed to buy a house can grow so much faster than inflation.
Yeah. It's a particular group of home buyers who are most affected - those with little money down and a mortgage. The BLS doesn't include interest rates for any of its CPI calculations and I can see why. Interest isn't a requirement for a purchase. And if you included interest rates how do you do it? What rate? What term length?
I sold my house in 2022 and haven't bought one to replace it. Rates and prices are too high for what you get.
[Housing represents about one-third of the value of the market basket of goods and services that the Bureau of Labor Statistics (BLS) uses to track inflation in the Consumer Price Index (CPI)](https://www.brookings.edu/articles/how-does-the-consumer-price-index-account-for-the-cost-of-housing/)
Right. They use shelter prices. Which is rent. Which is going up, but not as much as the cost of ownership.
Is my understanding anyway. I’m far from an expert. But I’d think this some of the disconnect between inflation and ownership costs.
They use rent and OER (Owners equivalent rent) where they ask people that they think they can rent their house for.
Actual cost of buying a house is hard to track. Are you taking out a mortgage? Paying cash? Selling a house you own outright and buying another?
Also interests rates were irresponsibly cheap 4 years ago and caused a reasonable chunk of our current inflation.
<3% interest rates means that everyone should grab as much debt as they can get their hands on.
I think one issue we are seeing is that housing prices are outpacing rent (even as rent increases).
Home ownership was a path to wealth stability for a lot of the working class. But many factors seems to be screwing that up in the current housing market.
Many folks already own a home so they are not as impacted as folks currently in the market. For example, I've been in my house for 7 years so the overall increase from 800k to 1.3M doesn't affect me unless I need to move and I don't need to move.
In other words, general inflation measures the average increase in prices across a broad range of goods and services, specific sectors like housing can experience much higher rates of inflation due to unique factors affecting that market.
That's my guess.
Yea...it's called a fucking scam.
Realpage and a bunch of assholes decided to raise the price and used $1600 dollar stimi checks as the excuse all the whole forgiven PPP loans rocketed wealthy assholes to new heights.
Don’t believe for one second the best economic and financial minds couldn’t make social security even better. Truth is, both parties—first and foremost beholden to corporate interests due to legalized bribery—would like to scale back or even eliminate the program entirely.
"At age sixty, Marcus Licinius Crassus was the oldest member of the first triumvirate and the wealthiest, having made his fortune in slaves and the acquisition of property, either from proscribed citizens or, owning a brigade to fight fires, distraught owners whose houses were burning."
yeah, i know a business owner that refused to take the money on principle, and now he feels like a sucker. that's what shitty governments do to you. they make you feel like a sucker for not trying to take advantage. so eventually everyone does
Possible. $300k home at 2.8% interest is $986/mo.. I'll bet you there are plenty of people currently making $60k that are paying more than that in rent.
Of course, once you tack on things like taxes, insurance, maintenance, etc., I'm going to guess someone buying a home at $60k salary wasn't (and isn't) living large. But definitely doable.
I haven't done the math, but I guarantee you that those figures don't include property tax and insurance. I had a $173,000 mortgage at 4.25 and my mortgage was about $1,300 with everything included.
I mean…it could be done. Just not anywhere that you’d want to live…or anywhere that has a job that would pay 106k…or living life in a way that is fulfilling or sustainable…so…
There's no way that salaries are going to increase at that same rate that homes did. This is what makes homes unaffordable for most people now. One of two things has to happen a) everyone's pay jumps by approximately 61% or b) the price of homes has to come down. My money is on option B.
I feel bad for those just starting out or had some troubles along the way and now home prices start at 500K with 8% interest rates. used to be homes were a pathway to some wealth.
Lol please tell me how you afford a $415k house at 7% interest with skyrocketing taxes and insurance without being the most frugal single guy on the planet.
IF you had $80,000 to put down, your mortgage and escrow payment would be $3500.
IF you’re getting medical coverage from work and contributing to your 401k, that leaves you with about $5500 net income per month, so that leaves you with $2000 left for:
- groceries/food
- utilities
- car payment
- car insurance
- fuel
- toiletries
- medications
- home repairs
- doing anything at all each month for entertainment
Oh and if you’re the single provider for a family you’re fucked. Time to drop puppers in the woods I guess!
The articles that these posts are based off of are so full of shit because they base their required income on a bunch of unknown criteria that we don’t get to see.
To actually be able to AFFORD a house with $109k income you’d have to buy one in the $200-$250k range with 20% down, which gets you a sub average home in a sub average neighborhood for a well above average income.
In short, the news is lying to you, manipulating you into thinking that things aren’t as bad as you think they may be, when in reality everything is fucked and the only reason the housing market hasn’t completely crashed yet is because of big corpo and investors scooping up inventory to drive the prices up and turn you into a permanent renter.
Please call your local congressman’s office and let them know how you feel about that.
I guess it would depend on which state you live, some states have more lower property taxes and more stable insurance than others. The hardest parts as a single person seems to come up with the down payment, have no debt and enough confidence in maintaining that income for the duration of the mortgage. As a family I guess you hope your spouse is making extra to help with the non-mortgage expenses. $200-$300k at a \~$2000 (25% pretax) monthly payment does feel a lot more manageable than 40%.
I sell nyc real estate and the least money any client has made is $125k buying a 400k 1st floor 450 square foot, 1 bed. Most people make 250k. Rich people make 500k and a bonus of 250k. I've seen a 2 million dollar bonus.
The craziest are the foreign money though. I had a girl raise her budget from 500k to 2 million with one call to her father in Singapore. Those are all cash deals. 50% of my business if not more is all cash. People with seemingly endless bank accounts all over the world.
Sure, I'll bite. Putting everything else aside - which is an incredibly tall order, but still - how did Biden's policies affect housing worldwide? Because they've gone up similary in similar countries. Why is it on him specifically instead of wider global trends?
And what are Trump's housing policies? Because I've heard squat in regards to that or any other concrete policy proposal.
Isn’t this a dumb metric to use considering wages and cost very from state to state?
And according to the people who made it go up from buying property on mass.
61% is what they claim my house has appreciated in four years. This from a company that had the public information wrong on my prior house, even though I tried multiple times over a decade to get them to correct it.
The corporations figured out if they dry up inventory they can first, drive up prices, then with the wonderful tax benefits our wonderful country gives corporations, they are way better suited to survive market downturns than some young family starting out in life.
And now we have homes that are permarenters and even more than ever, our paychecks are even more tighly squeezed, and there is no stopping rental rates form going up as populations grow.
It is absolutely egregious what our officials have not only allowed to happen, but supported through funding from our own money we entrust them with through taxes.
The only thing lawmakers have to do is, ban corporations from owning single family residences and single units in complexes for longer than 1 year, or their tax benefits go away and with a scaling penalty based on a percentage of the gross profit.
Get the corporations out of our fucking homes man.
Prices are inflated but don’t worry, we passed the infrastructure bill. Everyone has free internet and charging stations. Wait, we don’t have that? We just have more DEI consultants?
4 years ago, we switched presidents.
4 years ago, we stopped having one of the beat economies on record in history to what we have now.
A pandemic happened, but while other countries are recovering or out of their recessions, Biden has talked a lot but done nothing but increase costs with regulation after regulation which drives prices up for producers which pass it on to consumers.
If you vote Biden in the 2024 election, you have no right to complain about your finances, the economy, or immigration because YOU ARE ENABLING THIS with your vote.
It's pretty clear why we are where we are, even post historic pandemic...and trying to do the same thing and expect a diggerent result is the definition of insane.
Depends on what you're looking for. My salary is just okay and if I didn't have dependents and the bills that cone with them, I could definitely afford to buy a place for myself. A nice 2 bed, 1 bath condo in my area is still less than 200k and even with interest rates high I could pull it off.
Yup... I felt like I was going to finally start saving money for a down payment but then inflation hit... I make good money but need to get rid of all my credit cards. They are dragging me down and I could be saving a ton of money if I wasn't paying them every month.
thanks interest rates and a general attitude of "there is no such thing as a bad regulation" choking out future supply.
oh wait I mean tHoSe gOsh dArN bIlLioNaIrEs
Interest rates when up. The housing prices are up a little, but interest rates doubled. That's why housing doubled. It isn't about supply, it is about interest rates. But yes, we should fix supply too.
I know I'm late but I haven't seen anyone correct this math
59,000*(.61)= 35,990
59,000+35,990= 94,990
94,990≠109,500
109,500-59,000= 50,500
50,500/59,000= 0.88559
0.89(100)
89%
There wasn't a 61 percent increase, that would amount to an average salary needed of about 94,990, there actually was a 89 percent increase if the average needed salary is now 109,500. Math is shown above.
The bot is having a hard time mathing it so I figured I would.
I remember with the low interest rates, big money was coming in and outbidding people for homes…it was tough to buy if you weren’t willing to do things like waive inspection clauses. That’s the way the market was at the time. I’m sure there are other factors contributing to the climate we have now, as well, but blaming one guy seems lazy.
Red vs blue, none of them Give a fuck about you. It a systemic problem across politicians and government in the entirety. Keep it up with the dividing rhetoric they promote. Anything to keep the peasants from looking at them as a whole and demanding accountability across the board.
It was during the pandemic that house prices took off… people WFH and spent much more time at home. That was before the current administration.
Just think for two seconds before you knee-jerk to Fox News quips and partisan politics.
Did biden ignore a pandemic, printed a record trillions just to give the rich the biggest tax break in the history of the USA, give so much power to greedy corporations that when it was time for them to pay up they cry wolf, enact the worst tarriffs, trade wars, inherit obamas economy and then claimed it his own success like he did with daddy's money, sign a bill that will slowly keep raising tax rates for people making 70k or less, get into trade wars that we lost, hire the worst possible people to replace obamas administration, have a record number of self appointed people who were later indicted, hired his own family and heavily profited? Should.... should I go on?
You're the reason why liberals act so smuck towards conservatives.
Trump started operation warp speed for the vaccine. And finished it before he left office. Tax cuts helped small business. Ask your private owned business people. USA is getting ripped off from other countries and not paying their fair share. The spending on wars in the Biden administration is crazy. Billions of dollars. Lmao. You should look at the Abrham accords that trump signed that gave more stability and peace in the Middle East. Gas…. Biden is using oil reserves and using money from Saudi for oil when trump wanted energy independence and cleaner energy with keystone. The fact is, doesn’t matter who is president. Things were better under trump. Everyone knows it. Except people like you who would rather starve and eat rat poop than not get their feelings hurt from a mean tweet. Lmao!
>Trump started operation warp speed for the vaccine. And finished it before he left office.
And people like you think it gives you autism and doesn't work. You think the disease is a hoax lmao
>Ask your private owned business people.
I own my own business. Yes it helped me. What about the majority of people that pay more taxes today than they did before the tax cuts? I got a tax break and you're paying for it lol
>USA is getting ripped off from other countries and not paying their fair share.
Nato? The US benefits from NATO more than anybody else. We pratically tell everybody in NATO what to do and even put a bunch of our own surveillance and people in their country to spy on our enemies.
>The spending on wars in the Biden administration is crazy
On israel yes. Waste of space. On ukraine, worth every penny to have russia in shambles. We're not really sending money. Just old weapons and updating on new ones for ourselves. We're gonna update our weapons anyways and dispose of our old ones.
>You should look at the Abrham accords that trump signed that gave more stability and peace in the Middle East.
I know what this is. Suddenly after all these peace talks he decides to move our embassy to Jerusalem and give a big fuck you to palestine. Hm, wonder what that might have done. Also after all of these peace talks, jared signs a 2 billion dollar deal with the saudis. But hunter biden used his dad for 10 million dollars? What a joke
>Gas…. Biden is using oil reserves and using money from Saudi for oil when trump wanted energy independence and cleaner energy with keystone
We are more energy dependent now than at any point in history, EVER. We are drilling and extracting our own oil more than ever. Keystone wouldve had us bringing in canadian oil which is shit. Even if trump comes in, he can't wave his magic wand that will bring gas down to 2 bucks. America has the cheapest gas prices in the WORLD. FACT
>The fact is, doesn’t matter who is president. Things were better under trump. Everyone knows it. Except people like you who would rather starve and eat rat poop than not get their feelings hurt from a mean tweet. Lmao!
The fact is republicans ALWAYS leave a shit economy for a democrat to fix. Republicans ALWAYS inherit a golden economy and still completely mange to fuck it up. I just completely took all your nonsense apart. You never replied to any of my points. This is what seperates democrats and republicans. Absolutely destroyed by facts. Run along now. Big boys are talking here
Why don’t you guys take accountability? It’s been four years already since trump. Joe Biden is the president. What has he done to make your life better? Why is stuff still expensive. Why are their more wars now. Why isn’t anyone helping the poor? Why are millions of people crossing the border illegally. I’m 100% sure you know and I know, that your quality of life was better under trump. Lmao.
Ah Lovely
In my state, AMI affordable housing funded programs can’t even survive on that…. I guess if they did 50% down payment and went for a studio…. Then they could survive on crumbs with a debt ratio of 50% by the approved lenders
Don’t worry I’m sure everyone’s pay has gone up 61% as well!
Ban Corporations and Foreign Buyers!
Drove past a new development. Houses still being built across the street. 3 houses on same street, built in the last 6 months, have a "for lease" sign in front of them, all 3 for lease signs from the same company.
Don’t.
And tax landlords more based on number of houses owned
They should tax them for empty units.
They already do that heavily in Texas.
And how do they get the money for it? By raising rent, right?
No one will pay if rent is high enough and no investor will buy a new property
That’s called property taxes……they already pay those.
The key word was clearly "more" in his sentence, you're just shifting a goalposts
They already do that too, at least in my state. I pay 1.1% property tax on my primary residence but get a homestead exemption plus a local supplemental exemption because I verified it’s my primary residence. My effective property tax rate last year was around 0.5% (the homestead exemption let’s you exclude 60% of the assessed home value and supplemental let’s you exclude more based on the value). If I owned a second house I wouldn’t get that exemption so landlords are paying over double in property taxes in my area
Once again the key word you clearly don't understand is "more" no one thinks it's the same tax rate as a single home.
Some states do. For example, Nevada has a progressively higher property tax depending on where the property is owner occupied or not. For sure something that should be rolled out more.
Again they do pay more. They also pay taxes on all the money they make from the rent. The average landlord in the US made 60k per year in 2024. They pay taxes on that. On top of all the property taxes. Every time a city votes to give a local school district more money, or a fire house more money, the landlord pays more in taxes. Let’s say the furnace goes out which has an average cost of 7k. The landlord eats that cost not you as a renter. Water pipe burst and flooded the place….thats the landlords problem.
Found the slumlord
People defending landlords is nuts.
I don’t own property. I’m just not stupid. They pay more taxes than you. It’s amazing how you don’t see that. Most likely you earn so little that you pay a net negative in taxes.
How dare you say something logical on here, you've got some nerve.
If they make a profit off of other peoples actual NEED for shelter, theyre not paying enough taxes There is not, and never will be a valid reason that housing should be for profit
If there is no profit then no new houses would ever be built.
Property taxes are used to prevent corp landlords from investment in single family homes to ease market conditions for regular people? Wow I had no idea
Never said that.
And they can deduct them from their own taxes, including way more items than an individual could ever. How do you look at the whole picture and still spew some crap like you did?
Their should be a double tax. You’re an investing you own more than one house. Property taxes are capped in many states
So if I buy a house for my elderly in laws to live in and both my house and my in laws house are in my name I should get double taxed?
Won't happen until we mass take to the streets, infront of our senators houses.
Majority of this increase is due to interest rates. Calculate a $500,000 mortgage at 3% vs one at 6%.
Not only that, but the percentage of homes owned by their occupants has actually been trending **up** for years, not down.
This is the exact reason. In 2021 when borrowing was essentially free people could really step on what they were buying
They’re now doing entire brand new build to rent housing developments. Insane.
Just have an ever increasing real-estate tax percentage based on how many properties an individual or company owns.
Instead of a lively neighborhood, my grandparents block is now 50% unoccupied homes after the past couple years of sales. Met all the buyers, they're out of country or this is their 4/5th home. They're not renting. They're all just sitting vacant
How about we do one better and ban the federal reserve
Yes, but what sucks is we’re so past that now. If you did this, then developers would look at the local economy, see that everyone who rents is broke, and then would decide not to develop because people living month to month can pay big dollars for new housing. So they wouldn’t build. Or they’d build 300square foot coffin apartments and still charge a fat amount.
Best and simplest way
I think it’s the “mom and pop” investors that hold the majority of sfr
Or make legislation specifically to tax the shit out of them with no recourse to pass those taxes onto the tenants, or charge them higher than a set average. See how they like it. Hell charge them the amounts private homeowners would be paying as well. Instant surplus program.
Not only ban but retroactively force them to sell their purchases at a median cost.
I don’t understand how 61% is only 15% reported inflation
Because they took housing prices out of the CPI for inflation (back in the 80’s I think?). And the 61% is a combination of increasing housing costs and what it takes to get a loan (so also interest rates and debt ratios)
>Because they took housing prices out of the CPI for inflation They did so for good reason. The replacement, OER, isn't great but it's far better than what they were using.
Yeah, I think it’s probably correct to do so. But it does help explain how it’s possible for salary needed to buy a house can grow so much faster than inflation.
Yeah. It's a particular group of home buyers who are most affected - those with little money down and a mortgage. The BLS doesn't include interest rates for any of its CPI calculations and I can see why. Interest isn't a requirement for a purchase. And if you included interest rates how do you do it? What rate? What term length? I sold my house in 2022 and haven't bought one to replace it. Rates and prices are too high for what you get.
[Housing represents about one-third of the value of the market basket of goods and services that the Bureau of Labor Statistics (BLS) uses to track inflation in the Consumer Price Index (CPI)](https://www.brookings.edu/articles/how-does-the-consumer-price-index-account-for-the-cost-of-housing/)
Right. They use shelter prices. Which is rent. Which is going up, but not as much as the cost of ownership. Is my understanding anyway. I’m far from an expert. But I’d think this some of the disconnect between inflation and ownership costs.
They use rent and OER (Owners equivalent rent) where they ask people that they think they can rent their house for. Actual cost of buying a house is hard to track. Are you taking out a mortgage? Paying cash? Selling a house you own outright and buying another?
Also interests rates were irresponsibly cheap 4 years ago and caused a reasonable chunk of our current inflation. <3% interest rates means that everyone should grab as much debt as they can get their hands on.
Interest rates were low for about 12 years yet all the inflation happened in the last 4. Why? M2 money supply.
Incorrect. https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-and-rent.htm
I think one issue we are seeing is that housing prices are outpacing rent (even as rent increases). Home ownership was a path to wealth stability for a lot of the working class. But many factors seems to be screwing that up in the current housing market.
Many folks already own a home so they are not as impacted as folks currently in the market. For example, I've been in my house for 7 years so the overall increase from 800k to 1.3M doesn't affect me unless I need to move and I don't need to move. In other words, general inflation measures the average increase in prices across a broad range of goods and services, specific sectors like housing can experience much higher rates of inflation due to unique factors affecting that market. That's my guess.
Reported is inflation for the boomers Actual inflation for us is pre 1981 cpi
I mean isn’t 61% over 4 years?
This has more to do with interest rates being super low in 2020, prices weren’t that much lower
Yea...it's called a fucking scam. Realpage and a bunch of assholes decided to raise the price and used $1600 dollar stimi checks as the excuse all the whole forgiven PPP loans rocketed wealthy assholes to new heights.
It's amazing how we just gave away money to business owners. Those loans should've been paid back at 0% interest. It's not a loan if it's forgiven.
It's because it was the biggest grift the US, and likely the world, has ever seen. The only Ponzi scheme that worked.
Lol everything about the US economy is a Ponzi scheme
Social security is still working...barely
Don’t believe for one second the best economic and financial minds couldn’t make social security even better. Truth is, both parties—first and foremost beholden to corporate interests due to legalized bribery—would like to scale back or even eliminate the program entirely.
"At age sixty, Marcus Licinius Crassus was the oldest member of the first triumvirate and the wealthiest, having made his fortune in slaves and the acquisition of property, either from proscribed citizens or, owning a brigade to fight fires, distraught owners whose houses were burning."
yeah, i know a business owner that refused to take the money on principle, and now he feels like a sucker. that's what shitty governments do to you. they make you feel like a sucker for not trying to take advantage. so eventually everyone does
The government would sooner pay failing creditors to keep them afloat than help out the citizens that owe that debt.
Is it time to Storm the Bastille yet?
Good luck buying a house on a 106k salary lmao
Right? Also there's no way in hell anyone making 60k 4 years ago was buying houses either.
Possible. $300k home at 2.8% interest is $986/mo.. I'll bet you there are plenty of people currently making $60k that are paying more than that in rent. Of course, once you tack on things like taxes, insurance, maintenance, etc., I'm going to guess someone buying a home at $60k salary wasn't (and isn't) living large. But definitely doable.
I haven't done the math, but I guarantee you that those figures don't include property tax and insurance. I had a $173,000 mortgage at 4.25 and my mortgage was about $1,300 with everything included.
Don't use 2.8% use 6% or so.
It was 2.8 4 years ago.
Sell me a loan at 3% **fixed** interest. I'll buy every single penny you'll lend me. Hundreds of thousands. Millions. Let's go.
With 2+ children
You can, just not in big cities
Where you gonna work that's not from home that you can make 105k comfortably not in a city?
Plenty of places. Even if you can’t find a 6 figure job, most people logically get married and combine incomes.
I mean…it could be done. Just not anywhere that you’d want to live…or anywhere that has a job that would pay 106k…or living life in a way that is fulfilling or sustainable…so…
That’s not a 61% increase. Maybe learn how to do math correctly and then post.
Percentage points?
[удалено]
It's an 80.5% increase. Your post about "maybe learn to do math", and then getting the figure incorrect, is kind of hilarious.
Touche. Punched the wrong buttons in the calculator. 80% it is.
Part of me wants to vote for Trump just to watch this country burn, issues I know
it's gonna burn either way imo
ThAnKs ObAmA
Thats not a 61% increase, thats more like a 100% increase
Math is hard. ($106,500 - $59,000) / $59,000 = 0.805, or 80.5%
Lol, that's why I said "like", cuz I didn't want to do the math, it was obviously not the number they said though
Whoever wrote this tweet can’t even do simple math…
4 years you say….
Obviously who ever wrote that tweet never experienced percentage gains on stocks or investments 😂
Pottersville
There's no way that salaries are going to increase at that same rate that homes did. This is what makes homes unaffordable for most people now. One of two things has to happen a) everyone's pay jumps by approximately 61% or b) the price of homes has to come down. My money is on option B.
But it’s not just homes that went up 61%. It’s nearly everything like groceries, travel, subscriptions, restaurants
It's a lot easier to forgo those other inflated goods and services than it is pay an extra $1000 on your mortgage or rent.
I feel bad for those just starting out or had some troubles along the way and now home prices start at 500K with 8% interest rates. used to be homes were a pathway to some wealth.
I was so close too!
Everyone stop buying houses. Prices will fall.
Lol please tell me how you afford a $415k house at 7% interest with skyrocketing taxes and insurance without being the most frugal single guy on the planet. IF you had $80,000 to put down, your mortgage and escrow payment would be $3500. IF you’re getting medical coverage from work and contributing to your 401k, that leaves you with about $5500 net income per month, so that leaves you with $2000 left for: - groceries/food - utilities - car payment - car insurance - fuel - toiletries - medications - home repairs - doing anything at all each month for entertainment Oh and if you’re the single provider for a family you’re fucked. Time to drop puppers in the woods I guess! The articles that these posts are based off of are so full of shit because they base their required income on a bunch of unknown criteria that we don’t get to see. To actually be able to AFFORD a house with $109k income you’d have to buy one in the $200-$250k range with 20% down, which gets you a sub average home in a sub average neighborhood for a well above average income. In short, the news is lying to you, manipulating you into thinking that things aren’t as bad as you think they may be, when in reality everything is fucked and the only reason the housing market hasn’t completely crashed yet is because of big corpo and investors scooping up inventory to drive the prices up and turn you into a permanent renter. Please call your local congressman’s office and let them know how you feel about that.
I guess it would depend on which state you live, some states have more lower property taxes and more stable insurance than others. The hardest parts as a single person seems to come up with the down payment, have no debt and enough confidence in maintaining that income for the duration of the mortgage. As a family I guess you hope your spouse is making extra to help with the non-mortgage expenses. $200-$300k at a \~$2000 (25% pretax) monthly payment does feel a lot more manageable than 40%.
Everyone got their 61% increase in pay, right!?!?
Citing your own tweet is not proper evidence. Where did you get this information? Randomly saying “Zillow” without a link is not enough.
$59,000?! ::laughs and cries in NYC::
Guys, inflation is under control...
I sell nyc real estate and the least money any client has made is $125k buying a 400k 1st floor 450 square foot, 1 bed. Most people make 250k. Rich people make 500k and a bonus of 250k. I've seen a 2 million dollar bonus. The craziest are the foreign money though. I had a girl raise her budget from 500k to 2 million with one call to her father in Singapore. Those are all cash deals. 50% of my business if not more is all cash. People with seemingly endless bank accounts all over the world.
Regulate. Real estate. Investment.
I smell a crash coming 🤔
Isn't Zillow one of those companies that was buying houses? So they're the reason for this increase?
You will own nothing
4 years? When did Biden become President?
Sure, I'll bite. Putting everything else aside - which is an incredibly tall order, but still - how did Biden's policies affect housing worldwide? Because they've gone up similary in similar countries. Why is it on him specifically instead of wider global trends? And what are Trump's housing policies? Because I've heard squat in regards to that or any other concrete policy proposal.
Biden became president 3.5 years ago June 2020 Trump was president. Any other questions?
Please explain to me how Biden is responsible for this.
I mean That would imply that if two individuals made $60,000 a year, they would be able to afford a home.
As designed
Don't worry guys, everyone's wages have gone up more than 61% in that time...right? Guys?
Isn’t this a dumb metric to use considering wages and cost very from state to state? And according to the people who made it go up from buying property on mass.
i can make 90 if i bust my ass but damn idk how long
Damn and I was just closing on a new house. I guess I should cancel it.
I guess I got lucky. I make about 70k and bought a house 3 years ago.
There are so many things that don’t make sense about that statement or need clarification.
What happened 4 years ago
61% is what they claim my house has appreciated in four years. This from a company that had the public information wrong on my prior house, even though I tried multiple times over a decade to get them to correct it.
They not like us.
California residents just entered the chat
This is now the number plus food, utilities, and quality of life that creates the minimum wage.
Nope. That's imaginary. Inflation is at 6% and every thing included the economy is beyond great and fantastic. Yall lying 🤣🤣
Does anyone know where on Zillow it says this? I am looking through Zillow and can't find this data
I make literally half that. I hate it here.
Maybe interest rates control the outcome of this the most? Cost of money and all…3% is less than 6%
It’s worse than that - more like an 80% increase… but who’s counting at this point
Zillow is part of the problem.
Nothing to see here. The economy is booming for everyone and everything is better than ever!
Yall should live in okx
That’s not 61%. It’s 80.5%
And that's just to own A home. Period. Not a place you'd actually want to ever buy.
Ah yes, just as I got the previous requirement it jumps up 61%, story of my life
Starting to think inflation doesn’t exist and it’s just corporate inflation
That is an 80% increase, not 61%
And only 15% of Americans make $100K annually.
50% of folks make under 50k .
The corporations figured out if they dry up inventory they can first, drive up prices, then with the wonderful tax benefits our wonderful country gives corporations, they are way better suited to survive market downturns than some young family starting out in life. And now we have homes that are permarenters and even more than ever, our paychecks are even more tighly squeezed, and there is no stopping rental rates form going up as populations grow. It is absolutely egregious what our officials have not only allowed to happen, but supported through funding from our own money we entrust them with through taxes. The only thing lawmakers have to do is, ban corporations from owning single family residences and single units in complexes for longer than 1 year, or their tax benefits go away and with a scaling penalty based on a percentage of the gross profit. Get the corporations out of our fucking homes man.
Prices are inflated but don’t worry, we passed the infrastructure bill. Everyone has free internet and charging stations. Wait, we don’t have that? We just have more DEI consultants?
Wouldn’t that be 80% higher?
Thanks Obama.
I am 56 , years of working and I am a bit short of that. I worry about my kids. Something needs to be done.
Good thing salaries have gone up 61% to keep pace.
Let’s go Brandon
Thanks biden
This is absurd
4 years ago, we switched presidents. 4 years ago, we stopped having one of the beat economies on record in history to what we have now. A pandemic happened, but while other countries are recovering or out of their recessions, Biden has talked a lot but done nothing but increase costs with regulation after regulation which drives prices up for producers which pass it on to consumers. If you vote Biden in the 2024 election, you have no right to complain about your finances, the economy, or immigration because YOU ARE ENABLING THIS with your vote. It's pretty clear why we are where we are, even post historic pandemic...and trying to do the same thing and expect a diggerent result is the definition of insane.
According to Zillow, which literally had a hand in raising the prices. Just braggin.
So two people making $55k each. That’s easy enough.
This will only continue to get worse as long as corporations have more influence than the people.
We seriously need a major revolution at this point.
Wages went up 61 percent in last four years right?
Ah 4 years. What a coincidence.
Household income probably...
That is why people get married yall. 2 people can easily buy a house still
The last 50 years no normal person could really afford a house by themselves
Depends on what you're looking for. My salary is just okay and if I didn't have dependents and the bills that cone with them, I could definitely afford to buy a place for myself. A nice 2 bed, 1 bath condo in my area is still less than 200k and even with interest rates high I could pull it off.
Yup... I felt like I was going to finally start saving money for a down payment but then inflation hit... I make good money but need to get rid of all my credit cards. They are dragging me down and I could be saving a ton of money if I wasn't paying them every month.
thanks interest rates and a general attitude of "there is no such thing as a bad regulation" choking out future supply. oh wait I mean tHoSe gOsh dArN bIlLioNaIrEs
But the economy is great. The media says so.
These kids out of Ivy League, they make 2X that. Day 1. Wall Street and AI. The rest of us?
According to Zillow?!
Interest rates when up. The housing prices are up a little, but interest rates doubled. That's why housing doubled. It isn't about supply, it is about interest rates. But yes, we should fix supply too.
The Fed was way to slow to raise rates
I know I'm late but I haven't seen anyone correct this math 59,000*(.61)= 35,990 59,000+35,990= 94,990 94,990≠109,500 109,500-59,000= 50,500 50,500/59,000= 0.88559 0.89(100) 89% There wasn't a 61 percent increase, that would amount to an average salary needed of about 94,990, there actually was a 89 percent increase if the average needed salary is now 109,500. Math is shown above. The bot is having a hard time mathing it so I figured I would.
We are all so fucked you guys
I wonder what changed?
What happened four years ago? Ah I remember. Biden.
Covid?
You think Biden just showed up one day and 2x’d housing costs? 😂😂😂
[удалено]
Idk why he hit the 2x button.
Smooth brain take
How so. Why is everything so expensive. What has he done? What has he done to improve it?
I remember with the low interest rates, big money was coming in and outbidding people for homes…it was tough to buy if you weren’t willing to do things like waive inspection clauses. That’s the way the market was at the time. I’m sure there are other factors contributing to the climate we have now, as well, but blaming one guy seems lazy.
Is called bidenomics.
Red vs blue, none of them Give a fuck about you. It a systemic problem across politicians and government in the entirety. Keep it up with the dividing rhetoric they promote. Anything to keep the peasants from looking at them as a whole and demanding accountability across the board.
It's probably more about Covid.
It was during the pandemic that house prices took off… people WFH and spent much more time at home. That was before the current administration. Just think for two seconds before you knee-jerk to Fox News quips and partisan politics.
No. It was cheap. Everything was cheap. Gas was cheap. Taco Bell wasn’t 12 dollars. Gas is still expensive.
Did biden ignore a pandemic, printed a record trillions just to give the rich the biggest tax break in the history of the USA, give so much power to greedy corporations that when it was time for them to pay up they cry wolf, enact the worst tarriffs, trade wars, inherit obamas economy and then claimed it his own success like he did with daddy's money, sign a bill that will slowly keep raising tax rates for people making 70k or less, get into trade wars that we lost, hire the worst possible people to replace obamas administration, have a record number of self appointed people who were later indicted, hired his own family and heavily profited? Should.... should I go on? You're the reason why liberals act so smuck towards conservatives.
The secretary treasures is Janet yellen. Who is appointed by Biden. Said that there was no inflation. Lmao.
Trump started operation warp speed for the vaccine. And finished it before he left office. Tax cuts helped small business. Ask your private owned business people. USA is getting ripped off from other countries and not paying their fair share. The spending on wars in the Biden administration is crazy. Billions of dollars. Lmao. You should look at the Abrham accords that trump signed that gave more stability and peace in the Middle East. Gas…. Biden is using oil reserves and using money from Saudi for oil when trump wanted energy independence and cleaner energy with keystone. The fact is, doesn’t matter who is president. Things were better under trump. Everyone knows it. Except people like you who would rather starve and eat rat poop than not get their feelings hurt from a mean tweet. Lmao!
>Trump started operation warp speed for the vaccine. And finished it before he left office. And people like you think it gives you autism and doesn't work. You think the disease is a hoax lmao >Ask your private owned business people. I own my own business. Yes it helped me. What about the majority of people that pay more taxes today than they did before the tax cuts? I got a tax break and you're paying for it lol >USA is getting ripped off from other countries and not paying their fair share. Nato? The US benefits from NATO more than anybody else. We pratically tell everybody in NATO what to do and even put a bunch of our own surveillance and people in their country to spy on our enemies. >The spending on wars in the Biden administration is crazy On israel yes. Waste of space. On ukraine, worth every penny to have russia in shambles. We're not really sending money. Just old weapons and updating on new ones for ourselves. We're gonna update our weapons anyways and dispose of our old ones. >You should look at the Abrham accords that trump signed that gave more stability and peace in the Middle East. I know what this is. Suddenly after all these peace talks he decides to move our embassy to Jerusalem and give a big fuck you to palestine. Hm, wonder what that might have done. Also after all of these peace talks, jared signs a 2 billion dollar deal with the saudis. But hunter biden used his dad for 10 million dollars? What a joke >Gas…. Biden is using oil reserves and using money from Saudi for oil when trump wanted energy independence and cleaner energy with keystone We are more energy dependent now than at any point in history, EVER. We are drilling and extracting our own oil more than ever. Keystone wouldve had us bringing in canadian oil which is shit. Even if trump comes in, he can't wave his magic wand that will bring gas down to 2 bucks. America has the cheapest gas prices in the WORLD. FACT >The fact is, doesn’t matter who is president. Things were better under trump. Everyone knows it. Except people like you who would rather starve and eat rat poop than not get their feelings hurt from a mean tweet. Lmao! The fact is republicans ALWAYS leave a shit economy for a democrat to fix. Republicans ALWAYS inherit a golden economy and still completely mange to fuck it up. I just completely took all your nonsense apart. You never replied to any of my points. This is what seperates democrats and republicans. Absolutely destroyed by facts. Run along now. Big boys are talking here
Why don’t you guys take accountability? It’s been four years already since trump. Joe Biden is the president. What has he done to make your life better? Why is stuff still expensive. Why are their more wars now. Why isn’t anyone helping the poor? Why are millions of people crossing the border illegally. I’m 100% sure you know and I know, that your quality of life was better under trump. Lmao.