Comment on Ok, boomer

qevlarr@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

• HexesofVexes@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Managed this as a millennial - had absolutely nothing to do with my parents helping pay half my deposit. Nope, absolutely nothing to do with that whatsoever.

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  • misteloct@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

    I have an offer for a family member to pay the entire deposit and I’m still not buying a house. I’m in top percentile income too but I’d rather retire early and meagerly rent than be stuck holding the bag.

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    • ngdev@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

      how is owning a home a barrier to early retirement more than paying rent with money you will never see again?

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      • SparroHawc@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

        The housing market is in a bubble right now. Buying a house and gaining equity is no guarantee of retirement money.

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      • baltakatei@sopuli.xyz ⁨3⁩ ⁨weeks⁩ ago

        Buying a house increases the switching cost of moving to seek new job opportunities. Since we’re no longer in the days of pensions renting makes sense. Imagine buying a home in Detroit before inscrutable politics and macroeconomics caused it to decline; buying a home means you risk holding the bag, especially if you don’t know how to manage risk from climate change in the coming decades.

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      • howrar@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

        Rent often isn’t too far off from the cost of buying. The main financial advantage of buying comes from appreciation, which I would say is a pretty big gamble.

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      • misteloct@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

        Renting is usually cheaper than buying when you factor in all the costs, importantly: assuming you invest the difference in a mutual fund and assuming average market conditions.

        Hard to retire early when you’re sagged down by a 30 year mortgage, versus the flexibility of moving to a lower cost rent situation.

        Most most importantly: I say this because we are well off and privileged. I don’t expect most people to have the insane luxury to have this choice.

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• TubularTittyFrog@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  You can afford a home on a single income if your income is 3-4x of the value of the home, roughly.

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  • qevlarr@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Ok boomer

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    • TheObviousSolution@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

      Image

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  • vithigar@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

    Average annual family income in the US is around $80k/a. Are you seriously suggesting that families should be looking for homes in the $20k to $30k range? What kind of home, exactly, do you think you get for that?

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    • M0oP0o@mander.xyz ⁨3⁩ ⁨weeks⁩ ago

      This is how we get trailer parks in tornado alley. Or mold infested hovels.

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    • AngryCommieKender@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      Cardboard box next to the fish market dumpster.

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      • HeyThisIsntTheYMCA@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

        We used to dream of being next to the fish market dumpster. We had to live in a paper bag outside a hogfat rendering plant. The smell still hasn’t gone away some 50 years later, my wife says.

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    • greyfox@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      I think they worded that backwards and are referring to the adage (or maybe that is what the banks go off of?) that your loan shouldn’t be for more than 3x your income. So if you make 80k per year you can generally afford a $240k house.

      Going above that 3x means too much of your income goes to paying for the house and you don’t have enough for other living expenses+maintaining the house.

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      • SparroHawc@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

        Now good luck finding a home for only $240K in an area that actually has decent-paying jobs…

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  • Bennyboybumberchums@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    You can afford a home on a single income if the home is 3-4x that of your income, roughly.

    FTFY

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  • rbos@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

    The building next door, with 4 units of 1100sqft each (spread over three floors, ughhhh) is $1.6 million CAD per unit.

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  • InputZero@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    That’s a really big brush you’ve got there, really painting everything in broad strokes.

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  • echodot@feddit.uk ⁨3⁩ ⁨weeks⁩ ago

    Yes its everyone else’s fault

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  • misteloct@lemmy.dbzer0.com ⁨3⁩ ⁨weeks⁩ ago

    Poster is the grandma from the picture, can we get an AMA?

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