Looks like we'll be living in an apt forever!

[spidey07]

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Did you manage to glance over the part where he mentioned purchasing power relative to the 1970s?

Yes. Because purchasing power is IMHO not to different.

Today 20 somethings say "I can't afford that house that my parents started out in".

Subtract the HDTV (well, maybe not that. 😉 ), subtract the cell phone bill, subtract the cable bill, subtract the car you shouldn't be driving/buying, subtract the intarweb..

You'll find that you can afford that starter home just fine.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

 

[BigJ]

Originally posted by: spidey07

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Did you manage to glance over the part where he mentioned purchasing power relative to the 1970s?

Yes. Because purchasing power is IMHO not to different.

Today 20 somethings say "I can't afford that house that my parents started out in".

Subtract the HDTV (well, maybe not that. 😉 ), subtract the cell phone bill, subtract the cable bill, subtract the car you shouldn't be driving/buying, subtract the intarweb..

You'll find that you can afford that starter home just fine.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

To get a house equivalent to my parents starter house, I'm looking at having a combined income of at least $120,000. Their starter house that they got on a city cops salary back in the early 80's is now worth over $600,000.

Still think purchasing power hasn't changed?

 

[mugs]

Originally posted by: spidey07
Yes. Because purchasing power is IMHO not to different.

Yeah, I wish I had that newsletter I was reading... I'd assume some realtor industry association would know their stuff when it comes to houses. But I don't have a copy of it.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

I apologize too for being an ass. But, well, it is my nature. 😛 Nothing is preventing me from moving, you're right. I choose to live here, and I accept what that means for my housing. I like living here, my family lives here, my wife's family lives here, so I deal with it. 🙂

Edit:
For the record
The only HDTV in my house is a $400 26". Not sure how much my parents spent on their TVs back then, but adjusted for inflation it was probably more.
My dad drove a Corvette. I drive a Civic.
I do have a cell phone - cheapest family plan Verizon offers. I don't have a landline (I use Skype).
My parents had satellite TV (the big kind) until cable came to their area. I have basic cable.
I do have Internet. I don't have spandex and leg warmers. 😛

 

[trmiv]

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Did you manage to glance over the part where he mentioned purchasing power relative to the 1970s?

Yes. Because purchasing power is IMHO not to different.

Today 20 somethings say "I can't afford that house that my parents started out in".

Subtract the HDTV (well, maybe not that. 😉 ), subtract the cell phone bill, subtract the cable bill, subtract the car you shouldn't be driving/buying, subtract the intarweb..

You'll find that you can afford that starter home just fine.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

To get a house equivalent to my parents starter house, I'm looking at having a combined income of at least $120,000. Their starter house that they got on a city cops salary back in the early 80's is now worth over $600,000.

Still think purchasing power hasn't changed?

My parent's starter home is now worth over $1 million. I'll have to ask them tomorrow what they paid for it, but I know it was no where close to that!

 

[technophile82]

wow i want townhomes for 200k and home in the mid 300k's in my area...

i live in the bay area, CA

 

[smack Down]

Originally posted by: spidey07

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Did you manage to glance over the part where he mentioned purchasing power relative to the 1970s?

Yes. Because purchasing power is IMHO not to different.

Today 20 somethings say "I can't afford that house that my parents started out in".

Subtract the HDTV (well, maybe not that. 😉 ), subtract the cell phone bill, subtract the cable bill, subtract the car you shouldn't be driving/buying, subtract the intarweb..

You'll find that you can afford that starter home just fine.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

What are you pissed that I would rather spend my money on a TV then buy your house at the price you are entitled to?

Or maybe your one of those homeowners who are entitled to Bush's bail-out?

 

[Jinny]

here in san francisco, its 800k to 900's for a shit house. be glad its only 300.

 

[ultimatebob]

The average house price in Connecticut is over 300K as well.

I had to move to Waterbury (a town with a shady history) to find something that I could afford!

 

[krunchykrome]

Hah, you think you have it bad. The houses in our area start at the 400Ks. A decent house will run you over 550K easily. The area that I'd like to move to, the houses start in the 700K's.

Looks like I'll be living with my parents for a bit longer.

 

[shortylickens]

Same for me.
I live in Oregon. Much as I want to blame the californians for turning our housing market to shit, it really is just too expensive.
Even if all the CA residents sold their summer homes it would still be too much for me. Will have to wait until the bubble REALLY pops and houses come down by about 50% or so.

The apartment is a rip-off too. AND at the end of my first year, (coming up soon) they want to raise the rent another hundred bucks.
Greedy bastards are gonna bleed us dry one way or the other.

 

[meltdown75]

PSA for people who post about eleventy-billion-dollar homes worth 150k in the real world: no one cares how ridiculous real estate prices are in your area.

 

[SacrosanctFiend]

You can get a ~2000 sq/ft house on .5 acres for around $180,000 here. Where I grew up, the prices were pretty good too. ~4000 sq/ft on an acre for around $315K on one side, then ~7000 sq/ft on 1.5 acres for around $800K.

 

[waggy]

Originally posted by: trmiv

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: BigJ

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Did you manage to glance over the part where he mentioned purchasing power relative to the 1970s?

Yes. Because purchasing power is IMHO not to different.

Today 20 somethings say "I can't afford that house that my parents started out in".

Subtract the HDTV (well, maybe not that. 😉 ), subtract the cell phone bill, subtract the cable bill, subtract the car you shouldn't be driving/buying, subtract the intarweb..

You'll find that you can afford that starter home just fine.

-edit-
Mugs,
Sorry for being harsh. I've got some family in NJ and real estate has gone wazoo there from what they tell me. Nothing preventing you from moving.

To get a house equivalent to my parents starter house, I'm looking at having a combined income of at least $120,000. Their starter house that they got on a city cops salary back in the early 80's is now worth over $600,000.

Still think purchasing power hasn't changed?

My parent's starter home is now worth over $1 million. I'll have to ask them tomorrow what they paid for it, but I know it was no where close to that!

heh a elderly couple that lived near my parents told me story once when i was first looking to buy a house. they purchased the house for $25k (small 2 bedroom 1100 sq/ft detached single garage, but decent sized yard and basement) in the 70's when they were first married.

they couldnt have kids so never had a reason to move. when they got older they wanted a smaller yard and smaller house. they ended up living 2 houses from my parents.

they sold the old house for $189k.

Thats a starter house. going for right under $200k! this is a area that is well cheap.


Also my in-laws purchased a house in the late 80's for $40k they moved about 8 years ago and sold it for $140k it just resold for 180k!

WTF.

ohwell. i plan on living in my house for at least another 15 years. its big enough for my family. only thing that will get me out is if i find a nice old "farm house" ( a house with 15-25 acres and barns etc).

 

[PrinceofWands]

Originally posted by: lilcam
I'm currently living in an apt just outside of philly, away from the crime and traffic.
Anyways, we've been thinking of family and what not and where we would want to live when we decide to have kids. I just browsed for houses in our area and it's ridiculous! $300k+ for a decent house. I can get a condo for low $200s but that gets me a townhome next to neighbors w/ no land!

At this rate, we'll be in an apt. Anyone else feel the same way?

Already own my house, so I don't have to go through it. But I feel ya...absolutely no reason for houses to cost that much. Our costs have gone up 70% in two years here while any kind of reasonable income potential has left the area.

 

[PrinceofWands]

Originally posted by: thomsbrain
at some point, many of the generation that is currently coming of age will need to make a choice: do i live in Bumfvck, Nebraska, but have a home, or do I live in an apartment until someone in my family dies and wills me a home? the chance to get into the market in places you'd actually want to live is long gone for those just starting out, unless you and your SO are both in very lucrative careers from the get-go. suddenly the suburban home is like the Family Estate in the 1800's, where you have to come with a family with "land," in order to ever have it.

It creates an interesting mindset, because suddenly all those "conspicuous consumption" items like fancy cars and fancy televisions seem attractive to those who don't even own a home, because you could easily afford those things, and still be orders of magnitude away from ever owning a home.

Not everyone wants to live in those places though. The only way I'd pay >200k for a house is if all houses out in the country cost that much. I'd pay a premium to be away from California, cities, etc...not to live IN THEM.

 

[Acanthus]

I love all of the "MY CITYS PRICES ARE EVEN HIGHER!!!! posts...

Just because your citys housing is even more obscene doesnt make the OPs any more reasonable.

 

[PrinceofWands]

Originally posted by: spidey07

Originally posted by: lilcam
I'm currently living in an apt just outside of philly, away from the crime and traffic.
Anyways, we've been thinking of family and what not and where we would want to live when we decide to have kids. I just browsed for houses in our area and it's ridiculous! $300k+ for a decent house. I can get a condo for low $200s but that gets me a townhome next to neighbors w/ no land!

At this rate, we'll be in an apt. Anyone else feel the same way?

Just a bit of advice...

You aren't entitled to the same home you grew up in when you start a family. Your parents worked very hard to get there.

poor baby! You have to buy a condo!!! boo-freaking-hoo.

-edit-
I honestly see a very big problem with new couples or new homeowners. They think they are entitled to the same home/lifestyle as when they lived with their parents. Little do they know that lifestyle takes money. When 20 somethings believe they should have/deserve a 4 bedroom home to start a family...that's more entitlement mentality.

The only reason you are still in an apartment is because you are so coddled and feel entitled to the lifestyle you had when you lived with your parents.

Not at all. My father bought his first house at 22. He had to work hard, but it was possible for him in the world situation he grew up in. There's no reason why his child shouldn't expect the same possibilities. That's not entitlement, it's simple conditioning. Our parents have a view of how things are based on what they went through. They raise us to succeed under those conditions. Problem is we're under new conditions now and we weren't raised to meet those conditions. For the most part mind you.

 

[PrinceofWands]

Originally posted by: spidey07

Originally posted by: mugs

Originally posted by: spidey07

Originally posted by: mugs
This is true. I hate posting a fact without the ability to back it up, but I read in a realtor industry association newsletter (my mother-in-law is a realtor) that people in their 20s today have far less purchasing power when it comes to home than people of the same age did in the 1970s. Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

This is the problem. You think you should be able to afford a house like your parents.

Entitlement for the loss.

Sorry spidey, if you can't interpret my post properly I'm not going to dumb it down for you. I'm sure vi_edit understood me. He's a smart cookie.

Sorry, all I saw was "i'm in my twenties making decent money and can't purchase the house my parents who have spent a good 25 years in the workplace, WTF!!!?????"

No shit sherlock.

But those parents are living in the same house they bought when they were in their 20's and just starting out. It's a valid comparison. We're not talking about people who worked for 25 years before they could buy a home, we're talking about people that were able to buy a home starting out...something which is out of reach for many today. Yes, some of it is luxury item spending, some of it is debt spending, but a LOT of it is home prices and job market.

 

[PrinceofWands]

Originally posted by: spidey07

Originally posted by: mugs
Hell, my wife and I are in our mid 20s and we already make more than my parents do, but there's no way we could afford a house like my parents'.

Entitlement mentality.

Oh go fuck yourself. Prick.

 

[kevnich2]

Spidey, sorry but I do disagree with some of what you are saying. Generally speaking, couples in their 20's do have the mentality that they want a huge house, nice car and want to keep up with the Jone's more than ever. It's literally driving most of them into bankruptcy by their 30's. I'm in this generation but I also was raised to watch what I spend. But what is also going on is that the housing market is so over-inflated, you can't even buy a 2 or 3 bedroom house without spending a fortune. The house that my dad bought when I was 6, I wouldn't be able to touch right now even though I make quite a bit more now than he did when he bought it (also adjusted for inflation). The fact is, houses cost about 40% more now than they did a few decades ago and it's hurting the people that actually don't want to drive themselves into debt with a house purchase. My entire family has been trying to convince me that a house is a good investment, you build equity, blah blah blah. I don't believe it. For them, it was a good investment. My dad bought the house I grew up in for about $40,000. It's now worth about $185,000 in today's market. That's a good investment. But the house I rent currently, if I were to buy it, the mortage rate, taxes & insurance would cost me 2x more per month than renting it. And I'm not the one who takes care of the repairs.

 

[RagingBITCH]

Move. A starter family house here is about $100K. I'm looking to buy a house (built within past 10 years), 3 bedroom, no more than 1500sq feet for about $150K in a few months. I don't know how some of you manage to live in places where housing is ridiculously expensive.

 

[Regs]

Originally posted by: RagingBITCH
Move. A starter family house here is about $100K. I'm looking to buy a house (built within past 10 years), 3 bedroom, no more than 1500sq feet for about $150K in a few months. I don't know how some of you manage to live in places where housing is ridiculously expensive.

Area's like NJ and NYC are where the top jobs and schools are located. So higher demand and the higher the pay scales the more money they want.

 

[pontifex]

i can't even afford an apartment 🙁

 

[dawheat]

Originally posted by: Regs

Originally posted by: RagingBITCH
Move. A starter family house here is about $100K. I'm looking to buy a house (built within past 10 years), 3 bedroom, no more than 1500sq feet for about $150K in a few months. I don't know how some of you manage to live in places where housing is ridiculously expensive.

Area's like NJ and NYC are where the top jobs and schools are located. So higher demand and the higher the pay scales the more money they want.

Well I don't know if the higher salaries in San Francisco even out for 700K condos and 1.1mill homes. Same goes for NYC.

I believe the medium househould salary in the SF Bay area is about 100K, would be interesting to post what the medium salary is in your area as well.

 

[LuckyTaxi]

sheesh ... a lot of "stop whining why dont you move?" i miss the old ATOT. Granted I dont post that often but I've been here for a while and I remember when ppl wouldnt hijack threads and what not.

anyways ... who says I'm entitled to what my parents had? For your info we came here w/ nothing on our backs. My parents worked their butt off to provide my brother and I a decent education and a lifestyle
that we are gracious for. We were never spoiled and my parents do not make $100k between the both of them. They did it for us and now we're doing everything we can to better ourselves and make our parents proud.
It's unfortunate that housing prices are they way they are but we can't control that. Ok so i know other areas are way more than what I would be paying for in the philly area but the post was for ppl to bounce ideas and rant about,
NOT for someone to say "stop whining" or "grow up and stop thinking you can start off in a mansion"

No, all I'm saying is i want a decent starter home. Nothing fancy but damnit, a nice twin or condo is good enough for us. Besides, I dont want to dump a majority of our income into a mortgage but seeing that it may be that way,
we;ll just have to save money and live frugally. We hardly watch tv and we dont own LCDs and what not. We have one car and eat out only on weekends. And yes, we would like to be in a better position that both our parents were.
Is that too much to ask for? My parents have a rowhome in Philly. would you want to live in one?