Mrs.Cicero Posted April 9 Share Posted April 9 (edited) I'm being driven mad by their ignorance, while trying to explain that the "average home price in the US" being "$468,000 (and them crying how they'll never be able to afford a home) is typical MSM BS designed to upset them with nonsense. They do not understand that if you have nine $100,000 homes, and one $10,000,000 home, the mean home price is 10,900,000/10 which is $1,090,000. And the median is 10,000,000-$100,000= 9,900,000 then 9,900,000/2= 4,950,000... NEITHER OF WHICH IS REMOTELY RELEVANT TO AFFORDING A DECENT HOME. Sigh. Edited April 9 by Mrs.Cicero typo 6 1 Link to comment Share on other sites More sharing options...
ChuteTheMall Posted April 9 Share Posted April 9 Just offer them a low down payment and low monthly payments for the first few years. 1 4 Link to comment Share on other sites More sharing options...
railfancwb Posted April 10 Share Posted April 10 3 hours ago, ChuteTheMall said: Just offer them a low down payment and low monthly payments for the first few years. Adjustable rate mortgages. Worked before can work again. 2 Link to comment Share on other sites More sharing options...
Batesmotel Posted April 10 Share Posted April 10 Just for comparison. This is in rough inflation adjusted dollar for 1996 to today’s market. Salt Lake County, Utah. In adjusted dollars (1996 to 2024) my wife and I bought a 1800 square foot house, two car garage on .24 acres for $203,000 on an income of $90,000. Very nice suburban neighborhood. This year my son bought a 1000 square foot condo for $350,000 with an income of $140,000 a year. Okay neighborhood. Mix of residential, commercial and light industrial. Right next to the municipal-Air National Guard airport. He couldn’t find a single family house he could qualify for that wasn’t in a real bad neighborhood. The market is not the same as 30-40 years ago. Investors and investment groups have purchased the single family homes across the country to be used as rentals. Artificially inflating prices. They can afford to pay way over what should be market price today because of the back end profit they will make. A new homebuyer cannot compete with multi billion dollar investment groups. This crap is one reason I got out of residential real estate. Sadly, commercial property is going the same way. And land is not far behind. Just look at how much land people like Bill Gates own. 1 2 Link to comment Share on other sites More sharing options...
El Spicoli Posted April 10 Share Posted April 10 Most families can't afford a nice home. Many can't even get a mortgage because of their credit scores. Why do you think rentals are so expensive? I kinda like the fact I am invested in 6 soon to be 7 apartment complexes. We don't have kids or a mortgage so despite the 30% rise in inflation, we are doing fine but I don't know how most American (you know those here legally and pay taxes) families get by. 1 1 Link to comment Share on other sites More sharing options...
tous Posted April 10 Share Posted April 10 Anyone remember when a fixed-rate mortgage interest rate was 17%? We had massive inflation than, too. Or when the rate stayed at around 5% for years? When a commercial mortgage required 20% down payment? People bought houses then. I did, but I could get a VA mortgage, but so could a lot of folks. A lot of them. There will always be experts and naysayers. Ignore them. I will agree that the old strategy of buying a beginner home and selling up over the years probably won't work these days. On the other hand, my left one, why bother with a mortgage when you can just move in to any house you fancy, never pay for anything and the hippie Marxists say that it's yours to keep? NB in Missouri, there is a law called adverse possession. Had a buddy that owned 20 acres in the Ozarks. Squatters put up a tent and since my buddy didn't visit his property often enough, they state awarded the property to the squatters. Ending the concept of private property is #2 on the hippie Marxist list of how to destroy a country. So, there. 2 1 Link to comment Share on other sites More sharing options...
janice6 Posted April 10 Share Posted April 10 1 minute ago, tous said: Anyone remember when a fixed-rate mortgage interest rate was 17%? We had massive inflation than, too. Or when the rate stayed at around 5% for years? When a commercial mortgage required 20% down payment? People bought houses then. I did, but I could get a VA mortgage, but so could a lot of folks. A lot of them. There will always be experts and naysayers. Ignore them. I will agree that the old strategy of buying a beginner home and selling up over the years probably won't work these days. On the other hand, my left one, why bother with a mortgage when you can just move in to any house you fancy, never pay for anything and the hippie Marxists say that it's yours to keep? NB in Missouri, there is a law called adverse possession. Had a buddy that owned 20 acres in the Ozarks. Squatters put up a tent and since my buddy didn't visit his property often enough, they state awarded the property to the squatters. Ending the concept of private property is #2 on the hippie Marxist list of how to destroy a country. So, there. Time for a "hunting accident". 1 2 Link to comment Share on other sites More sharing options...
tous Posted April 10 Share Posted April 10 Lawyers and civil courts finally managed to establish his legitimate ownership, but it cost him more in legals fees than the land was worth at the time. Squatters probably just moved to someone else's acres. A Pyrrhic victory, indeed. It was a dumb law, probably established in the 1840s related to homesteading rights, but as is often the case, usef by the lazy, criminal scum to steal the fruits of someone else's hard work. I agree. If it were my land, there'd be a shredded tent and bodies that looked like a bear attacked them. Or, a practical use of the Thee Ss. 3 1 Link to comment Share on other sites More sharing options...
railfancwb Posted April 10 Share Posted April 10 Wonder how successful state/local governments are in collecting real estate taxes from squatters. 1 2 Link to comment Share on other sites More sharing options...
FullClip Posted April 10 Share Posted April 10 1 hour ago, railfancwb said: Wonder how successful state/local governments are in collecting real estate taxes from squatters. Tax bill goes to the real owner. And if he don't pay up, the town will grab the property and some selectman will get it at a wicked good price not available to the public. 2 1 3 Link to comment Share on other sites More sharing options...
Mrs.Cicero Posted April 10 Author Share Posted April 10 I have been informed I am the mathematical idiot for figuring the median incorrectly, that it should have been figured as the number between the two middle price points in a list going from smallest to largest, which would make it $100,000. I sure don't remember doing it that way, but ok. Even if it is the case the median price of a home in the US is $468,000, I still think it's ridiculous to think that that means my kids will be unable to afford a house if they want one, because the number does not take into account where the most houses are being bought (urban and suburban area, where prices are higher than more rural areas, large states (like CA where prices are freakishly higher anywhere else anyway), and areas like Austin where the lots of people are trying to move to. What does that mean? If you want an affordable house, buy one in a non-urban area, in a state with a reasonable cost of living, and stop thinking your "starter home" should have a number of full baths equal to a number of bedrooms that exceeds the number of people you intend to live in the house. And wait til you can afford to pay cash for the kitchen re-do/upgrades instead of paying 3x their cost over the course of the mortgage. I don't understand why the 20somethings all think they should have 5000 sq ft 5 bed/5 bath "starter" home with a theater/game room with surround sound, in the suburbs, all while working from home... I'm old. I'm unreasonable. At least my kids are more rational than that. The 20 year old has $22K in the bank that she earned herself. 1 Link to comment Share on other sites More sharing options...
gwalchmai Posted April 10 Share Posted April 10 Dang. my kurtosis is acting up. Link to comment Share on other sites More sharing options...
ChuteTheMall Posted April 10 Share Posted April 10 So much for the mean and the median, and the mode is $100,000. (most frequently occuring number). 1 Link to comment Share on other sites More sharing options...
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