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/biz/ - Business & Finance


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30433168 No.30433168 [Reply] [Original]

>make 90k a year
>feel poor despite living with parents. I feel like I can't even save for a fucking downpayment for a house with the way prices are increasing.

When will housing market crash?

>> No.30433362

>>30433168
You make 90k a year, live with parents and still can’t afford a down payment on a house by now? You’re either a retard or a larp

>> No.30433898

You need to get a house asap. Millennials and zoomers are being permanently priced out. Whatever you buy now week be with 2x as much in twenty years.

Just FOMO into the whitest neighborhood you can. You'll be fine.

>> No.30433994

>>30433898
literally this. just bought a 650k for 25k over asking because pretty soon all houses will be like australia, 1 million dollar 1 beds

>> No.30434274

>>30433168
it won't bro

you have to jump in at the bottom price somewhere and move up the pyramid

>> No.30434504

Australia isnt that bad outside of melbourne and sydney

>> No.30434987

>>30433898
this. bought my first home in a white neighborhood this february. im so comfy bros. dont let going into debt scare you or you will be priced out forever

>> No.30435089

Can't you buy land and build the house for much cheaper?
Like even paying laborers and everything you still end up saving way more?

>> No.30435110

>>30434987
If that was true why do banks do mortgages instead of just buying houses?

>> No.30435185

>>30434987
The best play is getting a home in the suburb of a mid-tier city. Wait 5 or so years as it appreciates from all the midwits wanting to live there, sell for a nice profit, then buy a nicer house with land out in the country for a lower price.
Remember: it's not what you want, it's what the market wants.

>> No.30435187

>>30433168
wtf do you spend money on?
>35k taxes
>12k food & gas
>6k consoomer shit

You should still have 37k left each year.

>> No.30435229

>>30433994
yeah was looking at buying before rona hit needed to save about another 20k, house prices have now gone up roughly 50k in my area. 2 bedroom 60s house for sale for 530k on the main road at the end of my street

>> No.30435246

>>30435089
Not now thanks to the lumber price jump.

>> No.30435277

>>30435110
Because if the mortgage fails they get the house too. Also, banks print fiat. Wouldn't you rather be able to print money than have to work for it?

>> No.30435283

>>30435246
Fuck

>> No.30435288

>>30435187
And in just 10 short years you can have a down-payment!

>> No.30435309

>>30435187
>>35k taxes
If your taxes are that high on 90k, you need an accountant.

>> No.30435387
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30435387

>>30433898
The bubbles gonna pop any day now...
Eventually...

>> No.30435403

>>30435110
Because the owner carries all the risk and pays for insurance and property taxes. A lender does nothing but await payment. Their risk is they stop getting paid and now have a house to sell.

>> No.30435524

I make less than $60k and feel like I have plenty of money for anything I want. $50k in the bank and a house with 3 bedrooms (sleep in the unofficial 4th br) for when I have kids. You just live in a shithole anon

>> No.30435572

>>30435283
I will say though (don't know if this carried over into residential) but commercial construction labor is cheap right now. Lots of competition.

>> No.30435651

>>30435524
>$50k in the bank
You're wasting your savings.

>> No.30435706

>>30434987
isnt this the same mentality people had in 2007?

>> No.30435735

>>30435651
I know, looking for ways to invest currently. Recently pulled some out of the market, but have been hesitant to go in due to clown economy. Should have bought coins when they were a meme like everyone else.

>> No.30435757

Some advice from an old fuck....
If you are part of the administrative class of our western caste system, remote work will become increasingly available to you. I would therefore be careful overextending into hip urban real estate at this time, as migration patterns are likely to shift hard once again to the suburbs, or even exurbs this time....

>> No.30435764

>>30435651
I agree but he also said he owns a 3 bedroom home. Owning a home in current year has better returns than 90% of the shitcoins posted on this board

>> No.30435768

>>30433898
If it's not gated you may as well just take a few 100K and set it on fire.

>> No.30435834

>>30433168
>$90k
>living with parents
try making $75k and living by yourself. holy fuck you are retarded. you could easily put $50k a year into investments.

>> No.30436216

>>30435764
I don't know what it is worth now but I really think It will pay off handsomely. Ruralish area that got a better connection to the nearby city via new freeway bridge after I purchased. 45 minutes to a downtown international airport so not too far out. Then corona hit a few years later and people are looking to move out of the city anyway. Only $100 a sq foot on almost 3 acres of property.

>> No.30436301

>>30433362
This.

I made significantly less and have saved a lot. Yet somehow this anon cant save anything. Probably a normie.

Assume 5 years of 90k andhe should be saving at least 70k. 50k assuming its pretax and assuming he gets taxed big. 5 years with that comes out to 250k - 350k. If he's failing with this much odds are he's going to wage until 65. If I had that much I'd be retired before 40.

>> No.30436387

>>30433362
houses in LA are fucking expensive dude

>> No.30436524

>>30435764
True, I own as well. Invest your money, open a HELOC for emergencies only and sell shares only when needed to pay off HELOC.

>> No.30436581
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30436581

>>30436387
>LA

>> No.30436610

>>30436387
Move

>> No.30436617

>>30433168
If i made 90k a year and lived with my parents id already have a million bucks

>> No.30436764

>>30433994
>I just overpaid because of FOMO
Alright bud.
I expect real-estate to cool off in a few years. House prices are starting to diverge from rental yields and people are taking on more debt than they should. When interest rates rise we're going to see a lot of financial hardship.

>> No.30436768

>>30435757
>Some advice from an old fuck
stopped reading there.

>> No.30436814

>>30435185
VA beach. Normies want to live here becasue it has the word "Beach" in it. Plus tons of military ppl here so I can eventually rent my house out to them. Litterally so so comfy rn owning a 4bd house in white neighborhood.

>> No.30436903

Move 30 miles away from city dumb faggot. Do people not drive cars anymore? Commute dummy

>> No.30437052

>>30436768
He's absolutely right. And I'm not an old fuck.

>> No.30437421

>>30436387
>LA
Retard

>> No.30437965

>>30433168
You don't have an income problem, you have a spending problem.

>> No.30438017

>>30435288
You only need 10% down and 1/5 of that if you do FHA. He should have a down payment ready in 8 months.

>> No.30438071

>>30436387
>Los Angeles

dios mio...

>> No.30438093

>>30433168
Let's all be honest here, 90K per year, living with parents, I'm assuming 0 kids, you should not only be saving for a down payment, you should, in 5 years, have $150K saved and outright buying a fucking house without a mortgage.

>> No.30438105

>>30433168
it will eventually crash, but it will happen when people don't expect it

>> No.30439215

>>30433168

>be me
>150k a year + 25k bonus
>own two houses
>mid 30s
>no debt
>two kids
>cutie 3.14 waifu
>only 500k net worth
>no friends to shitpost about niggers with IRL
feels bad man

>> No.30439259

>>30439215
>>no friends to shitpost about niggers with IRL
poorfag

>> No.30439950

>>30433168
I bought a full on house with a couple acres of land for 120k. It isn't in the totally cool utopia of LA or NYC though, so you not be interested

>> No.30440038

>>30435706
Yes. I hope they go into severe debt buying 700k hosuing worth 200k. I'm in a position to scoop a couple of them up now