A Boring Dystopia

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A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor' (www.businessinsider.com)

submitted 3 months ago by return2ozma to c/aboringdystopia

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[–] [email protected] 19 points 3 months ago (2 children)

didn't they get the memo: houses are for the 1% now. 250K might sound like ~~a lot~~ enough, but you're still a peasant to the people who own you

[–] [email protected] 6 points 3 months ago

You raise a great point.

To the Owning Class, those working for money are nothing and replaceable. Rise up with the poor.

[–] WoahWoah -2 points 3 months ago* (last edited 3 months ago) (1 children)

As I mentioned elsewhere, over half of millennials own their own home. So it's more like houses are for the 53%, but I take your point.

[–] [email protected] 3 points 3 months ago (2 children)

is that statistic own their house outright or have a mortgage that once they pay off, if they pay it off, will then own it. Either way Im amazed its 50% but remember in 2008 mortgage rates were about 6%

[–] WoahWoah 1 points 3 months ago* (last edited 3 months ago)

The majority of all homeowners have a mortgage.

Yeah, mortgage rates are definitely higher now. 30 year fixed rates are around 7%, if your credit score is around 700. Still around 6% with high credit scores.

[–] The_v 1 points 3 months ago

The 2008 housing crash gave many genX/ older millennials a brief window of opportunity to purchase a home.

My wife and I purchase our first home in 2009. Every home was a foreclosure that we looked at. 90% of them were investors/flippers who got caught with their pants down. The home we purchased had been sold 2 years previously for almost 2.5x the price.

Between refinancing at low interest rates and a largish initial down payment from the sale of the first home, my current mortgage is the same as my rent for a 3 bedroom duplex in 2005.

At the it's current estimated value and interest rates, my wife and I would barely be able to purchase the home we live in today with our income. We make 2.5x more than we did when we bought it