>1952
>Making $5000 per year
>Mortgage loan is $9000 or 1.8 times yearly income
>2016
>Make $70k per year
>Mortgage loan is $400k or 5-6 times yearly income
Why are more people not panicking about this? I'm no economist but this has to be a bad sign. Has the housing bubble even begun to burst or was 2008 just the beginning?
More food for thought
since our fiat money really has 0 value,
the only thing of real value is real property or land.
does gold have value?
Enjoy your cat food. And thank capitalism for its deliciousness. Cows like us don't deserve cat food
2008 didn't even affect a lot of the country that badly.
New England only saw a small blip because there's no where to build new homes. Places where there's room to build saw the fall.
This, everything is fucked.
Our currency is heinously devalued, much of it is held overseas. When the collapse comes, ALL of that money is going to flood in, and our already worthless dollar will be worth PENNIES on the dollar as it stands now.
Basically, we gotta keep that petrodollar symbiosis going otherwise the whole world is going to fucking meltdown.
400k?maybe in certain markets.thats way above market average overall though.
the debt binge can't go on forever
Japan is the canary in the coal mine, endless stagflation is where this road takes us as the private sector must start deleveraging at some point
Avg price here is 505
They don't leverage shit they sit on hundreds of trillions. Productivity goes up. Wages compared to inflation are shit
You know who doesnt care about this?people who budget appropriately and dont live like they make twice what they actually do.
Theres gunna be another bubble pop in the very near future.
Not too many people are aware that the only reason everything didnt go to shit in 08 was because the federal government bailed the banks out
>400k for a loan
What are you buying a fucking 6 bedroom on 5 acres? Most houses in Australia cost about 600k on average which puts your down payment at about 10% which is like 1.2 times your yearly income after extra costs and commissions.
Nah. What is it now. 5 in 10 under 32's have no house? 7 in 10? How about retirement savings. How much of the $2 million they say you need for that, do you have?
Wow.around here id guess 250 but there are plenty of decent homes for 150 or less.not rural either.
What?
A bungalow will go for almost $500 where I live. It's disgusting. What makes it worse is that the prices are being bid up by mostly foreign money (china).
It's a race to the singularity. The plan is that we use the debt to make it there in time.
Yeah not here also if you have a union job if you move locals you lose all your seniority. Important if you've been waiting for nonexistent fulltime hours placements
My expectation is that i will work in some capacity until i die.im ok with that.
I sure as fuck hope not.
>Own a house, recently refinanced
>Work in the mortgage industry
I'll be double-fucked.
Yeah. Alpo days are here to stay
Id say move to Australia, but youre a leaf
Well, to be fair, Canada is ultra cucked on the housing thanks to Chinese investors driving the bubble into the sky and beyond.
Nope get ready for a standards living decline where America pays big bucks for the cheap Chinese Walmart goods. You can also expect housing prices to go up even more once China and many other countries figure out that the dollar is in decline and start buying up US properties.
You will have one more chance to buy a house in 6months to a year and then you can expect to live in crackshack with 10 other people from then on.
Why do think rents never go down? The know Millennials are fucked, you can't mortgage your country's future to pay for your country's debt now.
I don't care what you people think, I've known this all my life and so there is little reason to comment on this. You know when things are fucked in your generation and just something in life we all know.
You said a downpayment or even the total of 600K is 1.7 times an annual income of what. 70? Or 500K? Median individual income here is less than 30K. I don't like giant spiders anyways and you don't have equal marriage
I live and work in philly. If I wanted to get a home, that was nice and free of crime, and less than a 40 minute commute, I would easly be looking at 300k, even for a dumper....
This market is shit and everyone knows it.
All chinks should be gassed.
i just bought a house too. It's pretty comfy but I really don't want the feeling of being financially stuck.
Im suprised.i really have no clue about cost of living in canada but my assumption has always been salaries were slightly lower for similar careers and that was balanced with lower housing costs.seems like you guys have cause for concern.
Dont you understand we need to get the government off our backs and vote to lower taxes for the job creators? Will somebody PLEASE think of our oppressed billionaire class?
Stop worrying about it
Let it burst
The FED knows this and they are do everything they can to stop this from happening.
Take a look at what the new 100 dollar bills say. Very interesting
(((Wallstreet)))
(((Banks)))
(((Corruption)))
Strongly initiates a cognitive analysis...
wait till they figure out how to make fake gold
like they did with diamonds
only a dead jew has value
a dead jew can stop fucking with the money supply and fucking the rest of the world
now THAT is value !
More like:
>1952
>make $5000 a year
>save up for 2 years and just buy a house in full with no other financial complications involved
It has exchange value, but very little use value. Like paper money, gold is only valuable because everyone agrees it's valuable. If there were an ultimate level happening event, nobody would care about gold anymore. Instead people would want useful things like food and fuel.
Why do people not have generational homes anymore?
Worst case scenario you just do what most of america did in 2007 and stop paying your mortgage. You might get foreclosed but that takes years for all the legal proceedings to go through (Especially if there are millions of houses on the chopping block) and after 8 years your credit will be unfucked.
>2016
>Make $70k a year
>Mortgage loan is $140k or 2 times yearly income
A FUCKING LEAF>Shiller_IE2_Fig_2-1.png
>Shiller
Nice turd sangwich of a house
Id worry if i wasnt already dug in.mortgage is manageable and should be paid by my 40s.i guess its harder to start out now but really i believe the margin for error is whats killing millenials.you just cant waste time on stupid shit like my generation apparantly could.
>wait till they figure out how to make fake gold
>like they did with diamonds
Did you ever go to highschool ?
>Slavery Loopholes
We cant have those now can we goy? :^)
>Mortgage loan is $140k
>Living in a van down by the river
wait, what do they say? I can't find anything :c
It is a form of entitlement and seen as spoiling a child
It's not going to burst, an asset is an asset and if it has to it will chase the value of gold.
They have no choice but to devalue the us dollar even more, just like Venezuela. Only this time it will be food that goes up and not housing, rent and cars.
This cuck shed in Boulder, CO is only 2.6 million
Senpaitachi are moving more often to get out from under mortgages or for work.
If there was global depression after american economy collapse would other countries not tied to American economy respect gold values?
>Mortgage loan is $140k
>Living in a van down by the river
Its probably not though.and this is my point.if you choose to buy a 500k house when there are 150k ones available in same school district thats on you.
Check out HAR listings in Houston, TX and surrounding
>5 beds
Is this a house for midgets?
I already told you I can't move cities. It's either rent. At 900 for a bachelor. Or a crack den with syphilis needles for $300 or a white picket shitbox our parents had for 5-7. And my area is considered cheap
Best of luck to you buddy, I've already made my peace and accepted my faith though. You and others like you will have one more chance to buy up properties when the dollar declines/dies. You will get just one more chance. Listen to what Harry Dent has to say on the matter.
XD
I just bought a house that is 1.87 times my gross annual income and 2.46 times my net. Who wants to be house
Poor?
>Why are more people not panicking about this?
Because it was caused by your government.
You're from Vancouver I assume? They deliberately invited a lot of Chinese millionaires and then failed to tax them appropriately. The logic was that they'd spend so much money the government would get gains from tariffs and sales tax alone. But no.
Any negative policy made against the people of a country, usually middle class, usually white, usually male, will always be covered up. Whether it's white male STEM underemployment or housing bubbles.
And people laughed at me for aspiring to live out of the bed of a truck.
WHO'S LAUGHING NOW
It will burst they always do. Just wait for the economy to crash. People will be so desperate for food they will literally give there houses away to eat.
Interest rates are way lower than they used to be and houses are bigger/nicer. I got a nice place on 2.5 acres with a creek for $220k that's 35 mins from a major city. Pretty happy with it. I live alone though so I have 3 empty bedrooms going to waste.
That just shows you that you need to get into homebuilding, and stop being a fuck complaining homo
>grandfather dies
>leaves me his house in the will
Thanks papa, I'm glad I'll never need to worry about all this mortgage shit
Settle down Tim
400k house is on a 1/4 arch lot with 3 bed rooms around 4 thousands other people. A 5 arch lot cost about 150k
Barter is the ultimate form of trade that not even gold can top
And people don't think that the government won't just do it again in the next collapse.
kek
South Philly? I'm
Nobody is making you get a 400k house. There are still houses you can buy for less than half of that which are entirely livable. They just aren't mansions.
A 150k house will end up being like $700 a month in a 30 year term mortgage. Which is pretty reasonable.
The problem came from greedy people on all sides who want bigger houses and to never actually pay them off.
Why the fuck would you buy a $40k house as a poorfag
That's from 2005...
>$150k house
>neighbors are bloods and crips
>entire house is falling apart
Going to pass on that senpai.
House costs about 10-20 years of your income. It always has. Back in the day, it used to be just the dirt, and you had to build a house on top of that yourself, but your income was a handful of rusty dildos, so to rich people, land was relatively cheap.
Then again, american properties are in the middle of fucking nowhere, and the only way to get anywhere is with a car, so maybe house prices are just about right.
Barter is very subjective though, that's the problem with it.
Gold is much better for that reason alone, or any other standardized backbone form of currency.
If you're trying to trade me apples that basket of apples will be worth a shit ton less to me if I have several apple trees in my backyard. If you trade those apples to somebody who needs/wants them for a standard currency such as gold or something else, you can give that to me for whatever you are trying to get and I can take that same gold and get what it is I need.
Maybe but if that happen they won't need to because their purchasing power will go up ten fold. American exports like cars and jet engines will cost next to nothing in those countries because everyone will be dumping the dollar.
Right now as we speak many European countries pay out the ass for food, housing and goods and services because just like in America if their currency is strong they can't sell any of their exports to foreign countries plus they can't just print money without massive inflation- Think Africa. Imagine how that will change when the dollar dies. America will have to pay extra for your goods and services AND sell planes and tanks for next to nothing.
Things are about to become so fucked you will pray you had the money to buy a gun to shoot yourself.
No, Toronto and you are essentially correct. Also white and work in STEM. In my experience foreign "engineers" are usually shit. All they know how to do is follow instructions. Most of them couldn't design their way out a wet paper bag. Business dev people see an Asian name on a resume and fucking cream their pants. It's ridiculous.
You realize that if the housing market collapses people who build houses will be fucked right?
I think the market will crash when the Chinese choose to. Especially in Vancouver
Housing price increases are due to foreigners buying them up as a safe haven asset, the government subsidizing home ownership, and lack of new building due to government regulations.
In other words our open borders and government interference is fucking us.
Pump and dump.
The dump is coming soon.
When was the last time you used gold?
How do you know you are dealing with gold?
>2016
>not living the #tentlife
That's too fucked.
We need some kind of mid-level fucked where the housing market collapses, but the rest of the stuff is relatively okay.
Problem is housing is a decent investment. From the dawn of time territory has been valued. Before gold, before the S&P500.
Furthermore third worlders love property. The 1% problem in China is much much worse. Top china's 1% represents more wealth than literally billions of chinese. These are the people that are buying up property in Vancouver. Very deep pockets.
You cannot compete against them.
Maybe there needs to be some way new techy way to disrupt the housing market. Maybe a Caravan designed to compete with small apartments and housing for the young. Around the 150k price range.
But other than that I'm predicting a paradigm shift in the housing market. Houses break the $1M value permanently, and the nature of the investment changes.
Houses become a 'multi-generational' commitment. Like say starting a family Buisness where you take out a multi-million dollar loan. You're likely to live in your parents house your whole life, and bring your wife there to live in it too (like in most poor parts of Asian countries).
If you want to buy a house, you expect your son, and his son to continue paying it off.
>dollar tanks
>domestic industries pop up within a few years and exporting begins
The shock will be great, but over time the market corrects itself.
Aint that the truth pretty set though inherited 255 acres from grandfather mostly wooded on a nice hilly area of applachia. Have 4 ponds and 6 different creeks. A nice dug well and the house is made of cedar. On one corner of the property a narural gas line was dug and my grandpa allowed it as long as his house and his 2 sheds barns got free unlimited gas so heat isnt an issue. wood stove for backup and village local electric is super cheap.
Got chickens and 2 cows and pigs that i take down to the butcher every year.
Only bad thing about the area is no IT jobs ended up becoming a mailman.
Welcome to the current era of economics, loan and spend with zirp/nirp.
I'd do it, summers are going to suck but that is okay
housing is too big to fail. when it does "pop", prices are only going to fall 8-15% like in 2012 then climb back up and still be unaffordable.
> If you want to buy a house, you expect your son, and his son to continue paying it off.
No fuck off stop, I don't want to picture that mate.
Reporting in from Philadelphia as well (south Kensington). Can confirm, housing prices are fucked but not nearly as bad as in or around NYC or Boston to be fair. I rent now, and in a decent neighborhood for less than $500 a month. If I was smarter had a better background in real-estate I'd invest in properties in Fishtown/South Kensington and make a killing 10 years from now after gentrification finishes.
Banker here, this guy has a point.
It used to be your grandparents could buy a house on the cheap, true, but the quality of those houses was quite low compared to modern safety and comvenience standards. Prime example would be in San Francisco, where people really get the worst of both worlds with ancient, expensive as fuck, mold-filled homes that are years and years out of date, but the city won't build any more housing, so there's a huge crisis going on. Chinese people buying houses and sitting on them too is a thing, but it's a very minor problem, and not really contributing to the high cost of homes.
Honestly, now really is the best time to buy a house. Yes, really, not even trolling. First time homeowners get a great deal on their first mortgages because the government is trying very hard to get more people into housing. Granted you have to have a decent credit history, but banks will help with that too.
We WANT you to buy houses - good ones! Because we make money on it too! If you have a quality creditor, banks will fall all over themselves to give you offers, believe me. Take advantage of cheap credit while it lasts, because its a good ass deal. Not even trolling.
This doenst take into account foreign buyers compounding inflation etc chill out, and yes from 2000 till 2008 there was a bubble, that one burst
That's irrelevant to my point.
Barter, as in I have some shit that you want and whether or not you'll get a good deal on it is basically up to how valuable what you're trying to trade to me is. If there is some type of standard measure of value it makes it easier for everybody to trade amongst each other since value isn't as subjective.
Whereabouts phillybro? I'm up here roundabout South Kensington/Fishtown/No-Libs
Thanks Mr Shekelstein I will buy one soon!