Home purchase

[BuzzH]

Do you think today's twenty somethings will get to benefit from their investments when they become fifty somethings, like buzz has? If they work hard, live within their means, and invest wisely. Or is that a thing of the past too?

They dont make enough to do it...simple 3rd grade math doesn't lie.

Check the median amount people in your age bracket and younger have in their 401s. Check median income. Cost of living, home prices.

FFS...its math even you should savvy.

 

[Treeshark]

Or is that a thing of the past too?

Perhaps I’m a pollyanna, but I absolutely believe they can.

As much as I agree with @BuzzH on how certain things have changed, the most important things have not: the power of compounding and the time value of money.

 

[Forkyfinder]

No one is saying its impossible. The point is - it's a lot harder. Lots of people (myself included) were fortunate and made it pretty well. Theres a lot of people that wont that frankly would have a few generations ago. The facts/numbers bear that out.

Without a market correction thats a major, housing will continue to rise to unaffordable for more and more people.

 

[BigHornRam]

They dont make enough to do it...simple 3rd grade math doesn't lie.

Check the median amount people in your age bracket and younger have in their 401s. Check median income. Cost of living, home prices.

FFS...its math even you should savvy.

Top 2% starts at 5.5 million per household, according to this article. Is that you buzz?

How Rich Are You? This Is The Net Worth It Takes To Join The Top 2% Of Households https://share.google/bbSQHKtFhMMe7b3aF

 

[BuzzH]

Top 2% starts at 5.5 million per household, according to this article. Is that you buzz?

How Rich Are You? This Is The Net Worth It Takes To Join The Top 2% Of Households https://share.google/bbSQHKtFhMMe7b3aF

Guess it depends on the source, but yes using the figures later in your article, over 2.7 net worth is top 2%. I'm about 50/50 in real estate and investments.

 

[Nameless Range]

It's an interesting thread.

I think Buzz nails how much different the world is for a 20 year old right now as opposed to how it was for someone in their 50s who is reading this. For Montana in particular, I think most have no idea about housing out-of-reachness. It's largely unprecedented and the data backs that up. Over the last decade on our VFD, I've seen a handful of kids join the dept and some get fired up about firefighting and make careers out of it, or at the very least spend their first years of adulthood doing just that - some with the feds, others with the state. Unless they're on a hotshot crew, they aren't paying for a dall sheep hunt with a whole season of hard f'n work.

On the other side of my brain though, as a dad who will be sending adults out into the world, I'm drawn to a perspective that the only thing to tell them is to sacrifice, invest, work their asses off, and highlight to them that complaining about the current state of affairs will be a useless endeavour.

I think that perspective though, can only hold up so long - both for individuals and a population.

 

[SAJ-99]

Top 2% starts at 5.5 million per household, according to this article. Is that you buzz?

How Rich Are You? This Is The Net Worth It Takes To Join The Top 2% Of Households https://share.google/bbSQHKtFhMMe7b3aF

Or $2.7m, depending on the source. That was the point of the article.

 

[Elky Welky]

No one is saying its impossible. The point is - it's a lot harder. Lots of people (myself included) were fortunate and made it pretty well. Theres a lot of people that wont that frankly would have a few generations ago. The facts/numbers bear that out.

Without a market correction thats a major, housing will continue to rise to unaffordable for more and more people.

I chased the millenial dream, got multiple advanced degrees while munching on avocado toast, took on student debt, and now make wages that are considered comfortable compared to the rest of Montana.

When I moved to Billings 7 years ago I decided to rent instead of buy (which would cause me to go into more debt) so I could work on my loan debts, save for a house, and build my career. But the housing costs have outpaced my wage growth by 88% in this state, so I'm basically in the position of being a turtle chasing a hare. If the hare stops, maybe I can catch up. But with a single-income home and an ever-widening gap, this situation seems impossible. I'm just counting my blessings that I have a landlord that hasn't increased my rent.

Hold on to what you have folks.

 

[TOGIE]

sometimes it's hard to tell if people complaining are the actual complainers or the people complaining about complainers are the actual complainers.

 

[BigHornRam]

Or $2.7m, depending on the source. That was the point of the article.

That's quite a swing. I would think that the 5.5 million figure is on the low side. Anyway, based on the twenty somethings I know, they are going to make buzz's elite status look like chump change. The system isn't rigged, boys and girls.

 

[Addicting]

They dont make enough to do it...simple 3rd grade math doesn't lie.

Check the median amount people in your age bracket and younger have in their 401s. Check median income. Cost of living, home prices.

FFS...its math even you should savvy.

Not to mention the 30 years of inflation and watered down dollar. What is the goal line now will be miles away for the 20 Year olds.

 

[Treeshark]

What is the goal line now will be miles away for the 20 Year olds.

Great point here.

 

[BuzzH]

That's quite a swing. I would think that the 5.5 million figure is on the low side. Anyway, based on the twenty somethings I know, they are going to make buzz's elite status look like chump change. The system isn't rigged, boys and girls.

Might want to sharpen your pencil...and join reality.

 

[Forkyfinder]

The system isn't rigged, boys and girls.

https://www.axios.com/2023/11/20/american-housing-market-older-homeowners-2023

Dont think its inherently rigged - its just that something is producing flawed results.

 

[Treeshark]

https://www.axios.com/2023/11/20/american-housing-market-older-homeowners-2023

Dont think its inherently rigged - its just that something is producing flawed results.

View attachment 387451

One thing I find interesting is that average marriage age is trending up as well. I have to imagine there is a connection somehow.

Could it be that people, on average, are “growing up” a bit later than they used to?

 

[Gulf of America]

One thing I find interesting is that average marriage age is trending up as well. I have to imagine there is a connection somehow.

Could it be that people, on average, are “growing up” a bit later than they used to?

Tried pricing out a wedding lately? Venue, pictures, food - price for everything goes up 2x (at least) if you mention a wedding. Gotta save that money for a 3.5% down payment on a $300k 1 bed/1 bath. #livingthedream

 

[SAJ-99]

Might want to sharpen your pencil...and join reality.

Go easy on BHR. His favorite way to access HT is going away tonight.

AOL hangs up the dial-up internet service (and sound) that defined an era

Last month, a company webpage titled "Dial-up Internet to be discontinued" stated that the service would be discontinued.

www.usatoday.com

 

[CPAjeff]

There's a 70 acre parcel of hay ground near by, which my wife and I have been chatting about purchasing. The main reason behind this is to give our children, should they decide to live around us when they're older, a few acres to start their lives on. Much to what @BuzzH is saying, the future looks pretty bleak for the next generation when it comes to home ownership, retirement, etc. While it won't be totally impossible, the odds don't look incredibly good.

 

[BigHornRam]

Not to mention the 30 years of inflation and watered down dollar. What is the goal line now will be miles away for the 20 Year olds.

The 70's had run away inflation, and high interest. Somehow the 20 year olds (boomers, cough, cough) back then didn't shrival up and die. This covid bubble will pass soon enough.

 

[Addicting]

The 70's had run away inflation, and high interest. Somehow the 20 year olds (boomers, cough, cough) back then didn't shrival up and die. This covid bubble will pass soon enough.

lol, let’s just discount how much wider the gap is now…yep after 219 posts we’ve decided everything will be ok.