Double Disappointment

[RedBased]

When I read this thread I wondered how some would feel about the current housing issues. Rent is ridiculous and rising home prices with additional interest rate hikes make that situation unbearable. Rental rates are up at least 25-30% compared to 3 years ago in my location. I could not afford to buy my home that I bought 18 months ago. I do not understand how people are affording housing.

Yeah its absolutely insane and it is only going to get worse. I really don't know how some people survive off of anything under 45k/yr.

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[RagmopInKona]

When I read this thread I wondered how some would feel about the current housing issues. Rent is ridiculous and rising home prices with additional interest rate hikes make that situation unbearable. Rental rates are up at least 25-30% compared to 3 years ago in my location. I could not afford to buy my home that I bought 18 months ago. I do not understand how people are affording housing.

Too bad. Those crying are the ones that caused it, well not so much the interest hikes but partly that also.
The youth that thought killing the taxi industry was a good idea , said "what if we do an app for travel rooms. Then the air b&b was born . Unfortunately they are not deep thinkers and only thought of sticking it to hotels and resorts, problem being investors saw this and said we can buy up homes,condos and apartments and turn them into short term rentals. Aka air B&Bs. Once that happened housing prices went to the moon. The Fed hiking interest rates they knew would do little to the inflation as that was driven by fuel cost,electricity cost and labor shortages (higher wages ) the hikes were mostly to slow or contract the housing bubble. It hasn't really worked. Only thing that will is if the young and dumb stop using air b&bs but they won't so welcome to the new normal because till investors need to unload homes,condos,apartment units because the money dried up or till the economy take a crap and hundreds of thousands of pink slips start flying. Till then they screwed the pooch.

 

[black22gt]

When I read this thread I wondered how some would feel about the current housing issues. Rent is ridiculous and rising home prices with additional interest rate hikes make that situation unbearable. Rental rates are up at least 25-30% compared to 3 years ago in my location. I could not afford to buy my home that I bought 18 months ago. I do not understand how people are affording housing.

I bought my home in 2019, and I remember thinking oh god, i wish we would have done this sooner as houses are so much more then previously. Looking back now though, i am SO glad we did, and kinda laugh at myself a bit. I now have appraisals at almost 100k more than we would have paid making payments for the term (including interest basically), which would laughable if i didn't understand why its like that.

As an example, we refi'd a couple years later and dropped our payment a few hundred dollars (less term too), and now we pay less than half what my sister in law pays for their house rental, which is a slightly bigger/better but older house, less property acreage and in town. In 2019, I would have equated the value for that house to what we ended up paying for ours, maybe 20k more at best. Her rent is a crazy amount for something she wont own at the end, and it all feels so criminal to me.

Had I not bought a house when I did, I would not have realized this, and I am just so glad we did bite the bullet and get on it. Thank you to our psychotic landlord's assistant person and crybaby millenial neighbors, without the push from them, we'd still be renting that triplex and be really screwed trying to buy a house now!

 

[15BluStang]

Man, the thread I started has really gone off the the rails.

 

[Firsttexan]

In April I traded in my loaded / heavily modified 2019 Mustang GT Premium to eliminate the $800 a month car / insurance payment. I am now retired and any car I have is used to drive to Publix, Target, and doctor’s office. Not exactly performance car needs. When I bought the GT, I traded in a 2015 EB Premium which was also heavily modified with Steeda parts and 35000 miles. When I looked up the VIN for 2015 I found out at the end of May it was auctioned with left front damage, would not start, and had 145000 miles. That is almost 30,000 miles per year. So at least the person that bought the 2015 EB enjoyed driving it A LOT.

Right now driving a Cadillac XT5, so I am driving in comfort. But a part of me is still tempted to find a used Mustang EB Premium that I can do an even up trade on.

Inflation. That $30k Mustang in 2007 adjusted for inflation would be about $44k.

 

[Firsttexan]

Man, the thread I started has really gone off the the rails.

Most of them do.

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