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Jul 25, 2024
7:01
:25
am
elmerfudd
Contributor
Anybody who bought a house before 2019 should be doing nothing but expressing
gratitude. Folks who bought before 2019 who are taking any kind of credit are just fooling themselves.
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elmerfudd
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elmerfudd
Joined
Feb 15, 2021
Last login
Sep 7, 2024
Total posts
418 (0 FO)
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Messages
Author
Time
We need more empathy for the current generation
Blueto
Jul 25, 6:47am
Average home price Utah:$551,300. 20% down $110,000.
DubuMfalme
Jul 25, 6:57am
First-time home buyers can’t afford the average home, Dub. It has always been
Abe Froman
Jul 25, 7:01am
My biggest issue is that starter homes used to have a yard. Now it’s a townhome.
Powerbait DPM
Jul 25, 7:07am
Check out these homes for half a million. This is the market now.
DubuMfalme
Jul 25, 7:07am
The same houses in Oklahoma City are less than $100K
donnerstag
Jul 25, 7:25am
Even if someone gave you the land free, you couldn't build those houses now.
DubuMfalme
Jul 25, 7:29am
True, but most of those homes have some "useful life" left
donnerstag
Jul 25, 7:34am
Not true. OKC is still cheap, but not that cheap.
Samsonite
Jul 25, 10:26pm
Do a redfin search of homes of the OKC metro area and 60 homes are under $100K
donnerstag
Jul 26, 7:05am
They aren’t at all “the same houses” in that post.
Samsonite
Jul 26, 11:38am
I double checked. To get to 2,000 SF
donnerstag
Jul 26, 11:56am
There are plenty of condos, townhomes, and small starter homes for less than $300k in the
Skeptical Optimist
Jul 25, 7:26am
The single family homes in that range are arguably knock downs at that price
donnerstag
Jul 25, 7:37am
That last one would be an upgrade for TNT
TNT
Jul 25, 8:21am
Since when is a 4/5 bedroom house a starter home? I think you're wrong. Those weren't starter homes back then either.
supertux
Jul 25, 7:50am
These weren’t ‘starter’ homes LOL adjust your expectations
kotacoug
Jul 25, 8:32am
My first home I bought in 2006 for 47,500 in MO. It was a true starter home.
MrSandman
Jul 25, 9:03am
A well below average home is $400K in Utah
donnerstag
Jul 25, 7:23am
Your down payment hypothetical ignores historical first-time buyer patterns.
Abe Froman
Jul 25, 7:35am
Agree. Most first time buyers are putting down 3-5%
donnerstag
Jul 25, 7:39am
That just means a loan on a higher principal balance, increasing the monthly
byuinva
Jul 25, 9:17am
Yes, I’m aware of the trade off. When people can’t afford large down payments,
Abe Froman
Jul 25, 9:19am
$500k loan w/ 3% down for 1st time home buyer $3150/month (30 yr) +200/mo PMI
BYU'01
Jul 25, 2:55pm
Does that include property tax and home insurance?
donnerstag
Jul 25, 4:01pm
No: principal, interest, PMI
BYU'01
Jul 25, 4:32pm
Well sure, but even a 1500 square foot town home costs over $400k nowadays.
cougarfan84
Jul 25, 8:14am
No.
Abe Froman
Jul 25, 8:23am
The 2 cheapest properties for sale in my zip code:
cougarfan84
Jul 25, 8:41am
Lots of people can’t afford to live in the zip codes they want. That’s one of
Abe Froman
Jul 25, 6:39pm
We should have more empathy for you guys who live in Utah, not this generation.
CougarScrub
Jul 25, 10:12am
I think it's the accumulation of generations of over-educated workers willing to
goodcleanfun
Jul 25, 10:24am
I don’t think UT salaries are lower. UT is almost entirely owned by US Fed Govt
BYU'01
Jul 25, 3:07pm
They are in certain fields. If you're a professional with an advanced degree,
CougarScrub
Jul 25, 3:20pm
Advanced degrees in anything but dentistry, podiatry, etc I’d say Utah competes
BYU'01
Jul 25, 4:36pm
Anybody who bought a house before 2019 should be doing nothing but expressing
elmerfudd
Jul 25, 7:01am
I’m thrilled I bought a home in 2020. Wish I would have stretched more.
orrin7
Jul 25, 7:05am
"But I worked really hard and bought a house in 1984 when rates were 13%!"
YOHONOMOTO
Jul 25, 7:12am
And here's another thing nobody is factoring in outside of housing costs
YOHONOMOTO
Jul 25, 7:45am
There's a potential flip side to that as well - dual income households
BYUfan92
Jul 25, 9:08am
You say that like it’s a good thing. It’s another bad thing for this younger
YOHONOMOTO
Jul 25, 10:25am
I agree its not good, and didnt say it was, only that its a legitimate factor
BYUfan92
Jul 25, 12:03pm
Oh, great news everyone, both parents can work now!!! Day care costs and stranger raising your kids doesn't matter...
Atmospheric_Cougar
Jul 25, 10:37am
Odd interpretation of something I didnt say
BYUfan92
Jul 25, 12:04pm
People play by the rules of the day.
Archaea
Jul 25, 7:20am
Agree with that. There are also some big advantages this generation has too
BYUfan92
Jul 25, 7:15am
So you’re silver lining for this gen not being able to afford a home is at least
OnEMoReTrY
Jul 25, 8:21am
So you pick out 1 line and ignore the entire rest of my post? Selective much?
BYUfan92
Jul 25, 9:05am
Low barriers to entry doesn't mean everything is great. It means increased competition -> more price wars etc.
Atmospheric_Cougar
Jul 25, 10:39am
Low barriers also make it easy to test, fail, restart without significant cost.
BYUfan92
Jul 25, 12:15pm
I agree with your points, it is not all bad. What is a viable long-term business model with low barriers to entry?
Atmospheric_Cougar
Jul 25, 2:33pm
You don't blame them for being lazy? Interesting.
coug10278
Jul 25, 7:15am
Are they lazy, though? Or just discouraged?
DubuMfalme
Jul 25, 7:18am
Young people not having the same size families started before the housing issues
BYUfan92
Jul 25, 7:31am
… or … don’t insist on living in one of the highest demand housing markets.
goodcleanfun
Jul 25, 7:18am
True, but those places usually have worse job prospects.
DubuMfalme
Jul 25, 7:21am
I think that has (almost) always been the case.
goodcleanfun
Jul 25, 7:23am
But the relative gap between home prices and income has grown
memento
Jul 25, 7:25am
Go east, young man. Texas (except Austin) is half as expensive to buy as Utah, and job prospects are just as good
byujag
Jul 25, 8:21am
Where I live is arguably one of the fastest growing areas of the US. And has some of the best jobs in just about every
unctoothman
Jul 25, 4:33pm
RE: … or … don’t insist on living in one of the highest demand housing markets.
Blue chunks
Jul 25, 7:55am
Where do you live?
Powerbait DPM
Jul 25, 8:03am
People making $40000 can buy a house in Missouri.
bigbluecougar
Jul 25, 7:19am
"I should buy all those houses in Missouri and rent them out 🤔" - foreign money
ryebrye
Jul 25, 8:05am
Well there are still plenty for sale so China hasn’t bought them all
bigbluecougar
Jul 25, 8:10am
The current generation needs to move to where housing is affordable.
Conan
Jul 25, 7:29am
That's still not great, though.
DubuMfalme
Jul 25, 7:31am
NIMBYs won't let affordable options near them, though.
runnincoug
Jul 25, 7:36am
Then give me more roads. Nobody wants to live in gridlock.
Spine
Jul 25, 6:17pm
We could recognize work from home helps out young families in multiple ways including this example.
Atmospheric_Cougar
Jul 25, 10:12pm
People have always had to make trade offs, Dub. This isn’t new.
Abe Froman
Jul 25, 7:41am
Yep
Forest Green
Jul 25, 7:43am
People have done this for years
bigbluecougar
Jul 25, 7:42am
That’s called life man. Moving away from family and starting your own. You don’t
kotacoug
Jul 25, 7:57am
Over the last 40 years, the average new home size has increased by over 150%
Skeptical Optimist
Jul 25, 7:31am
I just looked up our first home, we bought in 2003. It was 1399 sq ft and it
BYUfan92
Jul 25, 7:48am
How much did you pay for it and what is it worth now?
Odysseus
Jul 25, 8:44am
IIRC we paid about 145K and Zillow shows it 399k-419K (Boise, Idaho market)
BYUfan92
Jul 25, 9:07am
People are buying those homes because those are the homes that are being built.
memento
Jul 25, 8:53am
builders are building those homes because they're the ones that sell fastest.
HarlemCoug
Jul 25, 8:58am
That's my point; in a market with constrained supply, why would builders
memento
Jul 25, 11:16am
It wont last forever. Bubbles burst eventually
chismoso
Jul 25, 7:59am
Well, lazy will work for 'em. Wait ... lazy works.
KCFan85
Jul 25, 8:09am
"I don't blame this upcoming generation for being lazy or complaining." Really? No excuse for that period.
ManicBlue
Jul 25, 9:01am
I agree the housing market is tough, but new grads are now getting 3x what you
My2cents
Jul 25, 9:42am
More true starter homes are needed. 2 bedrooms, some storage. That was our
refunder
Jul 25, 10:27am
Empathy is needed on both sides.
Ham
Jul 25, 11:20am
I wouldn't say it's easy to make an $800 payment on less than $2k a month after
Thrill
Jul 25, 11:51am
You're not wrong in that home prices in certain parts of the the country have
Nagurski
Jul 25, 4:32pm
I hear you but my son is making $160,000 after graduating from UVU 4 years ago.
O Gaucho
Jul 25, 10:14pm
I agree with you. I thought it was tough for me (mid 40s) but even harder for
Mitty
Jul 26, 11:18am
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