In 1960 a new house cost an average of $12,700 while the average yearly household income was $6691. In 2018 average new home cost is $318,000 while average household income was $59000.
Why don't you own a home again, millennial scum? Maybe you should learn to save money.
>1970s my house was originally built/sold at $17k
>boomers keep it til 2010
>sell it to me for $175k
>8 years later, its worth $175k
whats the point
Not buying your bags you 60 year old boomer
Gap between income and cost.
>mfw last December I could have bought the equivalent 3 1960s houses
Interesting.
I want a house cause apartments suck not cause of muh investment
34 year old boomillenial here. I do own a home.
Lol in Vancouver a 1 bedroom 600 square feet apartment is around 400k. An average house in the suburbs can range from 900k to 3 million depending on the location.
Meanwhile the average income is like 60k a year.
my grandma bought a house in Victoria, BC Canada for like $30k decades back and now it's worth $1.3 million, shits retarded. I was supposed to inherit it but she re-married a younger man like 5 years ago and he swindled her into changing her will.
That bubble has to pop sometime.
Its cheaper than renting and I like the space but I wish it shot up in value, might have sold and went somewhere else.
Classic boomer move, sorry user.
eventually it will but money continues to pour in from foreign (chinese) investors and the problem is that our time is limited, we humans have an expiration date, so sitting around waiting for 5 or 10 years for the bubble to maybe pop just so you can buy your first home is fucking retarded
there's going to be well-intentioned people who wanted to own a home and grind through life paying their mortgage but can't due to prohibitive costs so they wait, and wait, and wait, and before they know it they're 52 years old buying their first home
huur duur what is population growth
fucking gooks!
>almost all Western countries have negative birth rate
population growth, you know that includes everything that increases the size of the population right?
Yay! Third world immigration! I
Holy shit that sucks, I'm sorry lad. Will he write you out of the will?
anyone can afford a home, you just live in the city with your parents because youre a manchild communist
in 1960 you get the brady bunch house in an all white neighbourhood for 2x salary now you get a crack den in Camden for 6x salary
>t. boomer's gonna boom
>5 years to pay off your house in 1960
>30 years to pay off your house in 2018
I don't want to live here but I don't know where else I want to live.
>tfw I was young there was only white people here and you could leave your front door open and let kids play outside by themselves
>now it's full of mexicans and black people and people are getting shot and stabbed every other day
Why can't we just have one state to ourselves? WHY?
Hey don't you bad mouth my old stomping grounds. Camden was bitchin' back in the day.
My grandparents owned a home in Toronto they bought in the 1940s. Recently sold it to be destroyed to build a condo. For like 2 million. Location location. It was a simpler time. Who would have known the changes that would happen.
Your grandparents sold you out
This, fuck my life I was born a decade too early or too late
Yeah but we have smartphones so that makes up for everything
>buy 1 buttcorn
>5 years later sell and make 1000x your money
fucking boomers are so privileged man
It’s called Maine.
You forgot that in 1970 interest rates were like 10% while they are around 4% now. Either way, owning a house and tying yourself to a location is terrible for your career.
I want to live in Maine.
I'm kind of afraid of home ownership. It seems like a literal money pit. My parents house growing up needed constant repair, and we were always between paychecks paying for it. When one thing got paid off, it was a busted water main or something else. Air conditioners needing replaced. Etc.
I've been thinking about a condo.
Just bought
This, I really hate the way people view houses as investment objects to pawn off to the next generation, thereby fucking over their children. Fucking stupid, reckless idea, it's also what's causing billionaires to buy up housing en masse to just sort of hoard.
At first I hated those commercials on TV that rip off old people. Now I think they are doing gods work.
I like it
Because I can't afford :(
i'm a young neet and kinda rent the attic from my parents
Its a fine place and i think buying a house right now when i have a decent place for only 1,2$/y is dumb. Maybe in 5 or 6 years when i have a stable income and big savings
also my mom wants to pass the house to me, so i dont have to move ou at all
based boomer
/thread
Your doors and walls look paper thin, what will happen if there is an earthquake, hurricane or flooding?
Exactly. Houses used to be where you lived. Not some fix it and flip it and flop it ponzi level scam that you can inflate to infinity and take out equity to buy a friggin sports car cuz muh midlife crisis.
I rather buy a comfy truck and camper or a maybach
What would that 12,700 be worth if invested in the stock market in 1960?
>That 30 year old boomer who got left out of his parents will
Think of it this way. Most boomer scum own suburban mcmansions, and today's mils and z's all want urban center flats. Boomer property investments will absolutely tank in the next 5-10 years, especially since single detached homes in burgerstan are built with shoddy construction and most are dilapidated after 30 years. I can't wait for them all to be forced into working at walmart at 80 years old just to pay their prescription costs.
Also this. Every homeowner I know has at least one major repair a year. A new roof alone can be 10k, while rent is maybe 20k a year total. so after repair, mortgage, property tax, increased utilities and commute cost, etc, it just isn't worth it. The only appeal of home ownership is appreciation on the asset. And I don't think a crack shack out in rural ohio is worth half a mil, I'm speculating a bubble burst on suburban properties very shortly. Everyone caught in that trap will get fucked. Most people don't have savings or investments, they just bank on their house appreciating. If that pops we're going to have a 10x 2008 situation. But something has to give, these houses are not worth 600k+, and even if someone young wanted one, no one can pay that.
Only problem is I don't know how to make money on this bet, or even what investments are a safe vehicle.
correct.