General Discussion

The Velveteen Ocelot

(131,242 posts)

16. The problem is that many can't.

Sun Feb 5, 2012, 01:09 PM

Feb 2012

And never really could. Hence the bursting of the housing bubble. People were seduced into buying McMansions by mortgage lenders (sometimes fraudulently) on the assumption that the value of the house would always appreciate - so that even if they ran into financial difficulty later they could at least sell at a profit. But that isn't what happened, obviously. These days you could probably buy a foreclosed McMansion at a fire sale price, but there's no longer any guarantee that the value will increase the way it did a few years ago, until the bubble popped.

And then there's the issue of wasted resources. Does every family really need a huge house with energy-wasting cathedral ceilings and central air and lots of bathrooms and a three-car garage and a vast yard with a pool and a patio? And why mortgage yourself to the eyeballs for a big house when you could save that money for the kids' college or retirement?

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What $10,990 bought in 1955.... [View all] PCIntern Feb 2012 OP

the sad part is that any 'self respecting' family today NMDemDist2 Feb 2012 #1

Why is it sad that families can now afford larger houses? Johnny Rico Feb 2012 #7

Actually, many families cannot. NutmegYankee Feb 2012 #10

Many familes couldn't back then either. Johnny Rico Feb 2012 #14

Buying more house than is affordable is a major reason we had this crash. NutmegYankee Feb 2012 #20

As I said, it's foolish to buy more than one can afford. Johnny Rico Feb 2012 #23

"it's no one's business but my own how many toys I purchase" NutmegYankee Feb 2012 #25

Do you think it *is* your business? Johnny Rico Feb 2012 #26

Welcome to the wonderful world of opinions. NutmegYankee Feb 2012 #27

We're copacetic, then. Johnny Rico Feb 2012 #31

Nobody is suggesting that your purchases be curtailed or The Velveteen Ocelot Feb 2012 #48

To each their own. Johnny Rico Feb 2012 #58

It's interesting that most other animals understand instinctively The Velveteen Ocelot Feb 2012 #73

"But what is the great bulk of advertising other than the stimulation of greed, envy and avarice?' hfojvt Feb 2012 #29

Yet still open to criticism... LanternWaste Feb 2012 #77

Absolutely. Criticize away! Johnny Rico Feb 2012 #78

Boy +++++1000. n/t Johnson20 Feb 2012 #53

right! but a smaller older home will elicit NMDemDist2 Feb 2012 #15

The problem is that many can't. The Velveteen Ocelot Feb 2012 #16

Who's to say what a family "needs"? Johnny Rico Feb 2012 #21

Ah - there's the rub. What does "afford it" mean? The Velveteen Ocelot Feb 2012 #28

In other words, some people made foolish choices and suffered the consequences. Johnny Rico Feb 2012 #32

That's exactly what the Republicans say about the housing crash. The Velveteen Ocelot Feb 2012 #35

And in such cases (fraudulent lending & falsified documents) the lenders are at fault. Johnny Rico Feb 2012 #39

Sure you are in the right place? sarcasmo Feb 2012 #38

Yup. Johnny Rico Feb 2012 #41

... why is it anyone else's concern? oldhippie Feb 2012 #33

Surely that's the problem of the envious, then... Johnny Rico Feb 2012 #40

yep .... oldhippie Feb 2012 #76

1. Often, they can't krispos42 Feb 2012 #82

While it can be interesting to discuss what a family "needs", Johnny Rico Feb 2012 #84

It's not "a" family, though, that's the issue. krispos42 Feb 2012 #91

Let's assume for the sake of argument that you're entirely correct. What now? Johnny Rico Feb 2012 #92

Well, there are a bunch of ways it could be done krispos42 Feb 2012 #93

I have one bathroom and we own a small cape. Jennicut Feb 2012 #81

My wife and I are looking at a 5,000 square foot house joeglow3 Feb 2012 #83

And don't forget damn near the entire thing was built out of asbestos and painted with lead paint NNN0LHI Feb 2012 #2

we burned everything in the incinerator including plastics... PCIntern Feb 2012 #3

We bought our four-square in 1964 Frustratedlady Feb 2012 #4

Hmm. ananda Feb 2012 #5

$22K won't even buy a new car these days.... NMDemDist2 Feb 2012 #12

Sure it will. Johnny Rico Feb 2012 #18

Taking inflation into account... Johnny Rico Feb 2012 #6

And yet we still have pennies FreeJoe Feb 2012 #80

Complete agreement. While we're at it, let's stop making dollar bills. Johnny Rico Feb 2012 #85

I want one of those instant hot water coils. senseandsensibility Feb 2012 #8

The "city coil" was great during the winter.... catnhatnh Feb 2012 #37

This message was self-deleted by its author Tesha Feb 2012 #71

They still make them, old Pennsylvania style... hunter Feb 2012 #72

In 1956 we moved into this house: The Velveteen Ocelot Feb 2012 #9

you had central air in 1955? hfojvt Feb 2012 #11

I think he means one of those huge "window" AC units that can cool a house. nt NutmegYankee Feb 2012 #13

No...I meant central air... PCIntern Feb 2012 #42

That's defiantly a rarity for that era. NutmegYankee Feb 2012 #51

'twas... PCIntern Feb 2012 #61

My house was built in 1951, and didn't come with central a/c tammywammy Feb 2012 #55

Not to mention the dishwasher MiniMe Feb 2012 #17

I forgot our dishwasher was the same way hfojvt Feb 2012 #24

We had one of those. The Velveteen Ocelot Feb 2012 #30

I had one of those dishwashers in one of my residences The Genealogist Feb 2012 #68

DH's family built a house in 1950 and had central air proud2BlibKansan Feb 2012 #44

Garden Lane, Bensalem (formerly known as Cornwells Hts.), PA 19020 PCIntern Feb 2012 #86

oh and a dryer? hfojvt Feb 2012 #19

My old rule of thumb was to..... mrmpa Feb 2012 #22

My first house was a little bit smaller quaker bill Feb 2012 #34

Now plenty of people live have to survive on 11,000 a year. sarcasmo Feb 2012 #36

If by "plenty", you mean 9%, you're quite right. Johnny Rico Feb 2012 #45

He was referring to personal income. NutmegYankee Feb 2012 #59

I was looking for personal income, but only came across household income. Johnny Rico Feb 2012 #60

Here's a Wiki with the 2008 US Census American Community Survey data. NutmegYankee Feb 2012 #62

Thanks! A nitpick (and it's only that) on the 19% figure, though: Johnny Rico Feb 2012 #63

I guessed 19% because incomes have dropped since 2008. NutmegYankee Feb 2012 #75

My parents paid $27K for a house on an acre of land proud2BlibKansan Feb 2012 #43

I was 23 years old when I saw my first $100 bill in real life... PCIntern Feb 2012 #47

The story I tell whenever anyone talks about the good ole days -- proud2BlibKansan Feb 2012 #49

Even later in the early 70s tammywammy Feb 2012 #50

That's right. It wasn't illegal to beat your wife until the 80s I think. proud2BlibKansan Feb 2012 #52

My mom was strong tammywammy Feb 2012 #54

funny how most businesses don't want anything above a $20. Liberal_in_LA Feb 2012 #87

My parents bought a home in 1964 for $12,500. and a payment with tsuki Feb 2012 #57

My wife's grandmother had a similar story when we bought our house joeglow3 Feb 2012 #88

Here was one of the most popular TV shows from that era NNN0LHI Feb 2012 #46

It's better than Fear Factor.... Johnny Rico Feb 2012 #56

Needs more reverb. high density Feb 2012 #66

In 1955, the average income of men was $3400, and of women was $1100. FarCenter Feb 2012 #64

i'm impressed with the central air - My parents bought a house in 1957 and one in 1962 - neither had karynnj Feb 2012 #65

That's $88,000 inflation adjusted. You can buy a new house right now for $50k in certain areas. joshcryer Feb 2012 #67

The median home listing price in Detroit is under $10,000 today. FreeJoe Feb 2012 #79

Those houses aren't worth it, they're old, run down, out of date. joshcryer Feb 2012 #89

In 1978 mick063 Feb 2012 #69

In the early 1950s, my mother and stepfather bought a house for $7,000 RebelOne Feb 2012 #70

Last night I was reading a book by Frank Lloyd Wright that showed the price of some of his homes Vinca Feb 2012 #74

The adverage income in 1955 was $4137. today actually 2010 the average income was $46,362. Synicus Maximus Feb 2012 #90