General Discussion

DesertFlower

(11,649 posts)

69. i'm a former new yorker. never

Tue Jun 9, 2015, 12:47 AM

Jun 2015

could have afforded a home there unless we went to the burbs -- not the close burbs but the ones where it took an hour or more to get to the city for work. at age 48 hubby and i moved to phoenix where we bought our first home. it was a "down" market at the time ('89) and we got a new home (2400 sq. ft.) on 1/2 acre with swimming pool, spa and many other upgrades for $164,000.

we put 20% down. the interest rate was 9% and our payment was a little under $1300 a month. when interest rates went down we refinanced -- actually refinanced 2x. the first few years most of the mortgage payment goes toward interest.

before we bought we were getting killed with taxes. had a decent income between the 2 of us. accountant said "you've got to buy something".

my friends live in NYC -- they pay $3300 for a 1 bedroom -- no doorman -- nothing fancy amd that's a bargain. NYC is only for the rich now. even if you go to brooklyn or queens the rents are high.

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These Are the 13 Cities Where Millennials Can't Afford a Home [View all] marmar Jun 2015 OP

If you didn't graduate with a BSCS, or equivalent computer degree, forget about finding a job leveymg Jun 2015 #1

New jobs listed as needed for Union Ironworkers Go Vols Jun 2015 #3

Welders require a Ph.D and special clothes, don't they? leveymg Jun 2015 #9

All are democratic deep blue cities except maybe San Diego yeoman6987 Jun 2015 #10

City of San Diego is light blue, county is more pink. haele Jun 2015 #17

lived in San Diego for over sixty years WHEN CRABS ROAR Jun 2015 #25

No housing or subsitence allowance in retirement. NT 1939 Jun 2015 #77

No, but when you can retire at 40 and take another job, military retirement is a benefit others haele Jun 2015 #84

FY2016 budget for DC has over $200 million for affordable housing Chathamization Jun 2015 #79

Very misleading econoclast Jun 2015 #2

No,it's careless use of terms. The chart at link shows median residence cost, not mean. Gormy Cuss Jun 2015 #7

Quite right econoclast Jun 2015 #12

Detached single family (SFD) is the typical benchmark for a national comparison Gormy Cuss Jun 2015 #14

Here's a site with median home prices and salary required to afford frazzled Jun 2015 #15

It's very much happening in Detroit..... marmar Jun 2015 #18

True dat frazzled Jun 2015 #24

I wish more of them would come to CT. Chan790 Jun 2015 #72

Feel good only 1939 Jun 2015 #78

Detroit and Portland are big arts hots spots now and other cities as well. Bluenorthwest Jun 2015 #23

I agree with this; they should be comparing median income with median home prices. alarimer Jun 2015 #74

And this does'nt even take into account their student loan high-interest debt. canoeist52 Jun 2015 #4

Or saving a percentage for retirement. tridim Jun 2015 #11

I used to think bloomberg was a real news organization snooper2 Jun 2015 #5

Oh, that's OK. The TPP and cutting Social Security will fix it. Tierra_y_Libertad Jun 2015 #6

socialism is too logical for humans olddots Jun 2015 #8

We're Number One! We're Number One! KamaAina Jun 2015 #13

Is this assuming each milennial is single and trying to buy a house by themselves? geek tragedy Jun 2015 #16

I'm Gen X AwakeAtLast Jun 2015 #19

Thanks for mentioning that. CBHagman Jun 2015 #62

I am from the "empty years" of the depression 1939 Jun 2015 #80

Most people can't afford big cities its not just one age group....... Historic NY Jun 2015 #20

UNLESS SoCalDem Jun 2015 #21

Let's all move to Oklahoma City! Comrade Grumpy Jun 2015 #22

Wherever there are millennials working for minimum wage that is a place the they cannot afford to jwirr Jun 2015 #26

About 1% of workers in the US make the minimum wage Recursion Jun 2015 #44

Of course not but we were discussing them. My point is that not being able to afford a home is not jwirr Jun 2015 #50

I'm 38 and the idea of owning a home seems crazy to me Recursion Jun 2015 #27

It absolutely is B2G Jun 2015 #28

OK; I take your word on that Recursion Jun 2015 #29

Tax deductions are a myth. They only apply if you spend too f'ing much. JanMichael Jun 2015 #45

If one's income is in the right bracket the deductions provide very strong incentive. geek tragedy Jun 2015 #61

I consider it normal Go Vols Jun 2015 #30

Fair enough. Recursion Jun 2015 #31

I really enjoyed watching Fla. Go Vols Jun 2015 #34

Nearly all of the tax codes are geared to benefit home ownership. Starry Messenger Jun 2015 #32

Fair enough. I guess I was too late. Recursion Jun 2015 #33

I can't either--certainly not here. Starry Messenger Jun 2015 #36

I am, and USAA keeps bugging me to buy a house Recursion Jun 2015 #46

Same here. Starry Messenger Jun 2015 #51

Not to be morbid, but when our grandparents' generation passes we might inherit one Recursion Jun 2015 #52

if rent is comparable to the mortgage payment, why not own? geek tragedy Jun 2015 #35

Because owning requires front-loading a lot of debt, which is a big risk Recursion Jun 2015 #53

Fixed-rate mortgages don't go up (taxes and HOA fees do, though) geek tragedy Jun 2015 #57

The other cost of owning is being tied to a particular job market Recursion Jun 2015 #58

That is an opportunity cost, to be sure. geek tragedy Jun 2015 #63

That sounds like a good deal Recursion Jun 2015 #64

Back in the 1970s 1939 Jun 2015 #81

Indeed, as that meant their personal wealth geek tragedy Jun 2015 #83

Not in constant dollar terms 1939 Jun 2015 #85

housing prices shot up during the 70's, even adjusted for inflation geek tragedy Jun 2015 #87

LOL. Bizarre post, coming from our resident "economist"... nt Romulox Jun 2015 #37

No, it just reflects the markets I've lived in Recursion Jun 2015 #41

That's like someone from Nebraska saying they can't imagine a home without a cornfield. Romulox Jun 2015 #70

Yeah, that's the problem Recursion Jun 2015 #75

What a lame answer. Keep telling people how unimaginable it is to own a home, I guess. nt Romulox Jun 2015 #76

A lot of folks in NYC 1939 Jun 2015 #82

i was a 40 yo single mother shanti Jun 2015 #39

My folks finally bought a house long after I left Recursion Jun 2015 #43

You must be talking about India. obnoxiousdrunk Jun 2015 #40

Nope. The places in the US I've lived Recursion Jun 2015 #42

Im 42 and just bought my first home in February. bunnies Jun 2015 #55

Its normal to me Travis_0004 Jun 2015 #56

I'm 51, don't own PasadenaTrudy Jun 2015 #60

Bought my first house at the age of 32. It seemed crazy at the time too. Throd Jun 2015 #67

Thanks to all the anti-development NIMBYS here in California taught_me_patience Jun 2015 #38

Yeah. Somebody recently posted a plan to make SFO's streets more narrow Recursion Jun 2015 #48

Geology, mostly. LeftyMom Jun 2015 #59

San Diego is the 4th most expensive city in the US nadinbrzezinski Jun 2015 #47

Thanks for posting Omaha Steve Jun 2015 #49

I quit looking for electronics technician work in the West IDemo Jun 2015 #54

I have a millennial nephew who bought a house in Portland last year. Snobblevitch Jun 2015 #65

How many of those kids or their parents are supporting US union workers? KentuckyWoman Jun 2015 #66

Holy shite! Riverside used to be the cheap alternative to OC! n/t eridani Jun 2015 #68

i'm a former new yorker. never DesertFlower Jun 2015 #69

Austin isn't on the list? That's surprising. hobbit709 Jun 2015 #71

Not just millenials alarimer Jun 2015 #73

It's unfortunate that articles have to include the world 'millennial' kiva Jun 2015 #86

not just millenials noiretextatique Jun 2015 #88