Comment on Ok, boomer

• qevlarr@lemmy.world ⁨21⁩ ⁨hours⁩ ago

  Ok boomer

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  • TheObviousSolution@lemmy.ca ⁨1⁩ ⁨hour⁩ ago

    Image

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• vithigar@lemmy.ca ⁨20⁩ ⁨hours⁩ ago

  Average annual family income in the US is around $80k/a. Are you seriously suggesting that families should be looking for homes in the $20k to $30k range? What kind of home, exactly, do you think you get for that?

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  • M0oP0o@mander.xyz ⁨20⁩ ⁨hours⁩ ago

    This is how we get trailer parks in tornado alley. Or mold infested hovels.

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  • AngryCommieKender@lemmy.world ⁨20⁩ ⁨hours⁩ ago

    Cardboard box next to the fish market dumpster.

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    • HeyThisIsntTheYMCA@lemmy.world ⁨13⁩ ⁨hours⁩ ago

      We used to dream of being next to the fish market dumpster. We had to live in a paper bag outside a hogfat rendering plant. The smell still hasn’t gone away some 50 years later, my wife says.

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  • greyfox@lemmy.world ⁨18⁩ ⁨hours⁩ ago

    I think they worded that backwards and are referring to the adage (or maybe that is what the banks go off of?) that your loan shouldn’t be for more than 3x your income. So if you make 80k per year you can generally afford a $240k house.

    Going above that 3x means too much of your income goes to paying for the house and you don’t have enough for other living expenses+maintaining the house.

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    • SparroHawc@lemmy.zip ⁨15⁩ ⁨hours⁩ ago

      Now good luck finding a home for only $240K in an area that actually has decent-paying jobs…

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      • aow@sh.itjust.works ⁨12⁩ ⁨hours⁩ ago

        Just as a real example, 70-80k/year is very feasible in the Philadelphia area. I saved up around 90k across a decade (with a worse income…) and bought a place for slightly over 350k. The thing is you NEED that initial down payment amount to make those numbers work, PMI with less than a conventionally mortgage down payment is a debt trap. Most people aren’t financially literate, and people with large amounts of capital take advantage of that in the lending and real estate industries.

        If you can settle or pool resources this all gets easier, and if you have disabilities or make poor financial decisions it becomes impossible and you rent trap yourself. Renting still makes more sense for people with jobs that move around, though.

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• Bennyboybumberchums@lemmy.world ⁨20⁩ ⁨hours⁩ ago

  You can afford a home on a single income if the home is 3-4x that of your income, roughly.

  FTFY

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• InputZero@lemmy.world ⁨20⁩ ⁨hours⁩ ago

  That’s a really big brush you’ve got there, really painting everything in broad strokes.

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• rbos@lemmy.ca ⁨20⁩ ⁨hours⁩ ago

  The building next door, with 4 units of 1100sqft each (spread over three floors, ughhhh) is $1.6 million CAD per unit.

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• echodot@feddit.uk ⁨17⁩ ⁨hours⁩ ago

  Yes its everyone else’s fault

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• misteloct@lemmy.dbzer0.com ⁨17⁩ ⁨hours⁩ ago

  Poster is the grandma from the picture, can we get an AMA?

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