Homeowners draining 401k accounts to pay mortgages.

[edjr 5,567]

 

 

This was a matter of time. Keep buying those houses you can't afford. 

 

Quote

New data from Vanguard shows that Americans are pulling a record amount of money from their retirement accounts to pay their bills. Most notably - the share of customers making an emergency hardship withdrawal from their 401k spiked to 3.6% in 2023 - the highest rate on record.

 

[Maximum Overkill 646]

The Economy is good, says the perfectly programmed, good little Libtard. 

[avoiding injuries 1,220]

Learn to code

[weepaws 2,460]

And the red team will also allow this to happen. 

[TheNewGirl 1,031]

Stop buying your daily Starbucks and other discretionary spending. 

Then you could pay your bills. 

[weepaws 2,460]

22 minutes ago, TheNewGirl said:

Stop buying your daily Starbucks and other discretionary spending. 

Then you could pay your bills. 

Yea and Gas for the Car, water and electric and sewer, and stop buying groceries.  Think about all the money one would save.  Right. 

[Reality 2,710]

I feel bad for most first time homebuyers that purchased in the last 5 years or so. It has been pretty insane out there. Starter house pricing really isn't a thing anymore.

[lickin_starfish 1,482]

51 minutes ago, weepaws said:

And the red team will also allow this to happen. 

Red team, Blue team, same team.

[weepaws 2,460]

15 minutes ago, lickin_starfish said:

Red team, Blue team, same team.

Indeed

[Strike 3,979]

41 minutes ago, Reality said:

I feel bad for most first time homebuyers that purchased in the last 5 years or so. It has been pretty insane out there. Starter house pricing really isn't a thing anymore.

Disagree.  Home buying has always been a struggle the first go round.  It may be a little worse right now, especially in certain cities.  There are still ways to do it though.  Buy a condo.  Not a house but it's just moving that "first time homebuyer" thing one rung down the line.  It still creates equity, offers price stability, and is more affordable than a house if you can't afford the house at this point.  Get the house in 5 years after you've got some equity and hopefully advanced your career a bit more.  And quit voting Democrat with policies that are driving home prices up.

[Hardcore troubadour 12,653]

1 hour ago, Reality said:

I feel bad for most first time homebuyers that purchased in the last 5 years or so. It has been pretty insane out there. Starter house pricing really isn't a thing anymore.

Glad I bought six years ago.  

[iam90sbaby 2,125]

42 minutes ago, Strike said:

Disagree.  Home buying has always been a struggle the first go round.  It may be a little worse right now, especially in certain cities.  There are still ways to do it though.  Buy a condo.  Not a house but it's just moving that "first time homebuyer" thing one rung down the line.  It still creates equity, offers price stability, and is more affordable than a house if you can't afford the house at this point.  Get the house in 5 years after you've got some equity and hopefully advanced your career a bit more.  And quit voting Democrat with policies that are driving home prices up.

1972: $189,500
2022: $440,300

The median price of a home in the second quarter of 1972 was just $26,800, according to the U.S. Census Bureau, amounting to roughly $189,500 in current dollars. Since then, home prices have climbed 132%. 

That’s just the national median. In some parts of the country, sales prices are even higher. The median sales price of a home in the Los Angeles metropolitan area was $918,600 in June, while San Jose’s was $1.46 million. Seattle’s sales price was about $726,600, according to data from Zillow.

You sure?

[Strike 3,979]

2 minutes ago, iam90sbaby said:

1972: $189,500
2022: $440,300

The median price of a home in the second quarter of 1972 was just $26,800, according to the U.S. Census Bureau, amounting to roughly $189,500 in current dollars. Since then, home prices have climbed 132%. 

That’s just the national median. In some parts of the country, sales prices are even higher. The median sales price of a home in the Los Angeles metropolitan area was $918,600 in June, while San Jose’s was $1.46 million. Seattle’s sales price was about $726,600, according to data from Zillow.

You sure?

Yes I'm sure.  And as I said, if you can't afford a house buy a condo.  You get the benefits of home ownership but lose out on having some land and probably size of the place.  But you get the other benefits. 

[iam90sbaby 2,125]

Just now, Strike said:

Yes I'm sure.  And as I said, if you can't afford a house buy a condo.  You get the benefits of home ownership but lose out on having some land and probably size of the place.  But you get the other benefits. 

What was the median price of a condo in the 70s/80s or 90s? The same argument still applies. It's still achievable but quit acting like it wasn't way easier to buy your first home before.  The percentage of people who are homeowners keeps going down every year and it isn't because mIlLeNnIaL lAzY.

[avoiding injuries 1,220]

1 minute ago, iam90sbaby said:

What was the median price of a condo in the 70s/80s or 90s? The same argument still applies. It's still achievable but quit acting like it wasn't way easier to buy your first home before.  The percentage of people who are homeowners keeps going down every year and it isn't because mIlLeNnIaL lAzY.

I wonder if they had condo fees in 1972? Or PMI? At least we are about to cut the 6% realtor commission that should have been done 20 years ago when everything was available online. 

[BeachGuy23 512]

I wonder if it's got anything to do with how bigly their 401ks are up the last year?

But there's no question that home affordability sucks for first time homebuyers. 

[edjr 5,567]

2 hours ago, lickin_starfish said:

Red team, Blue team, same team.

nailed it

[edjr 5,567]

I bought a 2 bedroom condo in 2015 for 107k and it’s worth near 300

[IGotWorms 3,315]

43 minutes ago, iam90sbaby said:

What was the median price of a condo in the 70s/80s or 90s? The same argument still applies. It's still achievable but quit acting like it wasn't way easier to buy your first home before.  The percentage of people who are homeowners keeps going down every year and it isn't because mIlLeNnIaL lAzY.

This may be the first time I’ve ever agreed with 90sbaby

[IGotWorms 3,315]

39 minutes ago, BeachGuy23 said:

I wonder if it's got anything to do with how bigly their 401ks are up the last year?

Wouldn’t make it any less dumb, but I’m sure you know that.

[Hardcore troubadour 12,653]

A record number? But the GDP is up slightly.  I don’t get it. 

[MDC 5,892]

2 hours ago, TheNewGirl said:

Stop buying your daily Starbucks and other discretionary spending. 

Then you could pay your bills. 

Don’t forget the avocado toast.  

[iam90sbaby 2,125]

7 minutes ago, IGotWorms said:

This may be the first time I’ve ever agreed with 90sbaby

We agree on a lot it's just immigration is my top priority and I'm a single issue voter until that's dealt with.

[Sean Mooney 1,184]

i was assured about 15 months ago on here that the price of homes wasn't an issue when I pointed out people were overspending their means and actual value of the homes. 

 

 

[shorepatrol 1,737]

3 hours ago, iam90sbaby said:

1972: $189,500
2022: $440,300

The median price of a home in the second quarter of 1972 was just $26,800, according to the U.S. Census Bureau, amounting to roughly $189,500 in current dollars. Since then, home prices have climbed 132%. 

That’s just the national median. In some parts of the country, sales prices are even higher. The median sales price of a home in the Los Angeles metropolitan area was $918,600 in June, while San Jose’s was $1.46 million. Seattle’s sales price was about $726,600, according to data from Zillow.

You sure?

I bought my first home in 1999 for 89k. It's on the market now for 380k. It's 1280 sq ft, no pool cookie cutter house. Bought my current home, 1500 sq ft, pool and fireplace 10 years ago for 155k, I could list it for 470k according to comps on my block that sold in the last year. That's focking retarded

[5-Points 2,730]

3 hours ago, iam90sbaby said:

1972: $189,500
2022: $440,300

The median price of a home in the second quarter of 1972 was just $26,800, according to the U.S. Census Bureau, amounting to roughly $189,500 in current dollars. Since then, home prices have climbed 132%. 

That’s just the national median. In some parts of the country, sales prices are even higher. The median sales price of a home in the Los Angeles metropolitan area was $918,600 in June, while San Jose’s was $1.46 million. Seattle’s sales price was about $726,600, according to data from Zillow.

You sure?

Minimum wage in 1972 was around $1.75

You can't tell me it's that much harder today. People just need to move to a more affordable area. 

[Pimpadeaux 2,267]

Glad I bought 11 years ago. Reasonable interest rate, and my property value has almost doubled.

Kind of wish I'd sold in 2021 to the idiots paying way more, lived in an RV and bought smaller for cash now when prices have dropped.

[Maximum Overkill 646]

Good thing these people don't have to worry about mortgages 

 

 

[RLLD 3,455]

13 hours ago, TheNewGirl said:

Stop buying your daily Starbucks and other discretionary spending. 

Then you could pay your bills. 

And vote for better people.

[Hardcore troubadour 12,653]

2 hours ago, Maximum Overkill said:

Good thing these people don't have to worry about mortgages 

 

 

I remember the same thing under Trump. 

[jonmx 1,591]

Every country and most people are in debt....why?   Because debt-based currency inherently enslaves countries and people.  Debt raises faster than money supply, so a smaller amount of money will forever be chasing a larger and larger amounts of debt, and there is no possible means of ever paying it down.  It is a terribly flawed system, unless you own the private corporation which prints the money.  

[thegeneral 1,414]

Do people in here want housing prices to go down?

[TimHauck 1,801]

2 minutes ago, thegeneral said:

Do people in here want housing prices to go down?

@edjr does.  He’s been claiming he was “right” about the future housing crash since April 2020

[porkbutt 861]

paid off my mortgage this year

 

[IGotWorms 3,315]

1 hour ago, thegeneral said:

Do people in here want housing prices to go down?

Yeah probably.

I mean obviously the more my house is worth, the better.

But if I sold I’d have to buy into an inflated market too. So it’s pretty much a wash unless you are downsizing in retirement or something, and sadly I am not there yet.

Plus it is bad for the working class and the younger generation. I do think it’s unfortunate that many of them are effectively barred from home ownership or, at the very least, it is much more of an uphill scramble right now.

[RLLD 3,455]

2 hours ago, thegeneral said:

Do people in here want housing prices to go down?

Only if that correction is market-driven and results in the natural historical equilibrium with wages.

[edjr 5,567]

35 minutes ago, TimHauck said:

@edjr does.  He’s been claiming he was “right” about the future housing crash since April 2020

The market is easily 30% higher than it should be. Another thing to blame on covid.

 

[iam90sbaby 2,125]

16 hours ago, 5-Points said:

Minimum wage in 1972 was around $1.75

You can't tell me it's that much harder today. People just need to move to a more affordable area. 

You didn't have to move to a rural area where no one wants to be to be able to afford a home 30/40 years ago

[thegeneral 1,414]

1 hour ago, RLLD said:

Only if that correction is market-driven and results in the natural historical equilibrium with wages.

In many areas I don’t see this ever happening again. There aren’t enough homes.

No clue why cookie cuter houses in BFE are going up so fast other than it’s a bubble.

[Hardcore troubadour 12,653]

People draining their retirement and subsisting on their credit cards.  It’s not good.