The Home Ownership Thread

[jack webb]

What do you think that proves? Genuinely curious as to your thought process and what point you think this makes.

Me? Just pointing out that the ability to purchase on paper in terms of being able to afford a given home won't necessarily translate into actual buying power if you're competing against cash buyers.

 

[Piobaire]

Quick poll… How many of you here grew up in a household that was below the median household income for where you grew up?

I spent my entire life below the federal poverty line until I clawed myself over it in my early 30s.

 

[Piobaire]

Me? Just pointing out that the ability to purchase on paper in terms of being able to afford a given home won't necessarily translate into actual buying power if you're competing against cash buyers.

That was not directed at you.

 

[Fueco]

What do you think that proves? Genuinely curious as to your thought process and what point you think this makes.

I was referring to @jbarwick ‘s assertion about cash buyers.

 

[Fueco]

That was not directed at you.

Quoting the post you’re responding to would be helpful.

 

[Piobaire]

I'm not here to be helpful.

 

[Fueco]

I spent my entire life below the federal poverty line until I clawed myself over it in my early 30s.

Good for you. I know plenty of people who haven’t.

 

[Piobaire]

Good for you. I know plenty of people who haven’t.

Haven't gotten over the federal poverty line or never lived under it? Either way, once again, it's why we look at aggregated data.

And keep in mind, you asked about median income as the bar. Federal poverty is obviously not median income.

 

[Texasmade]

Haven't gotten over the federal poverty line or never lived under it? Either way, once again, it's why we look at aggregated data.

I haven't gotten above the Styleforum poverty line. Is that the same as the Federal poverty line?

 

[double00]

Since others have given up, I refer to my post where I said interest rates have dropped meaning people can afford more with the same payment. Go to a mortgage calculator and check it out for yourself. You keep thinking people are buying houses with cash and need the whole amount up front. People buy based on how much they can afford monthly...it is the consumer behavior.

of course , you have to be in a position to sign the contract but the fact is housing is undersupplied for the last 50 years , in dead towns houses are cheap but wherever there are jobs the demand momentum will continue to kill value , and mostly at the bottom-to-middle .

 

[Texasmade]

of course , you have to be in a position to sign the contract but the fact is housing is undersupplied for the last 50 years , in dead towns houses are cheap but wherever there are jobs the demand momentum will continue to kill value at the bottom

Hopefully as more companies embrace WFH, this trend will ease up a little bit.

 

[jbarwick]

All this bickering because Fueco decided to open up an Ancestry.com account....

 

[jcman311]

Cash buyers can still finance. Ask me how I know. So that is out the window as well for stats.

 

[HRoi]

All this bickering because Fueco decided to open up an Ancestry.com account....

I’m happy about the timing, it allowed us to move on quickly from my maths mistake…

 

[brokencycle]

This graph from that link is probably also an impact on the math, as obvi, you put more down you can afford more house relative to a monthly payment. The 20% threshold is doubly impactful as PMI is not cheap.

Yeah, but now show me the percentage of buyers at the poverty line buying houses and the share of buyers under $30k (non-real dollars) buying houses over time.