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Westy

Westy

the teste
Nov 22, 2002
56,016
22,047
Sleazattle
stoney said:
We're not all old enough or have grown up in the generation when you could have paid off a home in five years on basic blue collar wages
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You may be able to pay your deck off in 5 years.

The whole argument about how much harder it is to buy a house today isn't wrong but it is exaggerated. Local newspaper compared a house purchased in 1980 to how much it would have cost with just inflation and with current values.

The average house in seattle in 1980 cost $40K, that would be about $250k in today's money but would cost $700k today. What they fail to discuss is that housing prices tend to be inversely proportional to interest rates. That 1980 mortgage was probably 10% which made the house cost twice as much as it would with today's rates. So yeah, it is tougher but not as bad as they are saying. Consider the fact that in 1980 this town was going down in population, and today it is booming the math kind of adds up. check out housing costs in depressed areas like Detroit or Cleveland and you will realize you can buy a modest house on a blue collar budget. You could actually buy a liveable house in Detroit for 5 figures, although it wouldn't meet the level of luxury you have become accustomed to.


 
Brian HCM#1

Brian HCM#1

Don’t feed the troll
Sep 7, 2001
32,230
382
Bay Area, California
Westy said:
You may be able to pay your deck off in 5 years.

The whole argument about how much harder it is to buy a house today isn't wrong but it is exaggerated. Local newspaper compared a house purchased in 1980 to how much it would have cost with just inflation and with current values.

The average house in seattle in 1980 cost $40K, that would be about $250k in today's money but would cost $700k today. What they fail to discuss is that housing prices tend to be inversely proportional to interest rates. That 1980 mortgage was probably 10% which made the house cost twice as much as it would with today's rates. So yeah, it is tougher but not as bad as they are saying. Consider the fact that in 1980 this town was going down in population, and today it is booming the math kind of adds up. check out housing costs in depressed areas like Detroit or Cleveland and you will realize you can buy a modest house on a blue collar budget. You could actually buy a liveable house in Detroit for 5 figures, although it wouldn't meet the level of luxury you have become accustomed to.


Click to expand...
Mortgage interest rates in the late 70's early 80's were like 16-18%. Then again you actually made money keeping your money locked a the bank. I remember back in the mid-late 90's you got 5% interest on a 3 year CD. Today's interest rates is pretty much free money as far as loans go, but that's about it. Money market & CD's are worthless nowadays. We bought our first house in 1997 @ 7.25% on a 30y fixed and that was considered great back then.
 
jstuhlman

jstuhlman

bagpipe wanker
Dec 3, 2009
17,343
14,179
Cackalacka du Nord
i still remember going to visit my wife's grandfather for the first time, who still lived in the *maybe* 1600sf house he and his wife raised 4 kids in. and the tv room/den was a later addition.
 
Westy

Westy

the teste
Nov 22, 2002
56,016
22,047
Sleazattle
jstuhlman said:
i still remember going to visit my wife's grandfather for the first time, who still lived in the *maybe* 1600sf house he and his wife raised 4 kids in. and the tv room/den was a later addition.
Click to expand...

Are you implying that 1600 sf is small? I bet they didn't even have granite countertops!:shocked:
 
Westy

Westy

the teste
Nov 22, 2002
56,016
22,047
Sleazattle
Brian HCM#1 said:
Mortgage interest rates in the late 70's early 80's were like 16-18%. Then again you actually made money keeping your money locked a the bank. I remember back in the mid-late 90's you got 5% interest on a 3 year CD. Today's interest rates is pretty much free money as far as loans go, but that's about it. Money market & CD's are worthless nowadays. We bought our first house in 1997 @ 7.25% on a 30y fixed and that was considered great back then.
Click to expand...
It is a great time to buy!!!
 
stoney

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
22,002
7,886
Colorado
Westy said:
Are you implying that 1600 sf is small? I bet they didn't even have granite countertops!:shocked:
Click to expand...
The house I grew up in until 10ish was an 1000sqft 2br with a closed patio. That patio was my bedroom. Until 15 was a 3br 1200sqft townhouse. Those were little.
 
eric strt6

eric strt6

Resident Curmudgeon
Sep 8, 2001
24,396
15,166
directly above the center of the earth
First house I bought was a 3 bdrm 2 bath split level 1600 sq footer by the beach on the Monterey Bay for 165k sold it for 750k twenty years later second was in the mountains on 1.6 acres with 2200 SQ feet for 600k sold for 750k ten years later. Current place is in the wine country. 1700 SQ foot 3 bdrm 2 bath on a 10000 SQ foot lot. We paid 525k 6 years ago and comps in our area are currently selling for a million.
 
Jm_

Jm_

sled dog's bollocks
Jan 14, 2002
20,164
10,706
AK
Westy said:
You may be able to pay your deck off in 5 years.

The whole argument about how much harder it is to buy a house today isn't wrong but it is exaggerated. Local newspaper compared a house purchased in 1980 to how much it would have cost with just inflation and with current values.

The average house in seattle in 1980 cost $40K, that would be about $250k in today's money but would cost $700k today. What they fail to discuss is that housing prices tend to be inversely proportional to interest rates. That 1980 mortgage was probably 10% which made the house cost twice as much as it would with today's rates. So yeah, it is tougher but not as bad as they are saying. Consider the fact that in 1980 this town was going down in population, and today it is booming the math kind of adds up. check out housing costs in depressed areas like Detroit or Cleveland and you will realize you can buy a modest house on a blue collar budget. You could actually buy a liveable house in Detroit for 5 figures, although it wouldn't meet the level of luxury you have become accustomed to.


Click to expand...
Are people making 5 times as much as in 1980? I doubt it.
 
rideit

rideit

Bob the Builder
Aug 24, 2004
24,703
12,492
In the cleavage of the Tetons
Toshi said:
It was only a few years when they were super high, thanks to Volcker.

Click to expand...
Wow, my parents bought a nice house in Westchester in 1980, I can’t even imagine what the interest was on the purchase. (We were far from rich) They sold it in 1986 for an absolute killing, though, so I guess it all pencilled out.
 
jonKranked

jonKranked

Detective Dookie
Nov 10, 2005
88,827
27,043
media blackout
Jm_ said:
Are people making 5 times as much as in 1980? I doubt it.
Click to expand...
this is another part of the equation not really being talked about. increase in pay (such as median household income) hasn't kept pace with interest rates / inflation over the time range we're talking about.
for instance, the house i own now sold for $96k in 1983 (it was built in the 60's, but i can't find publicly available records that far back). we bought in 2013 for $350k. i don't think in those same 30 years that median pay increased 3 1/2 times to match.
 
Brian HCM#1

Brian HCM#1

Don’t feed the troll
Sep 7, 2001
32,230
382
Bay Area, California
johnbryanpeters said:
We bought in 1976, 30 acres with two houses for $30,000. I don't remember the interest rate, but we wound up paying $10,000 down because we were unmarried and that made bankers nervous. It was close to the only purchase we ever paid interest on, which is why we had the $10,000.
Click to expand...
Out of curiosity, whats the approximate land value now?
 
Brian HCM#1

Brian HCM#1

Don’t feed the troll
Sep 7, 2001
32,230
382
Bay Area, California
eric strt6 said:
First house I bought was a 3 bdrm 2 bath split level 1600 sq footer by the beach on the Monterey Bay for 165k sold it for 750k twenty years later second was in the mountains on 1.6 acres with 2200 SQ feet for 600k sold for 750k ten years later. Current place is in the wine country. 1700 SQ foot 3 bdrm 2 bath on a 10000 SQ foot lot. We paid 525k 6 years ago and comps in our area are currently selling for a million.
Click to expand...
We paid $275K for our first house approx 2200 sf 4bed-3bath, 5500sf lot sold for $800K 8 years later. Bay Area inflation at its best, its just ridiculous!
 
R

roflbox

roflborx
Jan 23, 2017
3,163
834
Raleigh, NC
johnbryanpeters said:
We bought in 1976, 30 acres with two houses for $30,000. I don't remember the interest rate, but we wound up paying $10,000 down because we were unmarried and that made bankers nervous. It was close to the only purchase we ever paid interest on, which is why we had the $10,000.
Click to expand...
hmmmm
I should buy some land
 
6thElement

6thElement

Schrodinger's Immigrant
Jul 29, 2008
17,244
14,718
jonKranked

jonKranked

Detective Dookie
Nov 10, 2005
88,827
27,043
media blackout
jonKranked

jonKranked

Detective Dookie
Nov 10, 2005
88,827
27,043
media blackout
jstuhlman said:
always looking for land in dem NC hills . . . been eyeing this one for a while . . . https://www.realtor.com/realestateandhomes-detail/208-Dalton-Ln_Newland_NC_28657_M54158-83275?view=qv
Click to expand...
you got me curious.... found this locally. all hillside even

Fireline Rd LOT 55, Lower Towamensing Tp, PA 18071 | MLS #615052 | Zillow

Fireline Rd Lot 55, Lower Towamensing Tp, PA 18071 is a vacant lot listed for-sale at $89,900. The acres ( sq. ft.) lot listed for sale on. View more property details, sales history and Zestimate data on Zillow. MLS # 615052.
www.zillow.com www.zillow.com
 
TN

TN

Hey baby, want a hot dog?
Jul 9, 2002
14,301
1,353
Jimtown, CO
meh is right. working after a 4 day weekend is hard.
We have the girls this week. which always makes things a whirlwind.
recorded audio of prairie dogs yesterday for a new project I started. funny little shits. I hope I dont catch the plague.
 
TN

TN

Hey baby, want a hot dog?
Jul 9, 2002
14,301
1,353
Jimtown, CO
jonKranked said:
the labor day rundown:

friday - half day in the office, no boss. left after lunch to ride. awesome 15 mile ride. came home, hung with wife and kids, had wings, chilled in hot tub

saturday - we all slept in. kids swim lesson, and last trip to the outdoor pool for the season (the gym we belong to has both indoor and outdoor pools). lunch, kids nap, got some chores done (hot tub cleaning & chemicals, stacked firewood), then neighborhood block party. was a great time. they closed off the cul de sac around the corner from us, so it was walking distance. heard it was over 120 people, and 60% kids. my kids were surprisingly well behaved, took my son a bit to find his groove (he's not used to being around THAT many kids), but he had a blast. our daughter ran out of gas before he did, so wife took her home (maybe around 8). drank a bunch of beers, kegs were kicked by 9pm but some folks planned ahead and additional coolers of beer were revealed. best quote from my son "I love nighttime!" came home, he went straight to bed. hit the shed and hot tub then i promptly passed out.

sunday - woke up a little fuzzy, nothing that a double espresso couldn't fix. packed up the kids and swim stuff, headed to my aunts to spend the day swimming in her pool. kids had a blast (again). grilled some brats, drank a notably smaller quantity of beers, swam more. headed home. grabbed pizza on the way home so we wouldn't have to go out again, and didn't have to cook. pizza and movie night with the kids. all of us in bed early.

monday - woke up to a chore from wifey, had to get home depot box truck to obtain a chain cabinet that she found on fb marketplace. it was super close, but it decided to rain torrentially as i was on my way to get it. got soaked, but the furniture was fine. dropped it off, returned truck, cleaned grill then got a brisket smoking. did minor chores throughout the day, then said F it, watched the world champs replay, had beers and wings (tossed some that i'd been marinating on the grill with the brisket, so those got smoked and were fall off the bone delicious). brisket took longer than anticipated, but no biggie. more beers, brisket.

today is my son's first day of preschool, he is quite excited. gotta start packing for snowshoe. hey @jstuhlman are we trying to plan a menu or what?
Click to expand...
TL;DR version?
 
TN

TN

Hey baby, want a hot dog?
Jul 9, 2002
14,301
1,353
Jimtown, CO
jonKranked said:
the labor day rundown:

friday - half day in the office, no boss. left after lunch to ride. awesome 15 mile ride. came home, hung with wife and kids, had wings, chilled in hot tub

saturday - we all slept in. kids swim lesson, and last trip to the outdoor pool for the season (the gym we belong to has both indoor and outdoor pools). lunch, kids nap, got some chores done (hot tub cleaning & chemicals, stacked firewood), then neighborhood block party. was a great time. they closed off the cul de sac around the corner from us, so it was walking distance. heard it was over 120 people, and 60% kids. my kids were surprisingly well behaved, took my son a bit to find his groove (he's not used to being around THAT many kids), but he had a blast. our daughter ran out of gas before he did, so wife took her home (maybe around 8). drank a bunch of beers, kegs were kicked by 9pm but some folks planned ahead and additional coolers of beer were revealed. best quote from my son "I love nighttime!" came home, he went straight to bed. hit the shed and hot tub then i promptly passed out.

sunday - woke up a little fuzzy, nothing that a double espresso couldn't fix. packed up the kids and swim stuff, headed to my aunts to spend the day swimming in her pool. kids had a blast (again). grilled some brats, drank a notably smaller quantity of beers, swam more. headed home. grabbed pizza on the way home so we wouldn't have to go out again, and didn't have to cook. pizza and movie night with the kids. all of us in bed early.

monday - woke up to a chore from wifey, had to get home depot box truck to obtain a chain cabinet that she found on fb marketplace. it was super close, but it decided to rain torrentially as i was on my way to get it. got soaked, but the furniture was fine. dropped it off, returned truck, cleaned grill then got a brisket smoking. did minor chores throughout the day, then said F it, watched the world champs replay, had beers and wings (tossed some that i'd been marinating on the grill with the brisket, so those got smoked and were fall off the bone delicious). brisket took longer than anticipated, but no biggie. more beers, brisket.

today is my son's first day of preschool, he is quite excited. gotta start packing for snowshoe. hey @jstuhlman are we trying to plan a menu or what?
Click to expand...
wow. went back and re-read (skimmed Monday) I feel like I was there with you.:D
 
jstuhlman

jstuhlman

bagpipe wanker
Dec 3, 2009
17,343
14,179
Cackalacka du Nord
johnbryanpeters said:
I have no idea; Current acreage is about 75 because we bought some adjacent wooded pieces. I don't care about the value because we have arranged for the property to go to a non-profit that focuses on land conservation.
Click to expand...
yes, yes...the "JStuhlmanRetirementTrailbuildingTrust501c3" does have a nice ring to it!
:D
 
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