Mortgage rates back to 7%

[Michael's Black Son]

where im at the pay is shyt, but the COL is high af

2k apartments...charging 16-18 for 30 year old apts

Shiiiiiiiiiiit. You’ll EASILY find folks paying $2500 here in NYC in 90-100 year old buildings

EASILY.

some of these coveted brownstones look like a damn movie set for a live action version of a Scooby Doo. Stairs and doors creaking and shít. Floors so trash that it sounds like your upstairs neighbor has autism by the amount of steps you hear. If you breathe youll hear something rattle.

This shyt is rigged.

You want a modern apt that wasn’t built when Archduke Ferdinand was killed then you gon pay $3500+

 

[Remote]

Sheesh.

I got in at 2.8ish % in early 2021 and felt some kinda way that the fekking mortgage dude couldn’t slide me in at something lower.

That 7% is fukkin sales tax prices in some states

 

[the cac mamba]

some of these stories

check out nevada. one of the only states with no income tax and nonexistent property tax, plus it's purple/blue. the tax on my condo is 45 a month

 

[Michael's Black Son]

Got in at 2.75 in June 2021.

My shyt at 7 would be like an extra $900

Son that extra $900 is the cost of HOA fees in a “cheap” NYC apt that sold for $250-300k.

All these b*stards back in the late 90s who copped for $75-100k (and updated their crib) fukkin won if they cashed out in 2020-21

 

[Remote]

some of these stories

check out nevada. one of the only states with no income tax and nonexistent property tax, plus it's purple/blue. the tax on my condo is 45 a month

The trade off is…you live in the fukkin desert.

 

[the cac mamba]

Sheesh.

I got in at 2.8ish % in early 2021 and felt some kinda way that the fekking mortgage dude couldn’t slide me in at something lower.

same got a 15 year for 2.7 at the end of 2020

 

[MostReal]

totally ridiculous

 

[ORDER_66]

7% what does that mean is that good???

 

[Michael's Black Son]

The trade off is…you live in the fukkin desert.

And it’s the real life version of Breaking Bad out there

 

[the cac mamba]

The trade off is…you live in the fukkin desert.

yeah. me, id rather be hot in the summer than cold in the winter

plus, if the A's and Raiders move here, someone must have calculated that we're not running outta water

 

[Michael's Black Son]

7% what does that mean is that good???

Hell naw.

Price of the brick went up. Less folk willing to buy because banks are iffy on lending or people just don’t want to pay a higher interest rate each month when that shyt was MUCH lower 2 years ago.

Interest rates damn near approaching inflation numbers. So to the folk who got in at 4-7% they are feeling it every month and likely having a hard time paying

Short story short is shyt ain’t just getting real — it’s real now. The rates arent going “down” anytime soon either. This will be a generational thing

 

[The Fukin Prophecy]

some of these stories

check out nevada. one of the only states with no income tax and nonexistent property tax, plus it's purple/blue. the tax on my condo is 45 a month

Been telling everybody, if you got $250k parked to the side, pack your bags and go to Nevada...

Its an easy no brain move if you're in Cali but even if you in NY...

There is ZERO return value living in those states, you are literally hustling backwards...

50k in Nevada owning your own home >>>>>>>>>>>>>>>>>>>>>>>> 150k in NY paying 4k rent for a fukking studio apartment

 

[the cac mamba]

Been telling everybody, if you got $250k or more to the, pack your bags and go to Nevada...

Its an easy no brain move if you're in Cali but even if you in NY...

There is ZERO return value living in those states, you are literally hustling backwards...

the kinda single family you can get for 4-500k around vegas is pretty solid. wouldnt buy you a fukkin dog house in california

 

[HabitualChiller]

$4k for a 1 bedroom rent at this spot in Culver City

ARQ Apartments

Soaring 31 stories into the sky, ARQ is a landmark development of stunning new luxury residences in one of Los Angeles' most dynamic emerging neighborhoods.

arqatcumulus.com

Last I check it was clearing $3k for a studio. Nearly every time I drive by this thing I just think of all the out-of-towners really penny pinching to live at a studio there.

Additionally:


I was talking with one of my co-workers who's leaving LA. Dude makes over $100k/year, been working here for nearly 7 years and has zero to show for it (don't know if he made over $100k each year, chances are not because the company is cheap).

It seems crazy, but when you do the math:
After taxes that $100k is really about $60k.
$2k/month for rent = $24k (counting utility and internet)
So you really at around $40k/year after keeping that roof over his head, in LA.
Then take away food and gas which comes out to be about ~$700/month, not counting the extra trips or dinners out = -$8k
Not counting extra shyt like car note, car maintenance, random expenses that pop up, in-app payments, subscriptions, your phone bill and data plans, etc.

And that, lady's and gentlemen, is reason #1 for why there's a large amount of people leaving California. Highest income tax rate in the country and the cost of living is absolutely ludicrous.

You'd be better off living in Arizona or Nevada and driving to Cali for fun every month or so.

 

[Remote]

the kinda single family you can get for 4-500k around vegas is pretty solid. wouldnt buy you a fukkin dog house in california

I had a friend in Pasadena.
She’s paying like $1500 WITH A ROOMMATE. so that rent gotta be $3000 or more (the roommate earns more than she does)

It comes up in conversation once that she has visited New Mexico and Texas.

I said, why not move out there? It’s more affordable. It’s not like she has a stable career keeping her in the LA area.

She absolutely refuses to ever leave LA.
Even though she routinely struggles to pay her rent on time and has to supplement her earnings by doing Uber Eats/Instacart.

Some people just can’t be reasoned with.