You missed their point. With the amount of rent that the person has paid, if it had gone towards a mortgage they would be a 3rd of the way through a 30 year mortgage on a $480,000 house but they can't qualify for a mortgage because of credit reasons that make no sense.
What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?
- Thread starter ADevilYouKhow
- Start date
Hood Critic
The Power Circle
Debt is the problem, not luxuries.
Tell that to Liz Warren
Also barely anyone uses FHA loans because the process is insane
Secure Da Bag
Veteran
Or credit.
Bboystyle
Bang Bang Packers gang!
Yea that means fukk all when buying a house. First off,mortgages are gonna be higher then rent and if u have other expenses fukking up your credit, what makes u think banks wanna take a risk? Everyone should know that renting does fukk all to your credit good or bad. Maybe that renter should focus on things that matter to help get a loan for a house instead of crying on social media like 99% of Americans do.
Young people aren't wasting their money, they're BROKE. Saw a thread yesterday seniors are spending more on non-essentials than young people.
I don't think you understand either. How much would her mortgage payment be on a 480k. house with 0% down?
Bboystyle
Bang Bang Packers gang!
Greedy ass corporates are taking advantage of the "lock down" and people making damn near double the past 2 years off unemployment. Even though the lock down did fukk all to the economy and most businesses werent even affect that much
They really think this shyt is gonna last
This bubble needs to hurry up and pop.
I cant figure out how weve gone this long without a collapse. Young prople are already checked out on so many levels.Greedy ass corporates are taking advantage of the "lock down" and people making damn near double the past 2 years off unemployment. Even though the lock down did fukk all to the economy and most businesses werent even affect that much
They really think this shyt is gonna last
This bubble needs to hurry up and pop.
One anecdote, I went on a motorcycle trip and usually you see young dudes on sport bikes around town. I hardly saw any the whole 4 days.
mastermind
Rest In Power Kobe
The government is propping up a lot of these companies
ogc163
Superstar
Easy monetary policy and access to cheap capital has allowed the system to avoid collapse.
OfTheCross
Veteran
There's no reason too usually. Most banks have 3% - 5% down mortgages now
88m3
Fast Money & Foreign Objects
what if the luxuries are debt?
88m3
Fast Money & Foreign Objects
Homeownership is aspirational. Homeownership gives you equity and perhaps even passive income streams. Homeownership creates equity for you to leverage to purchase even more real estate and create more income streams. Best of of all it means you're not reliant on having to pump cryptocurrencies and penny stocks online because you're actually destitute.
ogc163
Superstar
It can give you equity...that generally hasn't been the case for Black folks.
It can give you passive income streams...that generally hasn't been the case for Black folks.
Your last point is what I would call true but trivial in the context of the conversation.
Homeownership is overly romanticized in this country and it being one of the core parts of our economy has been a net negative in my opinion.