What Would Happen If All Young People Gave Up 'Luxuries' to Buy a House?

chico25

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I'm not sure they understand how mortgages work.
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.
 

NkrumahWasRight Is Wrong

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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.

Tell that to Liz Warren

Also barely anyone uses FHA loans because the process is insane
 

Bboystyle

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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.

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.
 

Pressure

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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.
I don't think you understand either. How much would her mortgage payment be on a 480k. house with 0% down?
 

Bboystyle

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Young people aren't wasting their money, they're BROKE. Saw a thread yesterday seniors are spending more on non-essentials than young people.

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 :heh:

This bubble needs to hurry up and pop.
 

Geek Nasty

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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 :heh:

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.

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

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I cant figure out how weve gone this long without a collapse. Young prople are already checked out on so many levels.

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.
The government is propping up a lot of these companies
 

ogc163

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I cant figure out how weve gone this long without a collapse. Young prople are already checked out on so many levels.

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.

Easy monetary policy and access to cheap capital has allowed the system to avoid collapse.
 

88m3

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This assumes homeownership is a net positive, there's evidence that's not generally the case for Black folks.

I think living in a frugal manner is a good thing, but not necessarily to then subsequently spend on a home.

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

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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.

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.
 
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