Bloomberg: home ownership is for the birds

scopeandtime

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How awesome would it be to have prices continue to rise a ton for a few more years Dang, that would be great.
 

Oldschool1964

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How awesome would it be to have prices continue to rise a ton for a few more years Dang, that would be great.
Keep those illegals out of your backyard, huh? People coming to the US that don't have the money to purchase, you don't want them in your neighborhood. This just confirms our suspicions of why racists vote Democrat.
 

scopeandtime

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Keep those illegals out of your backyard, huh? People coming to the US that don't have the money to purchase, you don't want them in your neighborhood. This just confirms our suspicions of why racists vote Democrat.
No, I just love money. Illegals rent anyways, so this isn't applicable to most of them.
 

Jaemekon

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Keep those illegals out of your backyard, huh? People coming to the US that don't have the money to purchase, you don't want them in your neighborhood. This just confirms our suspicions of why racists vote Democrat.

This is how I feel. But you could replace illegals with anyone, and I still agree. I would like to move out of Lincoln because it has become far too dense with bodies. But wife and jobs has me stuck here.

I hate cities, I hate heavy population, I hate humans. I say keep everyone where they are, I don't want them here.
 
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Oldschool1964

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No, I just love money. Illegals rent anyways, so this isn't applicable to most of them.
It wasn't that long ago that Democrats were blaming big banks for "red lining" neighborhoods to keep out the poor and minorities. Now we see your true colors with the NIMBY defense.
 

scopeandtime

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It wasn't that long ago that Democrats were blaming big banks for "red lining" neighborhoods to keep out the poor and minorities. Now we see your true colors with the NIMBY defense.
Yeah, banks were doing that. Like I said, illegal immigrants don't buy houses, they rent - so again, this is not applicable. I am super YIMBY so its cool.
 
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Oldschool1964

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Yeah, banks were doing that. Like I said, illegal immigrants don't buy houses, they rent - so again, this is not applicable. I am super YIMBY so its cool.
So the dream of working hard and owning your own house in America is DOA? What about legal immigrants coming to this country, or GenY or Millennials looking to start a family? Home ownership used to be one of the ways to enter the middle class, but you want to keep them po' and homeless.
 

scopeandtime

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So the dream of working hard and owning your own house in America is DOA? What about legal immigrants coming to this country, or GenY or Millennials looking to start a family? Home ownership used to be one of the ways to enter the middle class, but you want to keep them po' and homeless.
Gramps, you don't have the Right to Homeownership. That's so embarrassing that you think that.
 
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DRay827

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With such short supply and high demand, home ownership is only financially beneficial for 2 income households. Single people (the majority of the country) can't and shouldn't buy in this current market, unless you're comfortable spending 40-50% of your income on a mortgage. The only caveat is for the 5-10% of single people who are rich, or their parents give them money to buy.
 
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infinity13

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With such short supply and high demand, home ownership is only financially beneficial for 2 income households. Single people (the majority of the country) can't and shouldn't buy in this current market, unless you're comfortable spending 40-50% of your income on a mortgage. The only caveat is for the 5-10% of single people who are rich, or their parents give them money to buy.
It's much better to pay someone else's mortgage for them.
 
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BigCL24

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With such short supply and high demand, home ownership is only financially beneficial for 2 income households. Single people (the majority of the country) can't and shouldn't buy in this current market, unless you're comfortable spending 40-50% of your income on a mortgage. The only caveat is for the 5-10% of single people who are rich, or their parents give them money to buy.

is that you Bloomberg ?
 

BigCL24

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So the dream of working hard and owning your own house in America is DOA? What about legal immigrants coming to this country, or GenY or Millennials looking to start a family? Home ownership used to be one of the ways to enter the middle class, but you want to keep them po' and homeless.

“for their own good they don’t understand long term lending”
 
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Huskermatt23

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I also don't think this is a partisan issue, and Bloomberg is wrong.. Home ownership is usually the biggest generator of wealth for Americans.

However, I think most home owners want to protect that wealth so they are going to be against efforts to build more affordable housing that brings down the value of their home. Which is why infrastructure spending is so important. Affordable housing already exists, its just in places that are too far out to commute to and from. Investing in high speed rail, better highway systems, access to high speed internet makes living in the places with affordable housing more attractive and a realistic option. If you can travel by train at a low cost and go 300 MPH, you could pretty much live anywhere and commute to work quickly.
 

nelsonj22

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It wasn't that long ago that Democrats were blaming big banks for "red lining" neighborhoods to keep out the poor and minorities. Now we see your true colors with the NIMBY defense.
ummm because redlining actually happened 🤦‍♂️
 

nelsonj22

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So the dream of working hard and owning your own house in America is DOA? What about legal immigrants coming to this country, or GenY or Millennials looking to start a family? Home ownership used to be one of the ways to enter the middle class, but you want to keep them po' and homeless.
we did it to minorities for a century 🤷‍♂️
 

DRay827

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is that you Bloomberg ?
Yep. But seriously, I'm seeing it with my nieces and nephew's right now.

For example: Nephew is single and has a decent job 2 years out of college making $45k a year. Brings home roughly $2,500 a month after taxes, 401k, insurance, and small IRA contribution. There are currently about 30 homes for sale in Lincoln under $200k and a third of those are absolute shit holes. Even if he has enough for a 20% down payment, he's still looking at spending 40% of his monthly income on a mortgage. But I would guess the majority of young people don't have anything close to enough to put 20% down so they would need PMI, which in my nephew's instance would put him at 43-45% of his monthly income.

I'm not saying renting forever is the answer. But if I were him, I don't know if I would have bought a shitty house in a shitty part of Lincoln. Just a bad situation for a lot of young people trying to build wealth without over-leveraging themselves to buy a house they don't even like.
 

williamsonframe

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Yep. But seriously, I'm seeing it with my nieces and nephew's right now.

For example: Nephew is single and has a decent job 2 years out of college making $45k a year. Brings home roughly $2,500 a month after taxes, 401k, insurance, and small IRA contribution. There are currently about 30 homes for sale in Lincoln under $200k and a third of those are absolute shit holes. Even if he has enough for a 20% down payment, he's still looking at spending 40% of his monthly income on a mortgage. But I would guess the majority of young people don't have anything close to enough to put 20% down so they would need PMI, which in my nephew's instance would put him at 43-45% of his monthly income.

I'm not saying renting forever is the answer. But if I were him, I don't know if I would have bought a shitty house in a shitty part of Lincoln. Just a bad situation for a lot of young people trying to build wealth without over-leveraging themselves to buy a house they don't even like.
Rent payment is more than mortgage payment shithole or not.
 
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1001yardguy

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As a 29 year old who lives in a high cost of living city, I have no idea when we will be able to purchase a house and we make a pretty decent living (she's the bread winner). Saving up for a 20% down-payment on a $600k house might take awhile. Feels bad man.
 

williamsonframe

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You are correct, but I was talking about an apartment.
Ya I got you. I was pretty surprised when I was looking at Apts. about 5 or 6 years ago. They were pretty expensive too. I was even looking at some real shitholes but I needed 2 bedrooms. But I guess single and no kids person could get a studio for pretty cheap.
 
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Jaemekon

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Ya I got you. I was pretty surprised when I was looking at Apts. about 5 or 6 years ago. They were pretty expensive too. I was even looking at some real shitholes but I needed 2 bedrooms. But I guess single and no kids person could get a studio for pretty cheap.

A decent 3 bedroom apartment in South Lincoln, costs as much or more than what I now pay on my house in South Lincoln.
 

nelsonj22

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Give your land to a black person.
My wasn't owned or bought with slave monies like most of the ground in the south 🤷‍♂️

And I actually paid for mine, not hand me downs from the slave era.
 
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nelsonj22

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Doesn't matter.
How so?

One was worked for and paid for by the owners.

The other imprisoned Americans and broke those people's backs to get what they had. They didn't work for it or earn it themselves.

Now with my past there is zero way I'd have what I do now if I was AA and lived where I do.

Mainly because people wouldn't let me into their homes.
 

JOHNNY N

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How so?

One was worked for and paid for by the owners.

The other imprisoned Americans and broke those people's backs to get what they had. They didn't work for it or earn it themselves.

Now with my past there is zero way I'd have what I do now if I was AA and lived where I do.

Mainly because people wouldn't let me into their homes.
It doesn't matter how you got or when. You're white. You have to pay for the sins of people who share the same skin color. All whites are racists, even when thay think they aren't. These are actually your rules.
 

nelsonj22

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It doesn't matter how you got or when. You're white. You have to pay for the sins of people who share the same skin color. All whites are racists, even when thay think they aren't. These are actually your rules.
Man you have fallen off the deep end of Fox propaganda, yeah thats not exactly how it works.

Now are there still discriminatory laws and regulations on the books? 100% yes
 

JOHNNY N

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Man you have fallen off the deep end of Fox propaganda, yeah thats not exactly how it works.

Now are there still discriminatory laws and regulations on the books? 100% yes
I don't watch Fox. Its exactly how it works. You're white, you must have benefited from slavery. Super wokeness can't wash that stain off.
 
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