Author Topic: 18-34 year olds could be blamed for dragging down housing market  (Read 8557 times)

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Offline Morgenleoht

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #15 on: June 12, 2012, 08:35:17 am »
Yeah, I share with three other people and it's $520 a month for me.
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Offline TenfoldMaquette

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #16 on: June 12, 2012, 09:06:33 am »
$650 over here, for a second-floor apartment with a living room, a half-kitchen, a half-bath, and a tiny bedroom that I share with my SO. It's got three broken windows (leaving three that both open and are whole) and holes in the walls (including one that goes from the outside hall to my kitchen), but the utilities are all included and the rent is actually on the low side for my state. Yeah, my rent eats up 2/3rds of what I make in a month, but it's better than living out of a car.

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #17 on: June 12, 2012, 09:16:11 am »
The market needs a serious dragging down. I'm actually looking around here, this place has lost 30% of it's population since 2000, I still can't find houses for a price I'd be willing to pay. Just because the last generation was full of idiots willing to saddle themselves with 300k in debt doesn't mean we should be blamed for not doing it.

There  are tons of houses on the market, very few of which are priced at something I'd even consider paying for them. If not for the fact my rent has become a monthly outrage I wouldn't even be considering it.

Also note, half my complex is unoccupied. Yet still, prices go up. This makes sense.

Offline Damen

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #18 on: June 12, 2012, 01:09:45 pm »
Oklahoma has some of the lowest cost of living levels in the country and the average rent here is still $563 bucks for a 1 bedroom apartment.

So pardon me if I don't think buying a house would be the smartest move when a minimum wage job won't even let you pay the bills, rent and eat.
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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #19 on: June 12, 2012, 01:19:40 pm »
So pardon me if I don't think buying a house would be the smartest move when a minimum wage job won't even let you pay the bills, rent and eat.
A rough estimate based on similar costs around here would put owning a house at around 400-450 a month, the problem is you've got a 30 year commitment to that price, though it does drop after that.

Renting isn't cheaper than buying a house, at least not around here anymore.

Edit:
And on that note, If everyone wants to join together we can probably purchase a few blocks of Rochester NY for pretty fucking cheap. Looking in the city itself I'm seeing prices of 9 - 50k. Of course you'll have to re-build the house from scratch and negotiate with the roaches, but they are available.
« Last Edit: June 12, 2012, 02:03:07 pm by Distind »

Offline Canadian Mojo

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #20 on: June 12, 2012, 02:01:59 pm »
So pardon me if I don't think buying a house would be the smartest move when a minimum wage job won't even let you pay the bills, rent and eat.
A rough estimate based on similar costs around here would put owning a house at around 400-450 a month, the problem is you've got a 30 year commitment to that price, though it does drop after that.

Renting isn't cheaper than buying a house, at least not around here anymore.
Except for all the unexpected expenses that aren't part of the mortgage. As the owner you are on the hook for them.

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #21 on: June 12, 2012, 02:05:45 pm »
Except for all the unexpected expenses that aren't part of the mortgage. As the owner you are on the hook for them.
Don't get me wrong, I'm basing that on a rough assumption. I'm actively house hunting at the moment, that figure includes the typical monthy costs such as insurance, utilities, and some buffer. Short of buying a complete stack of shit for a house(which I could do in cash at the moment apparently), it's a reasonable estimate. Unless the market there is considerably different than here.

Offline N. De Plume

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #22 on: June 12, 2012, 08:22:17 pm »
Gee, I thought in a capitalist society, the fault of folks not buying something was supposed to be on the supplier for not making an enticing enough product. I have not been particularly interested in home ownership for a long time.
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Offline Sylvana

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #23 on: June 13, 2012, 03:25:39 am »
Personally my current living arrangements are pretty good, but it technically falls under living with my mom. (I stayed in the house and pay rent for it, but after she re-married she moved out to live with him). I have looked at buying a house and the only affordable places are in areas where you honestly do not want to live. Areas where your monthly costs need to include buying new windows every month and fixing the broken locks and perhaps buying all your stuff again.

However, house prices have gone down in some places. Where my dad lives there are these mansions built on the mountain side looking out over the sea. Huge houses with a terrific view in a reasonably crime and pollution free area and they are selling for about the same price as your normal suburban house. These houses used to go for 3-7million and are no sitting at about 1.5million, simply because the rich people who bought them originally had them repossessed by the bank. Of course the one problem with them is that they are far away from anywhere people actually work for a living so the cost of fuel is an important aspect, but the houses themselves are quite cheap.

However as a first time home buyer such offers are still too high, and the houses that are reasonable are disproportionately high. It is really hard to buy a house these days despite it being noticeably cheaper than renting.

Offline Lt. Fred

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #24 on: June 13, 2012, 03:45:12 am »
So let me get this straight, they are blaming younger people for not rushing in and buying homes they can't afford...which was part of the problem in the first place.

Seems legit.
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Offline Canadian Mojo

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #25 on: June 13, 2012, 01:21:15 pm »
Except for all the unexpected expenses that aren't part of the mortgage. As the owner you are on the hook for them.
Don't get me wrong, I'm basing that on a rough assumption. I'm actively house hunting at the moment, that figure includes the typical monthy costs such as insurance, utilities, and some buffer. Short of buying a complete stack of shit for a house(which I could do in cash at the moment apparently), it's a reasonable estimate. Unless the market there is considerably different than here.
You're doing it the right way, but a lot of people will leave out the buffer and then find themselves up the creek when they need money to replace the fridge or the roof, which as the owner of the house is your responsibility.

Offline Kit Walker

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #26 on: June 13, 2012, 01:29:11 pm »
Also note, half my complex is unoccupied. Yet still, prices go up. This makes sense.

It kinda does, I think. The cost to maintain the property remains the same regardless of how full the complex is (possibly even goes up, considering empty apartments need to be kept reasonably close to "move-in condition") but the number of people who are paying that cost is going down. The options on the part of the owner would be to either drop the rent prices, go quickly in debt, and hope that people move in or raise the rent of the people currently living there to make up the short fall.
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Offline N. De Plume

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #27 on: June 13, 2012, 06:29:49 pm »
Also note, half my complex is unoccupied. Yet still, prices go up. This makes sense.

It kinda does, I think. The cost to maintain the property remains the same regardless of how full the complex is (possibly even goes up, considering empty apartments need to be kept reasonably close to "move-in condition") but the number of people who are paying that cost is going down. The options on the part of the owner would be to either drop the rent prices, go quickly in debt, and hope that people move in or raise the rent of the people currently living there to make up the short fall.

Unfortunately, supply and demand is fairly agnostic when it comes to the actual costs to produce and maintain.And clearly there isn’t enough demand for these apartments. So as far as supply and demand are concerned, the tactic should be the first one—“drop the rent prices, go quickly in debt, and hope that people move in.” Either that or cop to the fact that maintaining this particular property is cost prohibitive and figure out how to get out this business without being a dick to your few remaining tenants. (I really don’t know what the rental laws are regarding such a situation.)
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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #28 on: June 13, 2012, 06:38:09 pm »
Also note, half my complex is unoccupied. Yet still, prices go up. This makes sense.

It kinda does, I think. The cost to maintain the property remains the same regardless of how full the complex is (possibly even goes up, considering empty apartments need to be kept reasonably close to "move-in condition") but the number of people who are paying that cost is going down. The options on the part of the owner would be to either drop the rent prices, go quickly in debt, and hope that people move in or raise the rent of the people currently living there to make up the short fall.
It almost does, until I move out because rent is 30% more than when I moved in 3 years ago. And no one else ever moves back in, because the place is expensive as hell.

This is a complex, so it isn't particularly small, but raising prices when your tenants can move five minutes in any direction into a cheaper apartment of the same size(some with actual air conditioning) isn't very bright.

A house the same size as this apartment would cost me, with all standard costs included, 20-40% less than the rent. Unless I start tearing holes in the walls to amuse myself, or decide to link a railgun up to the wiring, odds are I'd come out well ahead owning a house. If not for the fact a house is a 10+ year noose waiting to kill you off.

Offline Kit Walker

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Re: 18-34 year olds could be blamed for dragging down housing market
« Reply #29 on: June 13, 2012, 07:31:06 pm »
I didn't say it was a good plan, just that I saw a logic in it.
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