Housing is Unaffordable for Young People

[Joe Flacco]

Many CIA agents worked there for 10 or 20 years and then become very wealthy by using their security clearances and gov't experience to obtain extremely high paying jobs with government contractors working on behalf of the CIA and other government inteliigence agencies or by getting directly hired back as a "consultant" by the CIA and other intelligence agencies to do pretty much what they were doing as government employee but at 3x the salry they were previiously being paid. The same thing for people who work over at the NSA.

Yeah, that's how you do it. Do 20 and collect pension and move on to the private sector for the next 20.

 

[timd354]

View attachment 97831

LOL You are the one that said 6-12 months ago the data you were seeing was negative but the data you have been seeing in the last six months were positive. When in fact the data in the past 6 months is just as negative.

There is nothing positive about declining number of sales and increasing number of homes for sale.

Or does this also look remarkably consistent to you? LOL

You are apparently extremely dense. What I actually said is that all of the data we looked at for Austin 6-12 months ago was all negative, but the data current data we have for Austin is mixed with some of the recent data that we have seen from Austin being postive, while some is negative. I also said that we look at data from many more sources than Redfin (some of which you may be able to find online, but a lot of which we source form places you would not be able to access without paying costs that likely exceed your annual income (not that they would do business with you as you would never meet their counterparty requirements) and some of which is based on our internal data that we have gathered over the years as a result of insuring several hundred billion dollars worth of mortgages.

Still, you clownishly insist that you know better than us based on a small slice of free Redfin data that you have viewed.

 

[Terrel L. Shields]

do you actually defend usury?

When the choice was between 10% and no loans period, vs. 15% loans, why not? Like I said, I couldn't increase the credit limit on my CC until the law changed. The cost of money relates to the value of it. And inflation in the 70s - was partially caused by high energy costs and the ripple it sent thru the economy, bad governmental policy like Nixon's price controls, and adding to the problem was all the baby boomers were coming into the labor market and nothing left to do - all the jobs were taken by their parents for the most part.

 

[Joe Flacco]

You are apparently extremely dense. What I actually said is that all of the data we looked at for Austin 6-12 months ago was all negative, but the data current data we have for Austin is mixed with some of the recent data that we have seen from Austin being postive, while some is negative. I also said that we look at data from many more sources than Redfin (some of which you may be able to find online, but a lot of which we source form places you would not be able to access without paying costs that likely exceed your annual income (not that they would do business with you as you would never meet their counterparty requirements) and some of which is based on our internal data that we have gathered over the years as a result of insuring several hundred billion dollars worth of mortgages.

Still, you clownishly insist that you know better than us based on a small slice of free Redfin data that you have viewed.

It doesn't matter how much money you spent or how many quants you have. Let's be real, mortgage insurance gets second and third tier quants. You don't need to spend millions of dollars to see that inventory is increasing and sales are declining. You would have more credibility if you said it looked a little bit positive in 2023 but it started deteriorating again in 2024. But nobody can rely on anything you say since you clearly have trouble interpreting data.

 

[timd354]

I wouldn't say government jobs are high paying but are not bad by mid-career. Two fed household in 30's or 40's might be around $300k per year combined.

The expensive neighborhoods are mostly lawyers and corporate executives. Expensive neighborhoods are the same kind of people you see in other cities with expensive neighborhoods.

You really need to get away from the DC bubble and spend some time in places where most people do not either directly of inderectly suck off the government teat. The median household income in the US is aorund $80,000 and you are under the impression that fed jobs are not high paying but are "not bad" mid career with a two-fed employed houshold making $300K per year. There is a reason that the list of the wealhiest counties in the US is dominated by counties in the DC suburbs and even those counties that people in the DC area consider to be at the lower end are fabulously wealthy compared to most places in the US.

 

[alebrewer]

I have no idea what your point you are trying to make as your statement makes no sense and you are obviously without a clue.... the rate of population growth in the 1950's was substantially higher than it is in the the 2000's, not that it matters when doing a comparison of the per capita real GDP growth.

Due me (and yourself) a huge favor...place a piece of legal or letter size paper on a table or desk in front of you and take a pencil or pen and draw the smallest possible dot on that price of paper. Now, look very hard at that dot and realize that the dot accurately represents your level of knowledge on economic matters and compare that to the rest of the paper, which accurately represents my level of economic knowledge in comparison and then stop bothering me with your nonsense as I am sick of dealing with your profound and close-minded ignorance.

Holy cow. What did you do to **** this guy off, Joe?

 

[Joe Flacco]

Holy cow. What did you do to **** this guy off, Joe?

LOL

I don't think he is pissed off. That is just the way he expresses himself.

 

[DTB]

Macroeconomics aside, as I'm a simple man, a major contributor to housing "unaffordability" is that many young folks have champagne tastes and a beer budget.

As Illiniapp posted, there are plenty of areas where is housing is affordable, just can't get your hopes up to live on Lake Shore Drive.

 

[Joe Flacco]

You really need to get away from the DC bubble and spend some time in places where most people do not either directly of inderectly suck off the government teat. The median household income in the US is aorund $80,000 and you are under the impression that fed jobs are not high paying but are "not bad" mid career with a two-fed employed houshold making $300K per year. There is a reason that the list of the wealhiest counties in the US is dominated by counties in the DC suburbs and even those counties that people in the DC area consider to be at the lower end are fabulously wealthy compared to most places in the US.

DC area is not any different compared to Boston, NY/NJ, LA, SF, Seattle. It is your typical metro area with tech jobs.

$300k dual income in these places is hardly wealthy. Maybe a household with a single $300k earner and the luxury of a sahp could be considered wealthy.

 

[timd354]

DC area is not any different compared to Boston, NY/NJ, LA, SF, Seattle. It is your typical metro area with tech jobs.

$300k dual income in these places is hardly wealthy. Maybe a household with a single $300k earner and the luxury of a sahp could be considered wealthy.

All of those other places are wealthy but they the only place with comparable levels of widespread wealth to the DC metro is possibly the SF area. Even in DC, a houshold income of $300,000 is almost 3x the median area household income, which is pretty damn wealthy by any reasonable measure. (Not Billionaire level wealthy, but wealthy nevertheless).

Additionally, compared to most of the rest of the country and the rest of the world, that is fabulously wealthy and as it is in the 97th percentile of median household income in the U.S.