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No, being a homeowner is good. There's nothing wrong with renting when you're young, but you're putting yourself way behind the 8-ball financially by not buying an affordable home and locking in your housing expenses for the next 30 years. The "affordable home" part is obviously a huge sticking point with mortgage rates over 8% and housing prices in most cities being what they are.
Unless you have really morbid taste in people-watching, I'm struggling to understand why you made a trip to Wal Mart to purchase about $7 worth of merchandise. I don't have anger-management issues, and I'm feeling the urge to punch somebody just thinking about it.
My Walmart has three groups of self checkouts. Two of them have been closed the last two times I have been there and they have had more traditional checkouts open.It is a big deal at Wal-MartIn their defense, you acted like self checkout at Wal-Mart is a big deal, then complained about other people being out of touch.It needed some cleaning up, some of you act like the price of goods has not gone up astronomically of late
Not you of course GM, but some seem to think things are just fine
You don't buy new cars so I know you're already one of those millionaire next door types
-Disappointed you didn't enjoy my Wal-Mart story
There was story about it recently where Wal-Mart admitted they have a real problem with self checkout and were limiting it to folks with less than 10 items
My line looked like a last stop at Costco before the end of the world for some of these people....
I had 2 items, one was a box of Swedish fish, the other was a can of overpriced Penn Tennis balls, the wait just wasn't worth the reward
Tennis balls used to be $2 a can at Wal-Mart, now they are $4 plus tax, they sell them for $5 at the tennis club, I'll just get them there.
I can get a case delivered for $4 a can x24, not saving any money at Wal-Mart, in fact I lose money with the time you have to invest just to get out of there.
The Wal-Mart sits very close to the Home Depot on the main road that runs thru Jupiter and I had been next door at Home Depot acting masculine and touching power tools I had no intention of ever purchasing and so I thought I could pull off a quick stop at Wal-Mart, had been a long time since I had been in one and wanted more than the things I had in my hands but lost my appetite to shop, quickly.
Interesting......I'm just going by my own experience right now. My wages have not kept up with the cost of goods and services. My wife and I both work in healthcare and do ok, but we are feeling the pinch. Blows my mind that people are lining up to buy $80k trucks
100%
Maybe some places have better inventory than others ... but you have to be pretty lucky over those 30 years not to have a financially-devastating repair spring up -- if not several.
And more debt
Most individuals standard of living does increase.
I agree with everything in your post, and it doesn’t contradict anything I’ve posted today. The overall economy can be doing well despite some individuals struggling.
We all got this advice 30 years ago. Are you sure it still applies?
Are you in Florida? Yeah, I can see the issue. I haven't followed the insurance thing incredibly closely, but I know it's a big problem.
That's okay. With rising real housing costs outpacing wage growth, massive public/private debt, and high interest rates, an increase in future standard of living is the last thing Americans will need to worry about.
Insurance in Kansas is rising also for no apparent reason. My boss had his homeowners insurance go up 40% this year and his car another 30% with zero claims. In Kansas.
Yeah, it’s huge. There’s very little incentive for young people to work hard anymore. The American dream is unobtainable for most so why kill yourself.
Inflation is insidious. It's the prime reason for discontent despite pretty good economic times otherwise. Real declining wages are real and it stings.
Real estate is very local. In many metropolises it is much better to rent. In most of the country, though (at least area wise, not population wise), owning is the long term path to economic stability.
Tell us. When people are working 2-3 jobs to get by…
To be clear, I'm basically agreeing with you. I didn't know about the insurance situation you mentioned in Kansas -- now I'm curious about that -- but I completely understand that places like KC have gotten out of whack. That's what I mean. It's not just the bay area anymore that's getting weirdly unaffordable. But that's weird! I drive through KC all the time. There's plenty of land around there! It's not Manhattan island for crying out loud. It's frustrating to me to see the housing supply fail to meet demand when I know from personal experience how big a deal that is when you're young and looking to build a life.
But economy is not anywhere close to "really bad", so your initial post was completely wrong, no?
Not sure what you are getting at with the plenty of land statement. You can have as much land as you want, but 1) you need someone to build the houses, 2) you need someone to buy the houses. I live in a small Town in Iowa (less than 10K people). The city started a development to build "affordable housing" making the lots 10,000 to buy, but the house couldn't be over 1400 sq ft above ground and could not have a 3rd stall garage for 5 years after built. It still cost 285,000 to build before the pandemic and the same house was 40K more after the pandemic. You can build all the houses you want, but if they can't buy them why build?
Why dont you re-read what I actually wrote and try again.
There’s no doubt things cost more. My limited economic for dummies take is we went through unprecedented times with somewhat limited pain financially at least in my eyes relative to what was happening. We are now facing those consequences.
There are definitely lots of red flags even with this huge GDP report. However without mentioning a certain topic there is a terrible communication problem going on here as there are many positives out there as well. Communicating effectively is part of the job as well.
Why does Iowa care how many urinals one puts in a house?
Fixed it for you
I think the opposite. Every house built going forward should be required to have at least 3 stalls. Comes in handy when you have friends over to watch football
All toilets should be those Toto ones with the built in seat warmers and bidets.
28 million people about to have a lot less income to put into the economy.
One would think these responsible 28 million people would realize that loans were going to restart at some point and used the years of zero payments to save for this eventually.
Maybe some did. But those types prolly won’t dip into savings too much to buy stuff, will just spend less. We’ll see what kind of impact this has on things.
FYI...The median income person likes classic rock,
They still enjoy classic rock so there's hope for a bright future.
Ehhhh, yeah, not buying it. While things are far from perfect this generation has it better than any generation before it (as is the case with most generation).*
