Today a boomer unironically told me about his 14% interest rate when he bought his first house
>Yeah, I could have lived at home for 2-3 years, saved my salary and bought the house without needing a mortgage, but I needed that 14% mortgage, kid
>>61024504or just be a spoiled millennial buying in the early 2010s and get cheap prices + cheap ratesbut keep hating on "boomers"
>>6102449114% interest in a mortgage that was like 50k
>>61025191If I bought in early 2010s I'd still have at least 15 years of mortgage to go while my neighborhood got browner.
>>61025267you're looking in the wrong areas then
>>61025191>or just be a spoiled millennial buying in the early 2010s and get cheap prices + cheap rates>but keep hating on "boomers"The oldest millenials in 2012 would be been 33, so yeah they would have capitalised The youngest would be 16 and wouldn't have a chance of buying. The generation fully capable of capitalising on that property market (besides boomers) would be GenX. Which makes sense seeing as GenX average networth shits all over millenials People keep hating on boomers but Gen X had a great fucking run just before everything went downhill. Some older millenials were able to get in on that action but most found the ship had already set sail before they arrived at the dock
>1985>brand new, reasonable starter home: 50k>14% interest monthly: 550$>minimum wage 1985: ~4.5$/hr ~750$/monthYou could indeed work full time at a fast food restaurant and purchase a home.
Dude it is not your house when you need to pay taxes on top of it, and when the govt have the right to confiscate it when they see fit especially during uncertainty.
>>61026013>>61026067Damn my parents were GenX, they were right in their mids 20s when anyone could buy a house with minimum wage.Yet here I am with a degree, years of work experience, I'd still need a 400k down payment just to afford a mortgage on a small starter house in the neighborhood I grew up in - the same neighborhood that my parents moved out of because the house was too small. Yet they keep pushing me on moving out of a rental apartment, sending me listings, trying to get me to buy kek.idk how they don't understand that it's just not the same anymore, everything is way more expensive, it's like their brains solidified after they lived through their market, and now anyone that can even buy a house is a loser because only losers in their time couldn't work min wage and buy a house.
>>61024491leftys will bitch about boomers, maybe 1/30 of which own vacation homes, while every year we add more and more rules and red tape and forms and needs for certifications and taxes and committees to housing.there is a difference between having a few smart rules to prevent the West from becoming Brazil and having to wait 3 months for some dude from the city to make sure there aren't any endangered toads living on the land
>>61026152At least in Brazil homes are made of bricks, not cardboard and wood. Your constructions are like the one from the people who live in the favelas in here. Also, suck my dick. Enjoy your asbestos and tin paint cancers.
>>61026067You didn't account for employment taxes, property taxes, utilities, home maintenance, food, cars, insurance, gasoline, hobbies, kids, feeding kids, buying clothes for kids, and maybe a vacations to mount rushmoreI know 4chan is full of dumb niggers who don't know math but just the first one on my list makes minimum wage home ownership in the 80s an unrealistic thing.
>>61026248While that's true, it's also true that today's minimum wage can't even cover the mortgage, on top of all those things, so the point still stands.
>>61026148Nigger. Explain how you need a 400k down-payment for a starter home. A 400k down-payment is needed for a $2 million dollar home if you put down 25%.Your nigger brain can't convince me that a starter home in the area you get up in is valued at $2million. You dumb black nigger. Learn some math.
>>61026148>>61026318Point does not stand as your original premise was flawed.
>>61024491>now the interest rates are nothing compared to back then, you have it easier than we had it!
>>61026324House is 800k, I make 100k, I put in 400k as my down payment to the realtor affordability calculator spits out 828k for a 4% interest 25 year mortgage as the most I can afford.>>61026330I'm not that anon but the point is that housing was so much more affordable in 1985 that even someone on minimum wage could cover a mortgage, which is true, you pedantic faggot.
>>61026013they also bitcoin's golden years while having capital to deploy
>>61026354Nigger please. You're embarrassing yourself with lack of knowledge. You buy a home for 800,000. You put down 400,000. Your mortgage is 400,000. Apply 4% interest to that and you're paying $3500/month for that home.Your momma must have smoked a lot of crack after those 5 men fucked her because you're too stupid to realize that 400,000 is a 50% down-payment on an 800,000 home. That is fucking amazing down payment.Seriously. You're a fucking idiot. Talk to any real estate agent and they'll tell you the same thing. It's laughable that you're trying to convince everyone here you can't buy a home with a 50% down payment. You're either ignorant or a nigger. Either way you're a fucking donkey.
>>61026395I'm going to bed but I'll leave this here before I goZillow says you can buy a $700,000 home with a 400,000 down payment and $100,000 in income so what the fuck you talkin bout that you can't buy a house you fucking idiot Ps. Did your mother ever tell you know your dad is or is she still bringing those 5 guys around to help you with your math homework
>>61026395>>61026412I'm a leaf, retard. pic related is what my calculator shows. >bout nigger speak detected, opinion discarded
>>61026425Lol. You're still wrong. I'm a leaf too. Newmarket. Davis drive. Huron heights. Thats my hood. And You're still a stupid nigger.Cmhc says you can get pretty damb close to that $800,000 home with $125,000 down payment Again. Td. Cibc. Bmo. Scotia. You give them 50% down, and you're getting the mortgage. It's like you really dont want to believe you can't buy the place. Just call your bank tomorrow and speak to Jaspreet. He will even tell you that you're a retarded nigger for not knowing who your dad is or how mortgages work.
>>61026463>Cmhc says you can get pretty damb close to that $800,000 home with $125,000 down payment You input 0 monthly expenses, retard. Even just 2k/month in expenses brings the max price down to 400k.>You give them 50% down, and you're getting the mortgage. That's what I've said since the beginning. My point is that it's insane it takes such a large down payment for a starter home.
>>61024491on a 50k dollar house vs 7% on 400k dollar house boy do I hate boomers
>>61026013>People keep hating on boomers but Gen X had a great fucking run just before everything went downhill. Some older millenials were able to get in on that action but most found the ship had already set sail before they arrived at the dockYou're talking to some seething 18yo or 60yo.
>>61026395>just put down 400,000$ and you can have a more affordable house than in 1985Meds. Take em. Boomer.
>>61024491>14%>14% of $500ok
Haha I don’t care what price my house is I’m just not selling, I am keeping this 2.6% mortgage for the full remaining 25 years and you can’t stop me. I will continue to live alone in my nice big 4 bedrooom lake house with a payment lower than the median rent of a 1 bedroom apartment in my state and you can’t stop co tonue to seethe about it haha
>>61026355>they also bitcoin's golden years while having capital to deployI have zero bitcoin just like you. I know a GenX guy who was on bitcon early had maybe 12 bitcoins. And who later ran even his own mining gig. He lost all of them , he doesn't know where his bitcoins are.
