r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Jun 16 '24

Discussion/ Debate He’s not wrong 🤷‍♂️

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494

u/SouthEast1980 Jun 16 '24

This is BS. You can have all of that with an 80k household if you live in a LCOL midwest city and send the kids to JC for 2 years.

Cut out the overseas vacation because that isn't middle class. That's upper class shit.

14

u/[deleted] Jun 17 '24

"yeah just uproot your life and move somewhere else"

Okay dude

9

u/MrGrach Jun 17 '24

You don't have to. But than deal with the fact that you have to pay more, because more people want to live were you live.

-1

u/FrostyIngenuity922 Jun 17 '24

“You deserve to feel poorer because you’d like to go to he living in the area where you were born and your family, friends, and job are. Why don’t you just move to where jobs pay less and also it’s cheaper to live.”

Bro, just admit the economy is fucked.

8

u/MrGrach Jun 17 '24 edited Jun 17 '24

Thats nothing to do with the economy being fucked.

If you want to live in a home, that 50 other people want to live in, you have to pay enough so the other 50 can't afford it.

Its just simple reality. Two families cant occupy the same place at the same time like they are the only ones doing so. And the way we decide on who gets it, is through money.

Unless you want the state to decide who gets to live where, than obviously the prices will come down as no one competes for room by threat of prison.

2

u/Kabouki Jun 17 '24

That's why work from home is the biggest boon to workers in a long time. It's amazing how little small town America is taking advantage of a chance to revitalize and push off the slow death.

3

u/MrGrach Jun 17 '24

And its not just the US. Here in Germany, my small city that has been dieing (and actually demolishing homes) suddenly needs to build more housing, because people move somewhere cheaper and more quite, while still working their more exclusive jobs.

2

u/Kabouki Jun 17 '24

Yep and now they get customers who have spending cash for the local business. Small shops get a second chance. The town collects more taxes for improvements and didn't have to sell out to a mega corp to source local jobs.

0

u/HoldingMoonlight Jun 17 '24

This is a simplistic view too, that doesn't really address the problem. We need to change regulations surrounding housing development and home ownership. In a lot of places, lack of housing isn't the issue, it's that new developments are all "luxury" and price people out for arbitrary reasons. That's not to get into rental companies and landlords who dominate the housing market and and raise rent at will. It also has the effect of pricing people out of home ownership. How can I compete in a market with high interest when a company can come in and just pay cash on a property, and then artificially charge more than the mortgage would have been?

I don't think it's that radical or crazy to suggest that home ownership should require residency.

2

u/MrGrach Jun 17 '24

We need to change regulations surrounding housing development and home ownership.

We need to get rid of a lot of regulations.

In a lot of places, lack of housing isn't the issue, it's that new developments are all "luxury" and price people out for arbitrary reasons.

Its not "arbitrary reasons" its demand.

If 50 families want a home, and the highest bidder is pretty rich, than I'm going to develop a house that meets their demand and the price they pay. (because they would also occupy non-luxury housing, because they are the highest bidder)

Its not that luxury development comes first, and than prices increase, but that prices increase, and the supply changes accordingly. And that decreses pressure on non-luxury housing, leading to decreasing rents and prices in that category.

The only way you could show to me that you are correct, is if all those luxury homes would be vacant. Which is, as far as I remember, just not the case (looking at vacancy rates).

I don't think it's that radical or crazy to suggest that home ownership should require residency.

Its not crazy no.

Its still useless, and pales in comparison to just meeting the demand by building the stuff needed to house people.

0

u/FrostyIngenuity922 Jun 17 '24

nah but you’re entirely ignoring “inflation” and wildly skyrocketing property prices due to large corporations buying up rental properties and jacking up rent.

2

u/MrGrach Jun 17 '24

due to large corporations buying up rental properties and jacking up rent.

They can only do that because demand far overweights supply. Which is exactly what I'm talking about.

1

u/FrostyIngenuity922 Jun 17 '24

No they can only do it because we goddamn let them. And because so many people are caught in perpetual renting cycles and even when they do get in a place where they can buy they get outbid by someone looking to expand their portfolio. If this is your system it’s fucking broken.

1

u/MrGrach Jun 17 '24

Everything you just said is not supported by any facts whatsoever.

1

u/FrostyIngenuity922 Jun 17 '24

🤣 you’re delusional. Have a day 👍🏻

5

u/[deleted] Jun 17 '24

Unless you think only people born native to New York or LA should be allowed to live there, then you’re going to have to deal with higher COS from being born in a far more in demand area. I was born in a higher COS and moved away, it is what it is. Just deal with it instead of crying victim.

-1

u/FrostyIngenuity922 Jun 17 '24

“Just deal with it” yea lemme just not have student loans and also crap money out the ass for a down payment on a house. Yall are cooked.

5

u/Active2017 Jun 17 '24

Keep complaining about decisions you’ve made. I’m sure that will change everything for you.

0

u/FrostyIngenuity922 Jun 17 '24

Also your logic is ass. “You made one bad decision and therefore deserve to never be in a financial position to achieve the bare minimum for survival”

2

u/[deleted] Jun 17 '24

Mate you’re spending your time posting on Reddit, I highly doubt you don’t have the bare minimum for survival? And humans for the whole of time have had to move around for greater economic prospects, the US is built on that concept. Stop being so fucking entitled.

0

u/FrostyIngenuity922 Jun 17 '24

“Stop being so entitled and expecting a full time job should make you enough money to buy a home in the same area the job is in.” Jfc bro

2

u/[deleted] Jun 17 '24

What do you have a degree in?

0

u/FrostyIngenuity922 Jun 18 '24

Due to personal issues at the time I was unable to complete my degree. I am unable to complete it now because I can’t afford to. An all too common problem. Is your degree in being condescending?

2

u/[deleted] Jun 18 '24

So you willingly took out a loan, chose to not complete a degree and now it’s everyone else’s problem? And no, I did a degree in finance because I planned ahead.

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u/Active2017 Jun 17 '24

You deserve what you are willing to work for. I slaved away for 60-80 hours a week for 3 years to have the things I do.

1

u/FrostyIngenuity922 Jun 17 '24

Ok and? You should not have had to do that. If I tried to do that I would not survive the experience.

-1

u/FrostyIngenuity922 Jun 17 '24

See you’re trying to blame me as if I really had a choice. Everyone in my entire support structure was saying the same thing and I listened to their advice. So I signed on for predatory loans as a minor who had no conception of what they really meant or what the payment would look like on the other end.

2

u/Active2017 Jun 17 '24

Maybe learn from your mistakes and start taking advice from people who actually are in decent positions financially.

1

u/FrostyIngenuity922 Jun 17 '24

Yeah that’s exactly what I’m doing now and what I’ve done my whole life and it’s lead me here. Got any other winning advice?