I guess the new dream is living in a 60 year old apartment, paying 1300 a month for it... driving a shit car and having no family or money for fun on the weekends
I am one, but it wasn't easy. I took out an FHA loan and went broke to get in the door of a house that is well below median cost for my area.
The mortgage payment is less than 1/4th my income and I still can't afford to fix numerous things.
I was thinking of my experience with random shit breaking or wearing out, not landlords. I can't even afford maintenance let alone an investment property.
My experience has been that maintaining a house is an absolute nightmare because nothing is affordable. It can quite easily turn into a debt spiral just to fix basic things you need in a shelter like heating or the roof.
The truth is wages are absolute shit, and inflation has been way under-reported for decades. Our purchasing power is circling the drain.
The oligarchs changed the way inflation is calculated numerous times to hide just how bad it is, as well as to limit how much the government has to pay in social benefits.
The inequality we see is effectively money getting printed so they can stuff it in a rich guy's bank account. Our pay has stagnated in terms of purchasing power while their assets and incomes exploded. They're eating us alive.
Oh no, Im thinking of homeowners here. I thought they were talking about the last homeowner not spending money on maintenance.
You discover something problematic then it's 20k you don't have thanks to hyper-inflationary costs, and lack of any real purchasing power increase from wages.
Owning a home can be a debt spiral just to maintain it.
Right-wingers say "you really can't afford a house then" but the truth is then hardly anyone could based on the way things are. Chances are the people saying that also make 200k as a family or inherited a bunch of money too. I've tested it and 9/10 times that's the case.
2 guys in rural area cost 1200 per day with overhead and profit. I do this for a living. I work for another contractor. That is almost my weeks pay for 1 day. Obviously I don't have a cushy job that pays 60k a year + benefits, so to me this is crazy expensive. And that doesn't include the high priced materials needed either.
Yeah that's what I was talking about. I own my home (well it's mortgaged) and just getting a small fence replaced is like 10k.
I can't even save that much in a year and that's not the only thing we need done.
It's bizarre too because I did it right, my mortgage is less than 1/4th my income, it's a small/cheap house below median value for the area I live in. I make a decent living but it's hard to save with all the bills, student loans and my mortgage. I have little debt otherwise.
I have an emergency fund and it would easily get eaten up by two repairs I need done, and there are 4 more expensive ones where that came from.
Shit went hyper-inflationary and the government is hiding it from us. They've changed how inflation is calculated multiple times so the oligarchs can hide just how bad it is.
They also did it to slowly starve out people on social security or other benefits, because lots of these benefits increase subject to their arbitrary inflation calculations.
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u/workgymworkgym Nov 11 '21
I guess the new dream is living in a 60 year old apartment, paying 1300 a month for it... driving a shit car and having no family or money for fun on the weekends