Housing is the new source of inequality

[Anonymous]

Anonymous wrote:

Anonymous wrote:No one anywhere needs to be virtuous. No one anywhere needs to own a house. Everyone can have their own priorities in spending.

The other side of the coin are skyrocketing rents that working class people can’t afford, even in areas 45-60 min away from where the jobs are.

Exactly. So many commenters are missing the point.

[Anonymous]

hahahaha. new? not new!

[Anonymous]

How do you think people felt who were starting their life during the financial meltdown in 2008-2010? At some point, the majority of law firm associates were fired (unlike during the pandemic when partners learned that they wouldn’t be able to replace them and companies got massive subsidies)?? I had a baby and was pregnant when both DH and I lost our jobs. It took us years to get back into the workforce. No one was hiring in our fields until 2012 and 2013 and by then they didn’t want stale workers anymore. I bought my first house when I was 35. Kids were in elementary school and the neighborhood wasn’t great. It massively appreciated during the pandemic but I am now in my mid 40s and my career was basically ruined because of how it started out. And I am certainly not the only one, it happened to thousands of lawyers and Wall Street workers. No one cared. No one gave subsidies like Trump and Biden did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are better, cheaper places to live than DC you just have to be willing to move. DC is such a transient area that very few people are stuck here unless you're poor. But honestly poor people should do their best not to live in DC so they actually have a shot at moving up the economic ladder.

Your last sentence is he problem.

Opportunities and resources and jobs to move up socioeconomically are concentrated in cities. For most people, their zip code is their destiny.

Poor people can’t win. Wtf?

Poor people are poor. You can’t ever structure a society where they become UMC with a Bethesda SFH while still making poor people income. It’s just not realistic.

[Anonymous]

And this is new???

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are better, cheaper places to live than DC you just have to be willing to move. DC is such a transient area that very few people are stuck here unless you're poor. But honestly poor people should do their best not to live in DC so they actually have a shot at moving up the economic ladder.

Your last sentence is he problem.

Opportunities and resources and jobs to move up socioeconomically are concentrated in cities. For most people, their zip code is their destiny.

Poor people can’t win. Wtf?

Poor people are poor. You can’t ever structure a society where they become UMC with a Bethesda SFH while still making poor people income. It’s just not realistic.

Pooks Hill coops and the older condos by Montgomery mall both in Bethesda are affordable for middle class.

For instance a 27 year old single could buy a three bedroom with 10 percent down. I saw a 350k estate sale last year. Get two roommates. Charge then $1,200 each. Use that to not only pay mortgage but prepay mortgage each month. Get married at 32-36 move wife in then kick out roommates as leases expire.

Come 45-50 as kids get bigger need more room buy a dream house in a good school area.

My parents bought their first home at 44/46 I bought my first home at 38/36.

People don’t want run down older coops, older condos or small fixer uppers in second tier school districts in a busy road. Yet if middle class that is what you should buy as first place. Fix it up, pay down mortgage and keep bills low

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We bought our first home in 2002. Our interest rate was 6.75%, so not that different from today. My parents bought their first house in 1980. Their interest rate was 15%. The recent sub 4% interest rates were the anomaly, not the norm.

Uh-huh but home prices were generally lower in 2002 and definitely in 1980. Currently, with major home appreciation during the pandemic, and high rates it’s a different scenario.

Sure, but for many professionals incomes have also gone up. In the law, as a first year associate in 2002 I was making $110K a year. First year associates at my firm now make $250K. I realize that not all professions have escalated this fast or this far, but in 2002 I was able to afford a crappy, run down house in a neighborhood with pretty significant crime for $500K. A young professionals can still afford a house like this.

Exactly, in many professions, wages have stagnated compared to inflation.

[Anonymous]

These threads should make you read several papers from economists who study the housing market before allowing you to comment. Every single time I see one of these threads I know exactly what I’ll read when I click it, and yet I still click because apparently I hate myself. It does make me appreciate the bubble I apparently live and work in where everyone has some basic level of data literacy and analytical capacity. I have no idea what any of you numbskulls do for a living or really how you tie your shoes in the morning with the critical thinking skills you’re displaying here.

[Anonymous]

Anonymous wrote:These threads should make you read several papers from economists who study the housing market before allowing you to comment. Every single time I see one of these threads I know exactly what I’ll read when I click it, and yet I still click because apparently I hate myself. It does make me appreciate the bubble I apparently live and work in where everyone has some basic level of data literacy and analytical capacity. I have no idea what any of you numbskulls do for a living or really how you tie your shoes in the morning with the critical thinking skills you’re displaying here.

Economist here, I actually find these threads humbling in a way. We teach that markets are efficient enough that you can't beat the market in any persistent fashion. These threads remind me to take into account that there really are this many idiots around.

[Anonymous]

Anonymous wrote:How do you think people felt who were starting their life during the financial meltdown in 2008-2010? At some point, the majority of law firm associates were fired (unlike during the pandemic when partners learned that they wouldn’t be able to replace them and companies got massive subsidies)?? I had a baby and was pregnant when both DH and I lost our jobs. It took us years to get back into the workforce. No one was hiring in our fields until 2012 and 2013 and by then they didn’t want stale workers anymore. I bought my first house when I was 35. Kids were in elementary school and the neighborhood wasn’t great. It massively appreciated during the pandemic but I am now in my mid 40s and my career was basically ruined because of how it started out. And I am certainly not the only one, it happened to thousands of lawyers and Wall Street workers. No one cared. No one gave subsidies like Trump and Biden did.

Sounds like your husband knocked you up with no money. Not am economic problem

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think people felt who were starting their life during the financial meltdown in 2008-2010? At some point, the majority of law firm associates were fired (unlike during the pandemic when partners learned that they wouldn’t be able to replace them and companies got massive subsidies)?? I had a baby and was pregnant when both DH and I lost our jobs. It took us years to get back into the workforce. No one was hiring in our fields until 2012 and 2013 and by then they didn’t want stale workers anymore. I bought my first house when I was 35. Kids were in elementary school and the neighborhood wasn’t great. It massively appreciated during the pandemic but I am now in my mid 40s and my career was basically ruined because of how it started out. And I am certainly not the only one, it happened to thousands of lawyers and Wall Street workers. No one cared. No one gave subsidies like Trump and Biden did.

Sounds like your husband knocked you up with no money. Not am economic problem

You’re a f***g idiot. You live a sheltered life with a Fed job and have no clue what happened in NYC during the financial crisis. Some people here really lack even average IQ.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do you think people felt who were starting their life during the financial meltdown in 2008-2010? At some point, the majority of law firm associates were fired (unlike during the pandemic when partners learned that they wouldn’t be able to replace them and companies got massive subsidies)?? I had a baby and was pregnant when both DH and I lost our jobs. It took us years to get back into the workforce. No one was hiring in our fields until 2012 and 2013 and by then they didn’t want stale workers anymore. I bought my first house when I was 35. Kids were in elementary school and the neighborhood wasn’t great. It massively appreciated during the pandemic but I am now in my mid 40s and my career was basically ruined because of how it started out. And I am certainly not the only one, it happened to thousands of lawyers and Wall Street workers. No one cared. No one gave subsidies like Trump and Biden did.

Sounds like your husband knocked you up with no money. Not am economic problem

Incel doesn’t understand the financial crisis and thinks it wasn’t an economic problem. Surprise

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We bought our first home in 2002. Our interest rate was 6.75%, so not that different from today. My parents bought their first house in 1980. Their interest rate was 15%. The recent sub 4% interest rates were the anomaly, not the norm.

Uh-huh but home prices were generally lower in 2002 and definitely in 1980. Currently, with major home appreciation during the pandemic, and high rates it’s a different scenario.

Sure, but for many professionals incomes have also gone up. In the law, as a first year associate in 2002 I was making $110K a year. First year associates at my firm now make $250K. I realize that not all professions have escalated this fast or this far, but in 2002 I was able to afford a crappy, run down house in a neighborhood with pretty significant crime for $500K. A young professionals can still afford a house like this.

Exactly, in many professions, wages have stagnated compared to inflation.

I am a f-ing 50 year old doctor and that is more than I make after 7 years of higher education, 6 years of post graduate training and an 18 year career. And $125K in educational debt that I paid off. My 24 yo nephew should not be making more than me in his first year after law school. It’s ridiculous.

[Anonymous]

Anonymous wrote:We bought our first home in 2002. Our interest rate was 6.75%, so not that different from today. My parents bought their first house in 1980. Their interest rate was 15%. The recent sub 4% interest rates were the anomaly, not the norm.

Dimwit housing costs as a % of income were different then.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How do you think people felt who were starting their life during the financial meltdown in 2008-2010? At some point, the majority of law firm associates were fired (unlike during the pandemic when partners learned that they wouldn’t be able to replace them and companies got massive subsidies)?? I had a baby and was pregnant when both DH and I lost our jobs. It took us years to get back into the workforce. No one was hiring in our fields until 2012 and 2013 and by then they didn’t want stale workers anymore. I bought my first house when I was 35. Kids were in elementary school and the neighborhood wasn’t great. It massively appreciated during the pandemic but I am now in my mid 40s and my career was basically ruined because of how it started out. And I am certainly not the only one, it happened to thousands of lawyers and Wall Street workers. No one cared. No one gave subsidies like Trump and Biden did.

Sounds like your husband knocked you up with no money. Not am economic problem

You’re a f***g idiot. You live a sheltered life with a Fed job and have no clue what happened in NYC during the financial crisis. Some people here really lack even average IQ.

I did not pimp out my wife back in 2008. We had three kids 1, 6 and 8. I let her be a SAHM and we owned a house. I worked in Wall Street and we made a killing in 2008/2009. Best year history of company. Xmas party ritz Carlton and spring 2009 record bonuses