Reply to 150k/yr is bad now

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]…it isn’t short term inflation that gives you the impression $150k is bad. Also, it is still a freaking great salary in the grand scheme of things. Plenty to live on. Not sure where you’re coming from. [/quote]

150k now is 120k in 2016 dollars according to CPI, 20% decline but other costs have gone up [b]30-40% since then like cars, housing, food, then if you include higher interest rates for mortgages this can effectively be a 50-100% cost increase[/b]. So for certain things 150k is like 75k just several years ago.[/quote]
100% increase is a little nuts and afaik not backed up by facts. However one big thing you're noting is why we have to take on this as public policy -- cost of housing both to rent and to purchase is batshit insane and is in many ways the expense that makes people feel their pay isn't enough. Those of us who were privileged to be older millennials with stable jobs who could buy at the bottom of the market post 2008, and refinance to a freaking low rate are in a different financial position from someone who doesn't own now and is facing higher and higher rents. We need more housing, we need more housing that is available, attainable, and afforable to those at all income levels.

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True, but you know who is first in line to decry the building of more affordable housing for working and lower middle and even middle class people?

The people who lucked into the timing of buying during the bottom of the market in post-2008, refinanced to a sub 3% rate in the last few years, and are now living in homes they bought for 400k that are worth 1.4m. Those folks (you) see the dollar signs from their "smart financial choices" (read: incredibly fortunate timing) lining up and don't like the idea of building additional housing that might impact how that works out for them. Y'all are looking at early retirement, selling out to go mortgage free. Some of you snapped up multiple properties, or have pre-marital properties you've held onto and rented out, and now you're thinking about passive income and quitting the rat race altogether.

You don't want affordable housing. You're capitalists now. You want high rents and high housing prices.[/quote]

400 to 1.4 m is an exaggeration.  We bought at 460 sub 3% and now it’s around 600.  But what does it matter if I can’t sell it to anyone and buy somewhere else without taking a 100k interest hit.  Market is frozen. That money is a mirage. [/quote]

Ok now compare P&I of your house at current rates and prices vs current P&I of what you locked in. Basically doubles the housing cost for someone buying for the first time and taking out a mortgage.[/quote]

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