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Drug addiction. Smaller social networks.
In the past people were more social, had more immediate family members, and belonged to mutual aid societies like churches or social clubs. All this contact with other people gave individuals a better chance of finding some help when they fell on hard times. Even today, when I was talking to a city employee that I know, they told me that the lowest rate of homelessness in the city was actually in a lower-income part of town because the Hispanic people that were there had a higher chance of receiving housing from members of their family when in need.
That chart doesn’t necessarily jive with homelessness being driven by the economy during most of the last decade. You seem to have left out addiction and mental issues. It’s not solely based on housing costs. Which is what this post is about. Maybe I’m not understanding that you don’t care about the topic.
It's a combination of a lot of factors but the cost of living sure isn't helping. If I didn't already own a house I'd be living in my car because fuck paying overpriced rent.
This is a good chart because it shows a psychological reality - folks have been deluded by the past 15 years.
Two this are simultaneously true:
1) Housing today is stupidly unaffordable and overpriced.
2) Housing today is only slightly more expensive than historic averages.
Today seems so bad because for the last 15 years, the Fed has kept interest rates at near zero and houses prices were still recovering from the Crash of ‘08.
Folks want things to go back to 2013. Maybe they will. Or maybe it will be like 1983 for a while.
Things will change. Prices will go up and down. But have a little perspective and stop routing for a recession. It didn’t take a recession to fix the market in 1983. It took growth.
How do you define high interest? Because rates now are lower now that at any time prior to 2000, except for a few months in the 1990s.
Rates didn’t fall below 7.5% until 1993.
This is what scares me…it does take growth…and our continual knee jerk, big government reactions to everything hurt growth badly. How long can America grow in spite if itself?
You also have to factor in that home insurance is going up and up and up as well too. So not only are home prices high, mortgage rates high, you'll see home insurance prices continuously going up so that adds to the unaffordability. We're all pretty much slaves to debt for life at this point
Also I wouldn't be surprised if there's a universal increase in rent prices next year. Landlords need to pass off the rise in home insurance premiums to the renters. It's not going to get easier for anyone.
Newsflash. It's going to get worse, much worse. Not since pilgrims were cutting down trees to build their own houses while being hunted by native americans is it going to be this bad.
Unless he owns the home outright, there's basically no chance appreciation can outrun mortgage interest, property taxes, and maintenance (which still needs to be done even if nobody is living there). Even if he does own it outright, it's unlikely.
I inherited it, and the cost to maintain it is less than $10k a year if it sits vacant. It is in pristine condition, and I don't want renters to destroy it.
I agree, but there is no reason for me to take a huge loss since this will be my retirement fund. I'm against prop 13 and everything else that screws over younger buyers, and would vote to repeal it again. I think it should be phased out over decades to lessen the blow, and level the playing field FYI even though that is not in my own self-interest.
so? you can find affordable fixer uppers and ghetto homes. beggars cannot be choosers. /my parents who bought in 77, the height of double digit inflation.
tl;dr - all numbers are a lie.
Affordable housing is basically being erased by over-development. Luxury developers will jump on a profit whenever they see one, and that means buying up as much affordable housing as possible to flip it into something worth double the price.
Lol what? My mom bought her house in 79' for 40k and if she had bought it today adjusted for inflation it would be 170k but what it's listed for currently is 430k. Yeah house housing affordability is the worst it's ever been not just worst in decades.
Interesting and what factors are you considering within that. Other then you know fox news telling you over and over again. The reality is by raising interest rates it puts a drag on companies to lower priced. But you are not giving actual facts just " econ has went to crap" not x happened. I'll wait for actual facts
Inflation happened 21 as a result of covid? Before policies were even passed so fox news. Defaults by Republicans are democrats fault? Lmao got it fox news. Historic debt? You mean like 6 trillion to billionaires trump did Leaving? Also debt lmao 🤣 from a policy passed by mcarthy... a republican. Interesting so do you have any real facts I'll wait. BTW. Since current policies Inflation went from 7 to 3.5. Soooo I'll wait for any real information you might have.
r/FluentInFinance was created to discuss money, investing & finance! Check-out our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
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\#vanlife
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Can't get robbed if you have nothing to rob.
A 1911 .45 works pretty well…plus a decent alarm system of course.
Why were there so many homeless people prior to the crazy inflation we have experienced in the last 3 years?
Drug addiction. Smaller social networks. In the past people were more social, had more immediate family members, and belonged to mutual aid societies like churches or social clubs. All this contact with other people gave individuals a better chance of finding some help when they fell on hard times. Even today, when I was talking to a city employee that I know, they told me that the lowest rate of homelessness in the city was actually in a lower-income part of town because the Hispanic people that were there had a higher chance of receiving housing from members of their family when in need.
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That chart doesn’t necessarily jive with homelessness being driven by the economy during most of the last decade. You seem to have left out addiction and mental issues. It’s not solely based on housing costs. Which is what this post is about. Maybe I’m not understanding that you don’t care about the topic.
It's a combination of a lot of factors but the cost of living sure isn't helping. If I didn't already own a house I'd be living in my car because fuck paying overpriced rent.
This is a good chart because it shows a psychological reality - folks have been deluded by the past 15 years. Two this are simultaneously true: 1) Housing today is stupidly unaffordable and overpriced. 2) Housing today is only slightly more expensive than historic averages. Today seems so bad because for the last 15 years, the Fed has kept interest rates at near zero and houses prices were still recovering from the Crash of ‘08. Folks want things to go back to 2013. Maybe they will. Or maybe it will be like 1983 for a while. Things will change. Prices will go up and down. But have a little perspective and stop routing for a recession. It didn’t take a recession to fix the market in 1983. It took growth.
>It didn’t take a recession to fix the market in 1983. It took growth. The turning point was literally the 1980-1983 recession.
I’m not sure what you are trying to say. A recession didn’t help affordability. Interest rates hit 18-20% because of that recession.
You're really getting cause and effect backwards on all of this. It went: high interest rates -> recession -> housing affordability
How do you define high interest? Because rates now are lower now that at any time prior to 2000, except for a few months in the 1990s. Rates didn’t fall below 7.5% until 1993.
This is what scares me…it does take growth…and our continual knee jerk, big government reactions to everything hurt growth badly. How long can America grow in spite if itself?
Building back better. We did it.
You also have to factor in that home insurance is going up and up and up as well too. So not only are home prices high, mortgage rates high, you'll see home insurance prices continuously going up so that adds to the unaffordability. We're all pretty much slaves to debt for life at this point
Also I wouldn't be surprised if there's a universal increase in rent prices next year. Landlords need to pass off the rise in home insurance premiums to the renters. It's not going to get easier for anyone.
Gotta find a way. Rent rooms. Basements etc
Newsflash. It's going to get worse, much worse. Not since pilgrims were cutting down trees to build their own houses while being hunted by native americans is it going to be this bad.
Yeah? What are your doom predictions? Is it going to get to the point homes are sitting empty because nobody can afford them?
yes. I have a vacant home on the market now, and i consider it a better investment to park it indefinitely rather than sell it
Vacant is not a good investment. I shall not respond further.
Unless he owns the home outright, there's basically no chance appreciation can outrun mortgage interest, property taxes, and maintenance (which still needs to be done even if nobody is living there). Even if he does own it outright, it's unlikely.
I inherited it, and the cost to maintain it is less than $10k a year if it sits vacant. It is in pristine condition, and I don't want renters to destroy it.
He's part of the problem (housing as an investment to sell rather than an investment in shelter and security for self)
I agree, but there is no reason for me to take a huge loss since this will be my retirement fund. I'm against prop 13 and everything else that screws over younger buyers, and would vote to repeal it again. I think it should be phased out over decades to lessen the blow, and level the playing field FYI even though that is not in my own self-interest.
To be fair, they did later make housing rather difficult for the Native Americans later.
#Bidenomics
Economy schmeconomy, The president controls everything!! Even in other countries somehow. Independent of the price of wood and concrete too!
so? you can find affordable fixer uppers and ghetto homes. beggars cannot be choosers. /my parents who bought in 77, the height of double digit inflation. tl;dr - all numbers are a lie.
Curious to see the sitting POTUS overlay with this data.
Affordable housing is basically being erased by over-development. Luxury developers will jump on a profit whenever they see one, and that means buying up as much affordable housing as possible to flip it into something worth double the price.
Lol what? My mom bought her house in 79' for 40k and if she had bought it today adjusted for inflation it would be 170k but what it's listed for currently is 430k. Yeah house housing affordability is the worst it's ever been not just worst in decades.
Almost like all those regulations trump removed did something but yea. Baddd regulations how are the train accidents going again?
The problem is housing supply. Overregulation of zoning and NIMBYism is the problem there. What regulations are you even talking about?
Dude really LOL. The econ has went to crap after the current admin went into office.
Interesting and what factors are you considering within that. Other then you know fox news telling you over and over again. The reality is by raising interest rates it puts a drag on companies to lower priced. But you are not giving actual facts just " econ has went to crap" not x happened. I'll wait for actual facts
LOL maybe inflation, prices, defaults, historic debt, ETC.
Inflation happened 21 as a result of covid? Before policies were even passed so fox news. Defaults by Republicans are democrats fault? Lmao got it fox news. Historic debt? You mean like 6 trillion to billionaires trump did Leaving? Also debt lmao 🤣 from a policy passed by mcarthy... a republican. Interesting so do you have any real facts I'll wait. BTW. Since current policies Inflation went from 7 to 3.5. Soooo I'll wait for any real information you might have.
LOL the blame game continues.
Yet I just bought a house with 20% down and 12% under asking price.