Boomers, must be nice

[Bulldogs1974]

When the costs are low, high rates don't mean shit. I always see people try to justify this despite the metrics showing the opposite.

As a banker, I notice that roughly 1/10 people have a mortgage rate below 3%. This includes all types - portfolio loans, FNMA, FHLB etc..

maybe you should read post #59. As a banker you should be able to smell the bs coming from your graphs. What do you think happens to the number of mortgages you process if interest rates go to 10-15-20%.
Most of this is relative, I graduated and the federal student loan rate was at 8.25%. 4 years later I borrowed to get a grad degree, for as much as anything, to get my student loans down to 1.25%. timing.
the only thing i feel bad for young adults today is VRBO. The number of people buying up homes as investments has driven the cost up more than it should. Maybe your ire should be focused there.

 

[Ree4]

maybe you should read post #59. As a banker you should be able to smell the bs coming from your graphs. What do you think happens to the number of mortgages you process if interest rates go to 10-15-20%.
Most of this is relative, I graduated and the federal student loan rate was at 8.25%. 4 years later I borrowed to get a grad degree, for as much as anything, to get my student loans down to 1.25%. timing.
the only thing i feel bad for young adults today is VRBO. The number of people buying up homes as investments has driven the cost up more than it should. Maybe your ire should be focused there.

Oh I read it alright. First off, the payment for a $426k house today would be closer to $2811 for a 30 year fixed. I just looked. The payment in 2025 is about 4.27 times the payment in 1980. Median household income in 2025 ~ $75000; 1980~ $21000 = about 3.57. It's fair to conclude from this info that the cost to own a home, relative to the median household income, is ~ 19.6% higher in 2025 than it was in 1980. That is a significant amount. I'm not even including student loan debt (educational requirements are much higher now, to qualify for similar paying jobs, than they were in 1980) which further exacerbates the issue.

Also, as we know, household income is the total of all wage earners in a household. Studies show that dual income families are anywhere from 7-8% higher today than they were in 1980. Husbands and wives are both working more, spending time away from kids etc.

What this all means, if you reviewed my other posts, is that people today are working more, producing much more than ever, are paid less for that production and are spending more for housing. Clearly.

I own my own home, it'll be paid off when I'm 50, but not everyone is as fortunate as me. Most people realize that it is unlikely that their kids will be able to own a home (20-30 years from now) without help or drastic changes.

There are plenty of articles that will help explain this if you're interested in learning more. My ire is well placed. Try again.

Edit: Let me add a final caveat. Ten, twenty and even thirty year olds are not responsible for the political and market conditions that they face today, but I can tell you the age range of the average politician. It was their responsibility to address the issues of future generations. Now I don't think it's fair to blame an entire generation for the poor decisions their peers made, you know - pulling the ladder up behind them so to speak, but it certainly doesn't help the optics.

 

[Hans81]

Grinding away at a job you hate for 40 years because you're the sole breadwinner doesn't sound very appealing to me.

Until you get a pension. 😉

 

[5545]

Until you get a pension. 😉

True. You could accumulate quite a payout.

 

[HawkNester]

The sooner the boomers all die off the better we’ll be.

 

[beanerhawk]

For African Americans, you're correct. 1975 is when they passed HMDA. Dodd-Frank passed in 2010 which made your second sentence completely wrong.

I'd love for you to provide a link though, would be interested where you're getting your details.

In 1975 my dad bought his first house, you had to have 20% down to buy a house in those days so he had to save up for years to buy that. Fast forward to 2005 when I bought my first house. Got a PMI loan and only had to put down 5% to buy that house. That's a huge difference. We're both white by the way.

 

[Kinnick.At.Night]

I don't think there is anything such as productivity since covid. People began giving up and just staying home... Working from home , quiet quitting.... Now all of a sudden there's a Stanley cup craze to make everybody rich. They are free -just run in the store and grab a bunch of free cups and then go on tik tok and say they're worth 10 grand each.

Don’t ever change.

 

[TC Nole OX]

The sooner the boomers all die off the better we’ll be.

Unfortunately, they aren't done laying waste to our society. Their final act of pulling up the ladder behind them will be leaving behind a destroyed country and a mostly uninhabitable planet.

 

[Bulldogs1974]

Oh I read it alright. First off, the payment for a $426k house today would be closer to $2811 for a 30 year fixed. I just looked. The payment in 2025 is about 4.27 times the payment in 1980. Median household income in 2025 ~ $75000; 1980~ $21000 = about 3.57. It's fair to conclude from this info that the cost to own a home, relative to the median household income, is ~ 19.6% higher in 2025 than it was in 1980. That is a significant amount. I'm not even including student loan debt (educational requirements are much higher now, to qualify for similar paying jobs, than they were in 1980) which further exacerbates the issue.

Also, as we know, household income is the total of all wage earners in a household. Studies show that dual income families are anywhere from 7-8% higher today than they were in 1980. Husbands and wives are both working more, spending time away from kids etc.

What this all means, if you reviewed my other posts, is that people today are working more, producing much more than ever, are paid less for that production and are spending more for housing. Clearly.

I own my own home, it'll be paid off when I'm 50, but not everyone is as fortunate as me. Most people realize that it is unlikely that their kids will be able to own a home (20-30 years from now) without help or drastic changes.

There are plenty of articles that will help explain this if you're interested in learning more. My ire is well placed. Try again.

Edit: Let me add a final caveat. Ten, twenty and even thirty year olds are not responsible for the political and market conditions that they face today, but I can tell you the age range of the average politician. It was their responsibility to address the issues of future generations. Now I don't think it's fair to blame an entire generation for the poor decisions their peers made, you know - pulling the ladder up behind them so to speak, but it certainly doesn't help the optics.

what were mortgage rates 5-6 years ago. Your complaint is one of timing, which was the point. When you look to buy a home, you're at the whims of the market.
Edit: all 20 and 30 year olds of every generation wher eat the whims of those in charge at the time. Guess what,,,,,, they were always older.

 

[HawkNester]

Unfortunately, they aren't done laying waste to our society. Their final act of pulling up the ladder behind them will be leaving behind a destroyed country and a mostly uninhabitable planet.

That much is crystal clear unfortunately.

 

[IAFB2021Champs]

this thread is great. Keep it up old people and younger people.

 

[franklinman]

Grinding away at a job you hate for 40 years because you're the sole breadwinner doesn't sound very appealing to me.

Sorry, but loved my job for 37 years an a UNION machinist, always something different with space travel just starting. Collecting a very nice pension after all those years, was the cherry on top .Sorry to disappoint you 5545.

 

[Ree4]

what were mortgage rates 5-6 years ago. Your complaint is one of timing, which was the point. When you look to buy a home, you're at the whims of the market.

It's always about timing, there was a 5 year range where rates were at 12% or higher. Maybe ya'll should have timed the market better. It's funny that you apply timing to a purchase today but not in the 80s. You're conveniently ignoring everything else I posted.

Edit: all 20 and 30 year olds of every generation wher eat the whims of those in charge at the time. Guess what,,,,,, they were always older.

So that absolves them of all responsibility for the conditions they created? Perpetuated? Whatever it takes to wash your hands of it I guess. My generation will answer to our kids and our grandkids, and unlike you, I will not shake my head and deny the damage we've done.

 

[5545]

Sorry, but loved my job for 37 years an a UNION machinist, always something different with space travel just starting. Collecting a very nice pension after all those years, was the cherry on top .Sorry to disappoint you 5545.

That doesn't disappoint me.

 

[Bulldogs1974]

It's always about timing, there was a 5 year range where rates were at 12% or higher. Maybe ya'll should have timed the market better. It's funny that you apply timing to a purchase today but not in the 80s. You're conveniently ignoring everything else I posted.



So that absolves them of all responsibility for the conditions they created? Perpetuated? Whatever it takes to wash your hands of it I guess. My generation will answer to our kids and our grandkids, and unlike you, I will not shake my head and deny the damage we've done.

I think you're being obtuse. Everything you are saying is that point that was being made.
"it's always about timing" was the point being made. You are implying it's the boomers fault but then it's a timing issue.
"absolves them of all responsibility" who said that? you're implication is that it's ok to blame "boomers" because boomers have made all the decisions in our country since they became adults....

As for the bolded.....lol....lol...lol you'll be the first I guess. Just like you would have been one of the good ones at every point in history where there was injustice... Lol the self-righteousness of people like you is laughable: also the reason trump is in the white house.
Bye the way, I'm gen X, the last of the good generations.

 

[Ree4]

I think you're being obtuse. Everything you are saying is that point that was being made.
"it's always about timing" was the point being made. You are implying it's the boomers fault but then it's a timing issue.
"absolves them of all responsibility" who said that? you're implication is that it's ok to blame "boomers" because boomers have made all the decisions in our country since they became adults....

As for the bolded.....lol....lol...lol you'll be the first I guess. Just like you would have been one of the good ones at every point in history where there was injustice... Lol the self-righteousness of people like you is laughable: also the reason trump is in the white house.
Bye the way, I'm gen X, the last of the good generations.

I was being facetious, people always complain about their high rates in the 70's and 80's, but that ignores all the other factors. If you remove the variable of timing out of the equation, my results stand. The only way to know if you're timing the market right is if you've already missed it. Gen X eh? Wouldn't have guessed that from your handle.

Edit: I'm feeling generous today so I'll even spell this one out for you. Lets compare the dips. When rates were at their lowest relative to their timeframe.

We'll use the lowest median rate in recent history, 2020 at 3% for reference. Median HH income was $67,521. Median home price of $329,000. Payment of $1387.

Now we'll look at 1971 as another low point in rates, roughly 7.44%. Median HH was $10,290, median home price of $25,200.

When you compare the two ratios, the cost of a 30 year mortgage was still 20%, exactly the same as my earlier example, higher in 2020 relative to 1971.

Timing. Doesn't. Matter. It's still more expensive to buy a in recent times than it was for the "back in my day folks". It's not going to get better.

Lets consider the other pieces I mentioned as well. Household median income doesn't account for the fact that more households have dual incomes than they did in the other timeframes we're analyzing. It doesn't account for the fact that the barriers to entry are much higher now. Degrees, student loan debt. Our production relative to our wages are higher now than they ever have been.

I'll repeat what I said earlier: people today are working more, producing much more than ever, are paid less for that production and are spending more for housing. Clearly.

 

[Kelsers]

The sooner the boomers all die off the better we’ll be.

What has this country come to?

 

[Nole-4-Life]

My first job in town paid me .65 cents per hour. I would work with a crew during the summer baling hay for $1.00 per hour. When I got out of the Army I moved home for a while. I managed to save $1,050.00 by the day I got married. We lived in a drafty $50 a month rental for the first two years. We we finagled a place in the country I started out by buying one Holstien bull bottle calf for $50 - I sold him at #500 and bought 4 Holstien bull bottle calves the same day for $160...I was a 23 year old father of one married to a beauty queen living on a 4 acre rental and owned 4 head of cattle...what more could a guy want?

Pic of beauty queen?

 

[Kelsers]

That much is crystal clear unfortunately.

What are you doing about it dipshit?

 

[Kelsers]

Unfortunately, they aren't done laying waste to our society. Their final act of pulling up the ladder behind them will be leaving behind a destroyed country and a mostly uninhabitable planet.

And what are you doing about it moron?

 

[HawkNester]

What has this country come to?

Well considering Trump just declared himself king, clearly more needs to be done to rectify the situation.

 

[HawkNester]

What are you doing about it dipshit?

Look, another inbred bot.

 

[Kelsers]

Look, another inbred bot.

Oh look, another short bus dude.

 

[HawkNester]

Oh look, another short bus dude.

Thanks for verifying. Let me guess, we’ve got another rural hillbilly on our hands.

 

[Kelsers]

Thanks for verifying. Let me guess, we’ve got another rural hillbilly on our hands.

Let me guess, you're an uneducated dipshit.

 

[franklinman]

And what are you doing about it moron?

Thats easy, he keeps voting for an old mentally ill BOOMER thats in his second stage. Give him anther month and nobody will be sitting close to his barn field smelly OLD ass. But he is a happy CON who loves to complain.

 

[HawkNester]

Let me guess, you're an uneducated dipshit.

Nope, wrong again. Let me guess, based on your handle, you’re definitely a high school dropout?

 

[Kelsers]

Nope, wrong again. Let me guess, based on your handle, you’re definitely a high school dropout?

You are persistent. Please change your Board name to HuskNester. You aren't worthy of being a Hawkeye fan.

 

[artradley]

Oh I read it alright. First off, the payment for a $426k house today would be closer to $2811 for a 30 year fixed. I just looked. The payment in 2025 is about 4.27 times the payment in 1980. Median household income in 2025 ~ $75000; 1980~ $21000 = about 3.57. It's fair to conclude from this info that the cost to own a home, relative to the median household income, is ~ 19.6% higher in 2025 than it was in 1980.

And the average house in 1980 was 1500sqft, compared to today's 2400sqft.

I have two children in their 20's, and I know they face a tough task to buy a house. On the other hand, it would be pretty easy for them to afford a house like the one they were born in. But they don't want a 50 year old, 1500sqft cape cod with white appliances and Formica countertops and no garage like my wife and I bought.

The bottom line is that it's not a simple topic. And it varies from year to year and from region to region.

 

[RileyHawk]

And the average house in 1980 was 1500sqft, compared to today's 2400sqft.

I have two children in their 20's, and I know they face a tough task to buy a house. On the other hand, it would be pretty easy for them to afford a house like the one they were born in. But they don't want a 50 year old, 1500sqft cape cod with white appliances and Formica countertops and no garage like my wife and I bought.

The bottom line is that it's not a simple topic. And it varies from year to year and from region to region.

Exactly. A big reason homes cost more today than in the 70s is because they have more. More space, more bathrooms, air conditioning, attached double garages, etc. etc. etc.

The comparison based solely on costs is simplistic and skewed.

 

[HawkNester]

You are persistent. Please change your Board name to HuskNester. You aren't worthy of being a Hawkeye fan.

I’ll bet I’ve done more for the University as a student and alum than you.

 

[franklinman]

Bought my 1st house 1968 for $5,000, 12 acres, with an old farm house that hadn't been lived in for 10 years. It took over a year to get it livable, water, electric, furnace roof, windows, kitchen baths and foundation repair, thanks AMISH for that job. After 2.5 years we were finally comfortable in that house, and continued to work on the house. Lived in an old mobile home for FIRST 2 years. First loan was 12%, can't remember total i borrowed.

 

[srams21]

And the average house in 1980 was 1500sqft, compared to today's 2400sqft.

I have two children in their 20's, and I know they face a tough task to buy a house. On the other hand, it would be pretty easy for them to afford a house like the one they were born in. But they don't want a 50 year old, 1500sqft cape cod with white appliances and Formica countertops and no garage like my wife and I bought.

The bottom line is that it's not a simple topic. And it varies from year to year and from region to region.

There are two issues here. One is that they stopped making those 1500 sq. ft homes in large quantities about 30 to 40 years ago.

The second issue is that because of that, as you mentioned, those size homes are now 50+ years old. Back when you bought a house there were probably plenty of 1500 sq. ft homes (or smaller) that were maybe only 10 years old.

Like you said though, it's not a simple topic and there are no simple solutions.

 

[TC Nole OX]

What are you doing about it dipshit?

Struck a nerve? Good! You should feel guilty about what you and your generation have done to this country and planet. Maybe try living out your life by being less selfish.

 

[Kinnick.At.Night]

Great thread. 😂

 

[Kelsers]

Struck a nerve? Good! You should feel guilty about what you and your generation have done to this country and planet. Maybe try living out your life by being less selfish.

Eff you and GFY! What are you going to do about it? Younger generations don't take any responsibility.

 

[Kelsers]

I’ll bet I’ve done more for the University as a student and alum than you.

You're probably inbred so that could make a difference, but how old is your dad?

 

[HawkNester]

You're probably inbred so that could make a difference, but how old is your dad?

You should change your handle, it’s too easy. 🤣

 

[Kelsers]

You should change your handle, it’s too easy. 🤣

Bye Bye

 

[TC Nole OX]

Eff you and GFY! What are you going to do about it? Younger generations don't take any responsibility.

So typical of a Boomer, can dish it out but can’t take it.

Be less selfish today and every day, old fella