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Thread: Co-Living is Booming....

  1. #21
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    RMNIXON's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    This boomer didn't get $#@!. I grew up church mouse poor (handmedowns were new to us). I paid back every nickel of my college and law school loans at Reagan-era interest rates (no interest deduction by the way). Lived in the ghetto of Cleveland until I could afford to do otherwise and still work 65-70 hours a week. So, yes: USA number one!
    Both my parents came from poor families who mostly rented. They paid off three homes having sold the first two including the one I grew up in.


    As related to the OP story I have heard about changes in local Zoning laws to accommodate more renting.
    "Empires do not suffer emptiness of purpose at the time of their creation. It is when they have become established that aims are lost and replaced by vague ritual" - DUNE Messiah by Frank Herbert

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  3. #22
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    carolina73's Avatar Senior Member
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    Ethereal has a good point though. The debt we created under Bush and Obama was unforgivable. We should have shut the government down on budget battles rather than give into the Democrats on social spending. Once we allowed it then the addicts needed more and more.
    The deficit was Trump's big failure as President. The Democrats created it so they were in no position to use it against him. Trump thought he could outgrow the deficit but COVID hit and gave the government thieves the upper hand.

    Now here we are with Biden who feels he has every right to ignore the debt he creates.
    Let's go Brandon !!!

  4. #23

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    Quote Originally Posted by carolina73 View Post
    Ethereal has a good point though. The debt we created under Bush and Obama was unforgivable. We should have shut the government down on budget battles rather than give into the Democrats on social spending. Once we allowed it then the addicts needed more and more. The deficit was Trump's big failure as President. The Democrats created it so they were in no position to use it against him. Trump thought he could outgrow the deficit but COVID hit and gave the government thieves the upper hand. Now here we are with Biden who feels he has every right to ignore the debt he creates.
    I 100% agree with Ethereal on the debt but to tie it to house prices?
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    carolina73's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    I 100% agree with Ethereal on the debt but to tie it to house prices?
    I think he was tying it to the inability to afford the houses at current prices.

    Houses are far from just following inflation like wages tend to do.
    Let's go Brandon !!!

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    Common's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    I haven't heard 40%.
    My daughters friend another teacher applied for a mortage, good job, stable employment her and her husbands income is great..good credit score, the bank required 40% because of two hits on their credit report they didnt know about. Is it a general rule I doubt it but its certainly being applied to people with slight marks against them....

    Dave banks are very gunshy, they actually are scared to death, with houses sometimes selling double their value for the last year and half,, when that flops and if the mortager loses their job and defaults...they will get stuck with the inflated prices in the mortgage...this is going to get ugly when the market drops...theres not a house for sale around here, they list it and its sold before they put it on the multiple listing the realtors have lists with what their buyers want
    LETS GO BRANDON
    F Joe Biden

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  8. #26
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    carolina73's Avatar Senior Member
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    Quote Originally Posted by Common View Post
    My daughters friend another teacher applied for a mortage, good job, stable employment her and her husbands income is great..good credit score, the bank required 40% because of two hits on their credit report they didnt know about. Is it a general rule I doubt it but its certainly being applied to people with slight marks against them....

    Dave banks are very gunshy, they actually are scared to death, with houses sometimes selling double their value for the last year and half,, when that flops and if the mortager loses their job and defaults...they will get stuck with the inflated prices in the mortgage...this is going to get ugly when the market drops...theres not a house for sale around here, they list it and its sold before they put it on the multiple listing the realtors have lists with what their buyers want
    In the housing crisis the average price of a house dropped 19%.
    The government made it difficult for banks to foreclose and evict but their were also few consumers looking to buy. Then angry people blamed their banks and stripped the houses on the way out, leaving even more expense or loses. Then the banks had to pay realtors to sell the properties.

    The lesson the banks learned from the Housing Bubble are reflected in that 40% down payment and suddenly look realistic.
    Let's go Brandon !!!

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    Common (05-17-2022)

  10. #27
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    Quote Originally Posted by DGUtley View Post
    The rise of live-in landlords, explained
    Attachment 49034


    As home prices and mortgage rates continue to climb, new homeowners are embracing a skill learned by many in kindergarten — sharing. More Americans are renting out rooms in their own homes to fund mortgage expenses and recoup cash, according to Bloomberg.

    Homesharing… is a way for younger Americans to break into a housing market that’s experiencing a wee bit of a supply issue. According to Freddie Mac, the US is short ~3.8m housing units, which has greatly impacted prices.
    In 2021:
    · Home prices rose by 19%, and are expected to rise ~6% this year
    · 80% of metro areas saw home prices increase 10% or more
    As costs rise, the number of buyers who would consider renting out a portion of their home has jumped from 24% in 2019 to 31% in 2021.
    But it differs by generation

    While 67% of millennials are open to sharing their homes in exchange for cash, that number drops to 57% for Gen Z and 34% for baby boomers.
    This is partly out of necessity:
    · Millennials have 20% less wealth than their parents did at the same age.
    · The average price of a home today is ~$328k, compared to the ~$216k boomers spent in 1989, adjusted for inflation.


    Attachment 49033


    Attachment 49035


    Attachment 49036






    https://tidymails.com/the-hustle/co-...lained/290697/

    I can't remember where but at least one municipality is trying to limit this, because free market is bad

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