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(Twitter)   Millennials need to stop throwing their money away on avocado toast and artisan toothpaste   (twitter.com) divider line
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3911 clicks; posted to Main » on 06 Jul 2022 at 1:05 AM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-07-05 8:21:01 PM  
Original Tweet:

 
2022-07-06 12:43:52 AM  
That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.
 
2022-07-06 1:07:56 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


It looks like manufactured homes in Florida. Until very recently you could get that.
 
2022-07-06 1:10:02 AM  

Intrepid00: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

It looks like manufactured homes in Florida. Until very recently you could get that.


one foundation away from a double wide
 
2022-07-06 1:12:08 AM  
FWIW, in 2021 the average *closing costs* alone for a house were $6,837.
That's basically just the handling fee for the paperwork involved in getting a mortgage.
 
2022-07-06 1:12:09 AM  
Mom and Dad bought their first home in Dade County in 1949.
They paid $4900 for a 2/1 CBS house with a gravel roof.

It sold in 1980 fpr $66000.

Same house today ia a 5/4/2 with front yard totally in concrete.
Zillow says estimate of 593,000.
 
2022-07-06 1:13:04 AM  
Average salary in 1955 was $4400.
Minimum wage was 75 cents an hour.
Corvette would run you around $2200
 
2022-07-06 1:13:25 AM  

Intrepid00: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

It looks like manufactured homes in Florida. Until very recently you could get that.


Looks like?  I saw your post and had to scroll back up because I could have sworn the picture said Florida.  "That guy's an idiot!  It says Florida right there!"  Nope.
 
2022-07-06 1:17:42 AM  

Herr Flick's Revenge: Average salary in 1955 was $4400.
Minimum wage was 75 cents an hour.
Corvette would run you around $2200


So 1.69:1 ratio. Very doable.

I literally looked this up yesterday in a spreadsheet building session trying to get some hard numbers behind the "invest the difference" crowd of home buyers. Median salary is closer to $67k. Median house... $347k, or a 5.17:1 ratio. That literally an impossible number for virtually everyone.
 
2022-07-06 1:20:59 AM  

arkansized: Mom and Dad bought their first home in Dade County in 1949.
They paid $4900 for a 2/1 CBS house with a gravel roof.

It sold in 1980 fpr $66000.

Same house today ia a 5/4/2 with front yard totally in concrete.
Zillow says estimate of 593,000.


That's about right though, isn't it?

35 years ~= 10x inflation.
6,000 in 1950 =
60,000 in 1985 =
600,000 in 2020
With a bit of a margin for error.
 
2022-07-06 1:25:43 AM  

Herr Flick's Revenge: Average salary in 1955 was $4400.
Minimum wage was 75 cents an hour.
Corvette would run you around $2200


a $4,400 salary in in 1955 adjusted for inflation alone would be $47,988.90 in 2022 dollars.
That $47.92/mo cost would be just 13% of the average income (pre-tax)
$47.92/mo adjusted for inflation is $522.64 in 2022 dollars.

Meanwhile, average rent for a 2-bedroom place in 2022 is $2,047.
Average annual salary in 2022 is $53,490.
$2,047/mo x 12 = $24,564/year, or a whopping 45% of the average pre-tax salary.

No matter how you dice it, the younger generations are getting royally shafted in the housing market, while grandpa won't stop biatching about how young people these days are just too lazy to work and make something of themselves, unlike himself who was a go-getter who had the tenacity to take a part-time summer paper round to put himself through college, buy a car, and put a down payment on a house at the end of that summer. Kids these days!
 
2022-07-06 1:29:00 AM  

Sim Tree: arkansized: Mom and Dad bought their first home in Dade County in 1949.
They paid $4900 for a 2/1 CBS house with a gravel roof.

It sold in 1980 fpr $66000.

Same house today ia a 5/4/2 with front yard totally in concrete.
Zillow says estimate of 593,000.

That's about right though, isn't it?

35 years ~= 10x inflation.
6,000 in 1950 =
60,000 in 1985 =
600,000 in 2020
With a bit of a margin for error.


Thanks for the math.
It pretty well fits my guesstimate.
 
2022-07-06 1:34:15 AM  

ajgeek: Herr Flick's Revenge: Average salary in 1955 was $4400.
Minimum wage was 75 cents an hour.
Corvette would run you around $2200

So 1.69:1 ratio. Very doable.

I literally looked this up yesterday in a spreadsheet building session trying to get some hard numbers behind the "invest the difference" crowd of home buyers. Median salary is closer to $67k. Median house... $347k, or a 5.17:1 ratio. That literally an impossible number for virtually everyone.


My wife and I bought a house in 2003, at the "height of the market" when if you didn't put an offer in while you were touring a house, you weren't getting that house, kinda like...now.  Our combined salary at the time would have been around $130k or so.  We were "approved" for a loan of $450k.  Our mortgage loan officer said "Look, yes you got approved for $450k, I am not writing you a loan for $450k, that's stupid".  Our place cost $214k, so even only 20 years ago, right in the "1.5x salary".  We were both fairly well paid for what we do, and felt like we were stretching even for a "starter house", but it was paid off in under 10 years, and we've put at least the $214k again into renovations, and maintain zero debt of any kind because we're cheap.  (I remain constantly terrified of losing healthcare).

I certainly couldn't afford to do that right now in this market.  No damn way.  Even if we wind the clock back and we're 30 making what we make now.  My income is like top 1% for someone 20 years younger than me.  It's all ridiculous, and yet my late millennial relatives are all recent homeowners somehow or other.

.
 
2022-07-06 1:36:18 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


I have a '96 Ford Cargo Van, 600k mls, kinda sorta running, and I can get you into it for about $499/mo for 96 months. Of course, it's a lease with $2995 down.
 
2022-07-06 1:45:46 AM  
What? You can just buy a house?
i.ytimg.comView Full Size
 
2022-07-06 1:52:47 AM  

Herr Flick's Revenge: Average salary in 1955 was $4400.
Minimum wage was 75 cents an hour.
Corvette would run you around $2200


How much was an iPhone in 1955?
 
2022-07-06 2:05:35 AM  
How many 2br/1ba houses do they even build anymore?

All I see is gigantic ugly three story boxes crammed together.
 
2022-07-06 2:09:25 AM  
$7450 in 1955 is 81,253 in today's dollars.
 
2022-07-06 2:17:27 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


I've been told I live in bumble fark. 80,000 houses are a thing of the past. If I had gotten my current job 4 years ago, I could have gotten my house if it was for sale for that.

It is no longer that. And it's not a pre-fab like this is. The prefabricated houses built in the mid aughts sell the same as my house in my area of nowhere. Even people who started Barndominiums 3 years ago at my job had to shell out an extra 20 grand in the last 2 years, pushing their 100k mortgages into 150/175 as they dip into their savings over wanting bigger mortgages.

And you can claim "rich people problems" if you wish, but no one is cracking 80K at my job that doesn't wear a suit and tie or work 70 hours a week.

Unless you are one of those tough guys that think working an extra job makes you better than everyone. Then you go do you.
 
2022-07-06 2:18:58 AM  
The most infuriating thing about it all, for me, is that I've always been right under being able to afford what I want in my area. And every time I've gotten a pay increase, the market has climbed to be... right out of reach again. Farking rotten-arse carrot.
 
2022-07-06 2:30:14 AM  

WhippingBoi: How much was an iPhone in 1955?


I think a phone line was about $3 to $6 a month and the low end might have been a party line to share with your neighbors.   If that is correct, about 5 to 10% of a house payment just for a phone.
 
2022-07-06 2:40:09 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


In 1972 one of these

Fark user imageView Full Size


Cost $41k brand spanking new.
 
Azz [TotalFark]
2022-07-06 3:06:10 AM  
I just purchased a cardboard box from a homeless guy for $2k and a blowjob. Avocado toast is a long way away for me

/I know what you're thinking but he gave me the blowjob. I'm not crazy
 
2022-07-06 3:09:18 AM  

Sim Tree: arkansized: Mom and Dad bought their first home in Dade County in 1949.
They paid $4900 for a 2/1 CBS house with a gravel roof.

It sold in 1980 fpr $66000.

Same house today ia a 5/4/2 with front yard totally in concrete.
Zillow says estimate of 593,000.

That's about right though, isn't it?

35 years ~= 10x inflation.
6,000 in 1950 =
60,000 in 1985 =
600,000 in 2020
With a bit of a margin for error.


According the an inflation calculator $4900 in 1949 would be equivalent to $60,178 now. The house cost 10x more than inflation would dictate and that's the problem. $600k now would be like paying $49k in 1949.

https://www.usinflationcalculator.com/
 
2022-07-06 3:15:25 AM  
*sighs in Canadian housing crisis*
 
2022-07-06 3:16:34 AM  

Azz: I just purchased a cardboard box from a homeless guy for $2k and a blowjob. Avocado toast is a long way away for me

/I know what you're thinking but he gave me the blowjob. I'm not crazy


Sounds like you need the artisan toothpaste.
 
2022-07-06 3:17:24 AM  

Slaxl: Azz: I just purchased a cardboard box from a homeless guy for $2k and a blowjob. Avocado toast is a long way away for me

/I know what you're thinking but he gave me the blowjob. I'm not crazy

Sounds like you need the artisan toothpaste.


Oh ffs. I didn't read the slashy

/never do
//Until it's too late
 
2022-07-06 3:24:54 AM  
Can people finally admit that housing prices have been manipulated and manufactured by sellers to boost profits?
 
2022-07-06 3:51:29 AM  

inglixthemad: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

In 1972 one of these

[Fark user image 425x283]

Cost $41k brand spanking new.


41K in 1972 dollars is $286,701.82 in 2022 dollars.

1972 median salary for men was $7,450 so 41K was 5.5 years of median salary.
2022 median salary is $51,480, and the inflation-adjusted 286K is still almost exactly 5.5 years of median salary.

/New beechcraft bonanza G36 is 14.6x median 2022 salary, still far less than the housing prices have jumped since 1972.
 
2022-07-06 3:53:07 AM  
many years ago at a Thanksgiving get together I heard my mum telling a nephew what their bills were like in the 60's and 70's. the mortgage included taxes and insurance. their $13.5K house cost them $83.00/month. if you saw how we lived you'd have guessed mum and dad brought home a combined income of $100/month to cover the 6 of us.
 
2022-07-06 3:55:18 AM  

Azz: I just purchased a cardboard box from a homeless guy for $2k and a blowjob. Avocado toast is a long way away for me

/I know what you're thinking but he gave me the blowjob. I'm not crazy


how does the box smell?
 
2022-07-06 4:29:43 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


It was in the middle of an undeveloped swamp about an hour from the closest grocery store, so it's not terribly difficult to find similar today.
 
2022-07-06 4:30:13 AM  

Salmon: Azz: I just purchased a cardboard box from a homeless guy for $2k and a blowjob. Avocado toast is a long way away for me

/I know what you're thinking but he gave me the blowjob. I'm not crazy

how does the box smell?


A bit nutty
 
2022-07-06 4:39:12 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


It's in Miami, specifically Westwood Lakes.

From listings I see online, today those properties (and I mean buildings of that style built in about 1955) are probably $350-500,000.

Today that is an overwhelmingly Hispanic neighbourhood with a median family income of ~$45,000.
 
2022-07-06 6:13:10 AM  
CSS time

We had a client who just recently died at over 100.  He came back from WW2 (non war, office stuff) got married and bought a house in a sleepy farming town.    The house was $3000 for 2 bedrooms, one bath. No garage.  He told his wife he would never pay off the house....  Then they had kids and they added on. It cost them $5000 to put that on.  He told his wife that would never be paid off.  His kids told us this story, we all had a good laugh.

The sleepy farming town is now a a very yuppy, McMansion  highly sought after zip code to live in.  The house, which was tiny and a lot that is laughable , sold for $350K.  The zillow pics on the inside were a time capsule to the 60's, when the last updates occurred.

He was teacher. she was a homemaker.
 
2022-07-06 7:01:23 AM  

Excelsior: inglixthemad: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

In 1972 one of these

[Fark user image 425x283]

Cost $41k brand spanking new.

41K in 1972 dollars is $286,701.82 in 2022 dollars.

1972 median salary for men was $7,450 so 41K was 5.5 years of median salary.
2022 median salary is $51,480, and the inflation-adjusted 286K is still almost exactly 5.5 years of median salary.

/New beechcraft bonanza G36 is 14.6x median 2022 salary, still far less than the housing prices have jumped since 1972.


I'm not seeing those 1972 numbers.
According to the US Census Bureau, median income was $11,120.
According to HUD historical data, median sold housing was $30,500.
That's a 2.74:1 ratio, which doesn't even compare to the 5.5 you're declaring.
/Bottom line, [Citation Needed]
 
2022-07-06 7:22:56 AM  
Artisan toothpaste that tastes like avocado?
 
2022-07-06 7:25:14 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


Considering how tiny that house looks... away from major cities, 80k seems right.

No basement, only 2 beds, only 1 bath, no garage... the square footage is probably about the size of an apartment.  Honestly, it'd probably be less than 80k because NO ONE wants to buy a house like that these days.  (I mean, besides me)

Houses have gotten much bigger since the 50s.  That's a BIG reason they've gotten so much more expensive.
 
2022-07-06 7:48:52 AM  

ByOwlLight: The most infuriating thing about it all, for me, is that I've always been right under being able to afford what I want in my area. And every time I've gotten a pay increase, the market has climbed to be... right out of reach again. Farking rotten-arse carrot.


Yeeeeeah.

Market, any year: "You need X for down payment"
You: "ok. Nice, this year I saved Y < X for my down payment, should be ready soon".
Market, year +1: "you need (X + Z with Z > Y) for down payment"
Me: "Fuuuuuuuuuuuuu"
 
2022-07-06 7:50:33 AM  

jake3988: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

Considering how tiny that house looks... away from major cities, 80k seems right.

No basement, only 2 beds, only 1 bath, no garage... the square footage is probably about the size of an apartment.  Honestly, it'd probably be less than 80k because NO ONE wants to buy a house like that these days.  (I mean, besides me)

Houses have gotten much bigger since the 50s.  That's a BIG reason they've gotten so much more expensive.


Is it including the property or is it just a pre fab that you need to buy a plot for?
 
2022-07-06 7:53:24 AM  

Chabash: jake3988: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

Considering how tiny that house looks... away from major cities, 80k seems right.

No basement, only 2 beds, only 1 bath, no garage... the square footage is probably about the size of an apartment.  Honestly, it'd probably be less than 80k because NO ONE wants to buy a house like that these days.  (I mean, besides me)

Houses have gotten much bigger since the 50s.  That's a BIG reason they've gotten so much more expensive.

Is it including the property or is it just a pre fab that you need to buy a plot for?


There is usually a lot fee to pay. More than an HOA.
 
2022-07-06 7:59:59 AM  

ajgeek: Excelsior: inglixthemad: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

In 1972 one of these

[Fark user image 425x283]

Cost $41k brand spanking new.

41K in 1972 dollars is $286,701.82 in 2022 dollars.

1972 median salary for men was $7,450 so 41K was 5.5 years of median salary.
2022 median salary is $51,480, and the inflation-adjusted 286K is still almost exactly 5.5 years of median salary.

/New beechcraft bonanza G36 is 14.6x median 2022 salary, still far less than the housing prices have jumped since 1972.

I'm not seeing those 1972 numbers.
According to the US Census Bureau, median income was $11,120.
According to HUD historical data, median sold housing was $30,500.
That's a 2.74:1 ratio, which doesn't even compare to the 5.5 you're declaring.
/Bottom line, [Citation Needed]


I blame google, it was the first number that came up when I looked earlier, but don't see it anymore. I stand corrected.
 
2022-07-06 8:07:19 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


The hardest part is finding anywhere that builds modest 2/1 homes instead of five bedroom mini mansions in a gated community. At least in Florida.
 
2022-07-06 8:23:28 AM  
Mom and Dad bought their first house in 1968 in small town Wisconsin for $12000. In 1971 they bought their second for $35000. When we sold it 6 years ago after Mom passed away it sold for $165,000. It sold again last year for $251,000. 3 bedroom 1-1/2 bath, finished basement with a second full kitchen.

I see the prices in cities around the country and am amazed that people can figure out how to pay for them. Even some areas here (like Madison and the Fox Valley) are becoming outrageous. I live in a small town just outside Milwaukee in a townhouse condo. There are 8 units, all in one row and the condo on the end sold last fall for $65k over what I bought mine for 5 years ago. Even factoring in the $12k I have done in improvements (new windows, new A/C, new garage floor) that is quite an increase in value
 
2022-07-06 8:24:51 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


Most likely Florida. It has palm trees and louvered windows.
 
2022-07-06 8:34:19 AM  

Excelsior: ajgeek: Excelsior: inglixthemad: nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.

In 1972 one of these

[Fark user image 425x283]

Cost $41k brand spanking new.

41K in 1972 dollars is $286,701.82 in 2022 dollars.

1972 median salary for men was $7,450 so 41K was 5.5 years of median salary.
2022 median salary is $51,480, and the inflation-adjusted 286K is still almost exactly 5.5 years of median salary.

/New beechcraft bonanza G36 is 14.6x median 2022 salary, still far less than the housing prices have jumped since 1972.

I'm not seeing those 1972 numbers.
According to the US Census Bureau, median income was $11,120.
According to HUD historical data, median sold housing was $30,500.
That's a 2.74:1 ratio, which doesn't even compare to the 5.5 you're declaring.
/Bottom line, [Citation Needed]

I blame google, it was the first number that came up when I looked earlier, but don't see it anymore. I stand corrected.


Here's all you need to know:

That Bonanza could be bought new by a local LA News (not the star or a national reporter) with a stay-at-home wife and a couple kids, in the 1970's. Heck, a couple of buddies could partner up and buy one even if they were just regular blue collar workers who liked to fly.

After trickle down economics and nearly 50 years of artificially enforced wage stagnation? You have to be in the top 10% (at least) in the country to afford a new Bonanza... the top 5% being more likely.
 
2022-07-06 8:59:07 AM  
The homes in TFA were a rip-off.  Any pre-fab home built before 1976 was almost guaranteed to be a complete POS due to the lack of construction standards.  It was very much a caveat emptor back then.
 
2022-07-06 9:33:17 AM  

nmrsnr: That's about $80,000 today, with the payments at $512/mo.

I have no idea where that is, but it's not impossible to find in some places today.


The impossible part is finding a new single family home that's only 2bd/1ba with a yard.
 
2022-07-06 9:39:37 AM  

inglixthemad: Here's all you need to know:

That Bonanza could be bought new by a local LA News (not the star or a national reporter) with a stay-at-home wife and a couple kids, in the 1970's. Heck, a couple of buddies could partner up and buy one even if they were just regular blue collar workers who liked to fly.

After trickle down economics and nearly 50 years of artificially enforced wage stagnation? You have to be in the top 10% (at least) in the country to afford a new Bonanza... the top 5% being more likely.


Yeah, but the maintenance, hangar and fuel costs are outrageous.  Renting a plane makes more sense for most people.  The average non professional pilot only flies so many hours a year.
 
2022-07-06 9:51:27 AM  
If you read the fine print, it comes with reservations for the whole family for nearby Vault 111.
 
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