My landlord recently told me how much they think the place I’m renting would sell for, and now idk why the owners even bother renting to me because the price is like 50 years worth of my rent.
It’s because your landlord never paid for it. The bank did. You’re paying the interest on his loan.
They mean if they sold it now they’d have 50 years of rent now, instead of waiting 50 years to accumulate that amount. All that money now is worth more then getting it later.
Because he gets a steady supply of money and then in 10-20 years it will be worth 100 years of your rent on top of the 10-20 they collected already.
Well you see, he can take a loan on the equity, you pay the loan for him and he doesn’t have to pay any where near as much in taxes. You’re just helping out a landlord in need.
You should all come to my town middlesbrough in the uk my 3 bedroom was just £91k in 2018.
We have like 9 jobs… so you have to share mind…
How’s the internet? Asking for a friend
We are just getting the good stuff, 1GB speeds. If you mean Mobile Internet then its much more patcy…
And they use the 3mil to buy a nice small house and outbid a working class family that currently live in a 2 room apartment
As a rental, obviously. No way they’d actually live there like poors.
You still can! You just gotta really lower your standards for what a “house” is
Yup. I’m down with a toy hauler rv (If I decay much more I’ll need a ramp) and my favorite apartment was 500 square feet. I found a decent plot of undeveloped land near where I want to retire. An rv could get us started, and we can use our camping gear for an extra “indoors” room.
Can you legally live in an RV there? i have some vacant rural land, but the county laws dont allow camping or RVs. They also ban structures until you build a dwelling of at least a certain size.
Not even allowed to be poor on your own land
The oldest sale I could easily find was 1988, when it sold for $338,000 or about $956,400 today. In 1960 when it was built it likely sold for $15,000 and $22,000 so about $249,077 today. So from 1960 to 1988 it increased by 3.84x and from 1988 to now it increased by 3.16x. Wages increased by around 5.2x from 1960 to 1990 and about 2.4x from 1990 to 2025. In 1988 the house was 10.5x the average American families gross annual income. In 1960 it was 3.9x the income and today it’s 36x the average American families gross annual income. I didn’t really account for the area so the last part should really be done for California. Even today it’s not fair to lump in the economics of somewhere like West Virginia or Mississippi with California. Either way it’s probably more accurate to use the median instead of average.
San Jose is not considered Southern California. It is Silicon Valley.
visits silicon valley
no silicon in sight
mfw
Was there a valley at least?
Its all under the skin
Updated
Some loud Boomers aren’t all Boomers. There are so many I know who still need to work as they can to cover rent.
Not all boomers! 🤣🤣🤣
Maybe it’s fun to compare, so here’s what prices are like in frozen/sweltering prairies for those curious. Edmonton Area (Satellite city) in Northern Alberta also keep in mind these are in Canadian Dollars. A bi-level now is around $470k. My bi-level is 1200sqft (Alberta doesn’t count the basements) and was $325k in 2016 for an idea of the rate the prices are going up here.
1925 build, oldest part of the city is the cheapest I found here before getting into trailers, shipping container apartments, and tiny in-fills:
Duplex prices:
Bungalow:
Bi-Level:
Larger/Newer:
I wouldn’t want to live in Alberta anyway
Same
Right. I had to get up in the morning at ten o’clock at night, half an hour before I went to bed, eat a lump of cold poison, work twenty-nine hours a day down mill, and pay mill owner for permission to come to work, and when we got home, our Dad would kill us, and dance about on our graves singing “Hallelujah.”
But you try and tell the young people today that… and they won’t believe ya’.
Nope, nope…
A Monty Python reference? In this economy???
Who knows all of these boomers scolding anyone? I’ve never heard one say that. Do I only know or am I only related to nice boomers?
- It’s corporations buying up all of the extra housing
- It’s price fixing the rentals and housing through software they bought up.
You have nice boomers. Mine understand the inherent changes in the market since they were our age, but they still blame us for not doing what they did.
Not much different in Germany either. What once was needed to buy a decent house is now merely enough for a tiny apartment.
I just recently sold one of my houses for 900k. Which I bought for 300k 25yrs ago. And it even was due for major renovations. Well, could have. Actually sold to them for 500. Didn’t wanna be an idiot but also didn’t want to rip them off. I did nothing of value to justify that gain. And they were very happy. Still unfair…
The market is broken.
“one of my houses”
Have you considered that you are the problem?
Why? Unless you’ve got hundreds of millions or more, you’re just another poor sobbing bastard for the elite. Just a bit less poor than the others. Insignificant in everything.
Also, I paid double market-average for employees, with come-and-go-as-you-please and profit-sharing. Everyone.
I rent the houses/apts dirt-cheap. At the legally allowed minimum but with hidden added boni or paybacks or whatever else I come up with. Free power, free water etc. I don’t want to profit of someone else’s inability to own. I want to be able to look in the mirror without disgust.
And also I work for free in a shelter-thingie for abused or broken people, I help where I can.
If everyone would do that, we’d all be better off, wouldn’t we be?
What do you do to better society with the given means? Considering I’m the problem and you’re not? Egocentrism, narcissism, missing empathy and machiavellism (so basically the dark triad) are the root sources that rot the world (while being highly rewarded), not money.
I have a friend with five. He’s a traveling physician and has five practices each at least a hundred miles away from each other. I don’t entirely see him as part of the housing problem because he has a use for these houses that isn’t vacation.
Folk are mostly friends on here, so can you ease off the attack please?
Hey! This is in California, which means it’s in the communist demoncrats turf. You need to move to Goshen Hole , Iowa, that’s where you can get a house for a more affordable price, and not be able to continue working in your career.
They’ll pay you to move to South Dakota, but you know, you have to live there
I love the badlands so like if I didn’t love where I live I’d consider it
You ever see the prices for a condo in the bay area? Its just as much as a house in some instances
My friend’s monthly condo HOA fees in Mountain View are more than I used to pay on rent.
I mean it’s mountain view. Could be worse, could be redwood city. Either way they get to eat at los gallos, one of the best taco huts in the bay
Every time I’m back there I stop at El Chacho. I’ll check out Los Gallos in a few weeks.
Who paid $3m… wouldn’t that be a huge part of the problem too?
It’s San Jose. That is chump change there.
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Most boomers don’t really know how money works. They only had their lifestyle because of American manufacturing and taxing the world though usd printing. We gave those jobs to China, and now the money printing can’t tax the world as much because every country has been dumping Treasury bonds.
Even if we get the jobs back, the debt and inability to world tax wouldn’t bring back the same level spending power. We would have to pay the debt back which would cause a 20 yr recession.
At this point, it would be easier to learn Chinese and move to the next world power.
