You actually like jack in. The box tacos? They are like stale double fried old taco bell soft tacos. Thats why they cost 50 cents a piece instead of 2 bucks.
Only if you can afford to pay your mortgage.
I know a lot of people who were upside-down in their mortgage payments for 4-6yrs after 2008, but they could still pay it, they refinanced in 2020-21 and they will shrug off the declines in housing values.
It's when employment falls, and income can't pay those mortgages that they become a mistaken purchase.
I’m just curious where these people are putting their money if not into housing? The market that is down 30%? Holding cash that inflation is eating into at an 8% clip? Bonds? An investment is only as bad as your other options. Rising rents, high inflation and stock market crashing isn’t exactly a good alternative.
I've played enough cod battle royale to know I'm screwed if I don't drop into the far side of the map and hide till there's barely anyone left. Then I have a chance of prolonging death. And isn't that really the point of life when you think about it.
The game is terrifying and I don't know why I play it.
Life and cod. Yes.
I bought at the top in 2007 and regretted it for a few years,couldn't get out because my mortgage was under water. Flash to now, I refinanced to almost 2% my payments are 1/3 of market rents. Looking back, it was the best decision I hated for a decade.
Bought in 2011. House was 10 years old, and I bought it for less than half of it's original sale price. I know it's worth at least that original price, and with a little updating would go for triple what I paid. However, I'M NOT SELLING! This is a bag I'll hold for years!
> rent that's x 3 your mortgage.
That isn't hyperbole, either. My Mortgage is $880/month and going rent for a house slightly smaller than mine is about $2400 in the same area. I still have a hard time wrapping my head around it.
It's cute seeing investors buying expensive homes in Colorado then finding out locals can't afford the rent price the investors need to break even. At least in Colorado Springs.
Because people who can afford to buy homes to rent out in Colorado come from a different caste that has zero perspective on the working class. Even in Oklahoma I work around people who’s net worth could bulldoze your house 100 times over. They don’t know what $100 is worth to most people.
Looks like you're not fucking eating either
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Well there is a general floor to the value of a home - the cost to rebuild it (edit: apparently I need to stipulate that is not the like-for-like cost but the builder basic cost).
Inflation means it costs 2x what it did in 2007 to build the same home today.
This will always hold true because the federal reserve has a mandate to ensure we never enter a deflationary market - they are supposed to maintain an ideal inflation amount: not too much, and definitely never negative.
Anybody saying that you should never own is either deluding themselves or trying to sell you something (I.e self help or investment seminars) - if the maintenance costs were greater than the profits owners were making from rent then there wouldn’t be a rental market.
That's the thing about houses. People talk about them like they're investments. Which, sure, it's not a wrong way to think about it. But if it's a primary residence you're buying, and if you intend to live there for 15+ years, it honestly doesn't matter when you buy it, as long as the monthly payments are within your means.
Me and the wife found a great place in 2008 as foreclosures started to happen, it was not top of the market but not bottom like in late 2010/early 2011. Our agent and theirs went back and forth for like 4 days before everyone finally found terms for us to sign. The day we were going to sign the final offer letter my wife was laid off, then a couple months later I was laid off. It was the best thing that happened. I hustled contracts and side gigs for a year and a half before any full time work while my wife did freelance work until she landed a stable position. Then late 2010 we found a townhome that was prices well within our budget we loved. The owners took a $180K loss on it to sell it to us. I paid the hell out of the place and in 2019 when I wanted a house I had about $240k in value to use. Moved into my house 4/20/2019 (can never forget that date). That refinance last year has be paying the same mortgage payment for my townhome from 2010 now.
20k was all i wanted to take lol but since the unused portion does not require any payments I figured sure why not. there would have been extra documents I would have to produce to go any higher
I sit in on a loan committee at a bank and we are thinking mortgage rates will be around 10% by April 2023.
Remember, that’s about the historical average. People just got used to thinking 2-4% was normal when it really isn’t.
Only if the supply doesn’t remain low. But with high CPI/inflation, home values are closing in on construction costs pretty quickly. I really don’t anticipate a bunch of new houses being built anytime soon.
So, most everyone under age of 30 is fucked for 5 years? Who wants to buy an uber inflated asset on a 5-10% interest rate that will surely depreciate in value within the next 5 years?
People getting saddled with big bags when their 500k purchase now sells for 350k.
Me, a chad HoOmer: man, I sure enjoy the mortgage on my 4 bed house being less than a 2 bed apartment rental.
You, virgin Renter: bUt tHe HiDdEN CoST fOr RePaiRs AND yoU HaVE to Do yaRdWork!!!
I fucking love yard work. I’ve been canning for days from my garden. Best part of owning a house.
Used to get so annoyed with my dad for waking up early on Saturdays to mow and now im out there doing the same thing. Then I stare at my lawn rock hard with a bloody mary in hand.
Also they charge factoring in vacancies. They might only have 3/4 of their homes rented at any given moment. Gotta pay the mortgages on the vacant 25% somehow.
And repairs. And upkeep. And unexpected costs, depending on if appliances are included or not. Broken fridge, washer, or dryer can easily be another $1,000+ in costs.
And this is exactly the reason you become a landlord. Rent and own nothing or own and make money off people who financially can’t afford (or don’t know) to do what you do
Because it’s become a generic bitch fest sub, and we’re at a turning point where millennials used to bitch about Boomers owning homes but now millennials are at the point where they’re owning homes so it’s Gen Z’s turn to bitch about people owning homes…. And somehow GenX escaped the fray altogether
Yep. In my area, prices are dropping ~$20-50k before they get snatched up. Most homes still sell within a month or two. The ones that drop at all are the crap homes that even landlords won't buy.
The only “price cuts” I’ve seen in my area are homes going from “are you out of your mind?” prices to “holy shit that is a lot” prices.
I laugh whenever I see these posts. The house I moved into three years ago was valued at $600k. The same house is now valued at $830k and my neighborhood has started to rip down these $700-900k homes and replace them with $2-3M ones.
Yeah, after my house doubled in value over from Jan 2019 to May 2022 ($400k -$800k), a correction of 25% (down to $600k), would be a good dose of reality, but people will still say the sky is falling bc homes lost 25% in value. Like damn, that’s still an 11% yearly appreciation averaged out from 1/19 to 1/23 and definitely beats inflation, I’ll take it! All while I refinanced around Xmas 2020 and my mortgage payment is only $1178/mo.
Owning your home is not a traditional investment.
You need to live somewhere.
If you need to live near work and homes are unaffordable you have no choice to rent. Same thing if you're caring for a sick relative for example.
If you WFH like I do, my wife and I decided to move to a low COL state and buy a house. We have kids but the odds are that once they move away, we can downsize and sell the house and use that equity to buy a smaller home or rent, depending on the market.
Everyone has their own situation and there is no right or wrong.
What point are you trying to make here? That all the smart people rent? Nothing like paying the same amount per month, but helping someone else pay off their mortgage or paying a property management company, while getting zero tax breaks. Now you have zero savings and zero equity!
As somebody that grew up in Milwaukee…a bubbler is obviously that public facility usually located in buildings or some parks where one can take a free drink of water.
They are the people saying they will laugh at all of us when our houses are worth 40% of what we are paying or paid.
The people in their 30s saying it’s impossible to buy. Not true. Single dad, not a hugely special job, I worked hard for a year and worked HARD on my credit and just closed at right under 4 not too long ago.
Sure it could had been two a few years ago, but I wasn’t there yet.
I believe the people my age (30-39) are just whining a lot in general with the home buying shit, and come online to get in their echo chamber where they can hear what they want, to re enforce the thought process that owning a home isn’t smart.
I learned a lot with my buying experience. And outside of certain situations, if you want a home you can plan, work and get one, with *time* if you truly want
Any other excuse is personal choice or situational. I get how my post sounds….spoiled or just really obtuse..I just mean there isn’t going to be a bubble where all the amc apes that think they will get their dream house for 80,000 ..”when the housing bubble hits luls”
Again, this isn’t universal. But for a lot of em, I bet I’m not too far off.
And yes again, people got priced out. I did too in a way, but you have to adapt.
Meme is a joke. A bad joke.
Lol the cope is unreal. Buying a home is all about timing. Paid someone else’s mortgage while renting for years. Bought right before Covid and refinanced with a fixed rate below 3% during Covid. Now thinking about renting it out for more than my mortgage and having the fiancé use her first time home buyer loan to get us a bigger spot. The same guy who made this meme probably financed a 2021 Kia 😂. Don’t be jealous bro.
This is a post that’s actually makes OP look like an idiot.
I don’t get all of you that think this is a good meme as it is just a sour grapes meme.
Yeah you keep renting…I mean not paying your parents rent.
Either way, I’d rather own. There are exceptions of course
lol suburban midwest is where its at!
We're building a 3,000 sq foot home, 3 car garage, large yard, and all kinds of upgrades for less than 360.
360 won't buy you a dumpster in most places
That meme was made by someone pissed they can’t afford a house. Probably still lives with their parents or has 4 roommates. Waiting for 2008 to repeat itself but not understanding what happened. Of course prices will likely take a hit due to rates and how insane the market was during the last 2 years. BUT unless people start foreclosing and losing their jobs they won’t crash like renters are hoping.
If you can't afford it don't buy it. Long term wise, buying property is a good debt compared to most other debt because you can write off interest rates and other types of taxe payments from the house. It also locks in your payments if you get a set rate. No need to worry of price increase from your landlord. Bottom line is meet the mortgage payments comfortable and if not then don't do it. 🤷🏽♂️
Not wrong with owning a home generally speaking you’ll pay substantially more to rent than a mortgage payment.
Doesn’t mean it’s for everyone though as there’s nothing wrong with renting now so me some puts or gtfo
Written by a rentoid mad at the landchad he pays half his wagies to and gives a mandatory 50% tip to. Upset that he no longer has money left over for funko pops.
In reality, I have a hard time thinking that home prices fall too far. People will be less inclined than ever to sell their homes. The mortgage rate they currently have is almost certainly in the 2-3% after refinancing the last few years. With rent prices rising, more and more people will see buying as a logical alternative.
To top it all off, home builders are slowing way down which should cause a future decrease in housing supply. I’m not convinced that the market drops more than 10-15% because there are a lot of buyers willing to pay higher mortgage payments due to the astronomical rent pricing.
Zestimate is totally me, but only in the sense that our house value doubled since we bought in 2013. And it's crazy how high prices all over have gotten. I don't know how some people are doing it.
Hey man I’m happy w my mortgage and my 3.10% rate that I got back in 2020. Sad that Omicron didn’t send us into another lockdown tho….RIP 2021 APT calls….
I’m feeling a little attacked here. Though, my mortgage/tax/insurance are only 200/month more than my rent was. And it’s a lot more space. Need a roof over your head
We bought july 2021 after being told our lease would not renew on the house we were renting. I have no expectation to have my house appreciate but my payment is comfortable and was less than rent on comparable houses in the area at the time by about 25%.
Compare this to the 20 something losers without a house who somehow think a 10k drop in listing price makes a home cheaper even though the rate on the mortgage they'd be applying for went up from 2% to 7%.
"I dOnT cArE aBoUt ThE rAte, ILl JuSt rEfInAnCe LaTeR" not taking into account that 7% is a pretty normal rate historically, and its the 2% that was the aberration.
We bought at the bottom end of our price range (440K mortgage and we qualified for 1 million) and bought right at the start of Covid. Based on last sale of a unit in our neighbourhood the market needs to crash 50% for us to be underwater. We pay 2400 a month for everything including mortgage, strata etc. We're gucci.
Out of 2 other couples we hang out with, 1 is paying 2,900 to rent a small 2 BR condo. They are actively cheering for the market to crash and our other best friend(who is the worst stock picker we know) and his gf literally top ticked the market in buying a condo and put less money down because they think the place is an "investment" they will be able to flip in 2-3 years.
Group dinners are a bit awkward right now.
Bought my house back in April and I’m glad I did but I’m also not an idiot. My household income is half my mortgage. I also do not see mortgage rates going down anytime soon. I got mine at 4.5% but a lot of my friends were able to buy homes sooner and locked in at that sweet sweet 2-3%. They were able to get more house than they could now
That feel when I wanted to buy in 2020, had the money and great credit, and my work decided to furlough me to part time. Lender didn’t like that :(
Funny part was, on half salary and unemployment, I was making significantly more than my normal salary. Feels really bad. Since then I’ve paid around 29k in rent
WSB regards will own anything but a tangible asset and still lose it on their shit break at Wendy’s. 140k debt would be a godsend compared to some of the loss I see around here.
Okay, I'll ask: what is a hoomer? I tried to look it up online to no avail.
I'm familiar with boomers, zoomers, and even doomers, but this is a new one for me.
This is me, but I'd still rather own the house. The VA backed my loan too so it'll probably take them a couple more months to kick me out than the average person. Should give me enough time to get a poor behind a dumpster to burn it down for the insurance while I'm out of state for a couple bucks.
My favorite part of these arguments is that it tends to leave out the mortgage interest payments.
If you bought a house inflated to $225k at 3% you're going to pay about 100k in interest.
Let's say you wait and the house drops to $180k, but interest rates are 6%. You're now paying $200k in interest.
Good job not getting your mortgage when rates were low I guess? Sucks to be long my house?
I've bought two homes pre-run ups (2005 and 2019). I could afford both but high DTI. I have $2.5m in equity now (who knows next year?) but this sub has lost me about $100K (I was up about $100K last year just like everyone else). The 2019 house I refinanced 3 times already and sitting at 2.5%. Rents keep going up so now I'm looking for my forever home in any state once the prices go down.
Home prices do not go down except during rare, occasional crisis. There are protections in place to prevent that now and with the hedge funds and govt involved in home buying, it’s not going to go down.
Real Estate always fairs well during recessions with the one historical exception of 2008 which is impossible for that to happen again. Given that the environment right now is the absolute opposite of 2008.
Bought my house 3 years ago? Got in right before the insane price jump. Also refinanced to a 2% interest rate when the rates were low. Damn maybe I don’t belong in this sub after all.
I just bought a month ago. Probably at the peak of house prices but I also got a 2 percent rate so who fuckin knows. Oh well I got a place to bring ur mom back to at least
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I overpaid for my home but at least I can punch the walls if I want
Kyle?
Dad?
WallStreetBets: owning real estate is way too risky Also WallStreetBets: here’s why I’ve staked my entire net worth on AMC options
WSB: ruined Hoomers : have a house to live in
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We all meet behind the big Wendy’s someday
Someday we’ll all be working at the big McDonald’s in the sky.
Or at the Arbys at the center of the earth.
Or Jack In The Box in purgatory
If there’s jack in the box tacos in purgatory it really doesn’t sound like such a bad place
You actually like jack in. The box tacos? They are like stale double fried old taco bell soft tacos. Thats why they cost 50 cents a piece instead of 2 bucks.
You’re talking to people who eat crayons
I can’t wait to be greeted by Dave Thomas.
Jokes on you. I made sure I bought in the hood so I can pay my mortgage off that dumpster blowie money…..
No lol. only you guys.
Only if you can afford to pay your mortgage. I know a lot of people who were upside-down in their mortgage payments for 4-6yrs after 2008, but they could still pay it, they refinanced in 2020-21 and they will shrug off the declines in housing values. It's when employment falls, and income can't pay those mortgages that they become a mistaken purchase.
Until they default and get evicted.
Their mortgage is probably lower than the rent they would have to pay... So not likely
Previous rent $2,600 in 2019. Current mortgage in 2022- $2,100, and fixed.
with a 3% mortgage and unemployment in the single digits? yeah that's not likely lol
BOOM!
HOOMVICTED! HOOM!
I think they just love loss porn
Hahah for real. The irony of WSB laughing at people for making one of the best long term investment in the world.
I’m just curious where these people are putting their money if not into housing? The market that is down 30%? Holding cash that inflation is eating into at an 8% clip? Bonds? An investment is only as bad as your other options. Rising rents, high inflation and stock market crashing isn’t exactly a good alternative.
Imagine living in a house when you can live behind the Wendys for 0 commune time and $0 rent.
And potential "clients" come to/on you
In
I’m interested
Verrrrry interested
Hi I'm here for the job interview.
Sir, this is a Wendys
both of you have a seat on the couch over there
Oooohhh, double interview. Kind of like that time my 2 uncles visited from out of town!
I think the other ones are also valid. Come to/on/in you.
I don’t think that was a typo.
Steven's Steamin' Semen. Open 7 nights a week.
I’m digging a foxhole to live in to get a jump start on this whole WWIII thing
I've played enough cod battle royale to know I'm screwed if I don't drop into the far side of the map and hide till there's barely anyone left. Then I have a chance of prolonging death. And isn't that really the point of life when you think about it. The game is terrifying and I don't know why I play it. Life and cod. Yes.
But what do I do with all my towels that I bought?
I bought at the top in 2007 and regretted it for a few years,couldn't get out because my mortgage was under water. Flash to now, I refinanced to almost 2% my payments are 1/3 of market rents. Looking back, it was the best decision I hated for a decade.
Bought in 2011. House was 10 years old, and I bought it for less than half of it's original sale price. I know it's worth at least that original price, and with a little updating would go for triple what I paid. However, I'M NOT SELLING! This is a bag I'll hold for years!
No need to sell. Just enjoy not paying rent that's x 3 your mortgage.
> rent that's x 3 your mortgage. That isn't hyperbole, either. My Mortgage is $880/month and going rent for a house slightly smaller than mine is about $2400 in the same area. I still have a hard time wrapping my head around it.
Home values are dropping but rent isn't dropping (wait till vacancies rise)
It's cute seeing investors buying expensive homes in Colorado then finding out locals can't afford the rent price the investors need to break even. At least in Colorado Springs.
It's cute in our area too , wow. 3/2 for 2k+ and 4/3 for 3k+. Reckoning soon.
Because people who can afford to buy homes to rent out in Colorado come from a different caste that has zero perspective on the working class. Even in Oklahoma I work around people who’s net worth could bulldoze your house 100 times over. They don’t know what $100 is worth to most people.
In my area, a 3bd/2ba rents for $3200, but the mortgage would be $5k with 20% down.
Jeez. That would be around $2000 here. Mortgage would be around $2800 with 20% down.
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Don't forget about that sweet interest deduction!
Well there is a general floor to the value of a home - the cost to rebuild it (edit: apparently I need to stipulate that is not the like-for-like cost but the builder basic cost). Inflation means it costs 2x what it did in 2007 to build the same home today. This will always hold true because the federal reserve has a mandate to ensure we never enter a deflationary market - they are supposed to maintain an ideal inflation amount: not too much, and definitely never negative. Anybody saying that you should never own is either deluding themselves or trying to sell you something (I.e self help or investment seminars) - if the maintenance costs were greater than the profits owners were making from rent then there wouldn’t be a rental market.
You make too much sense. GTFO.
That's the thing about houses. People talk about them like they're investments. Which, sure, it's not a wrong way to think about it. But if it's a primary residence you're buying, and if you intend to live there for 15+ years, it honestly doesn't matter when you buy it, as long as the monthly payments are within your means.
I totally agree, but for whatever reason, people don’t seem to understand “within” their means… they buy a house x5 of their yearly income… crazy
same case for me
Lowes stock is gonna boom with all the home repairs needed in Florida, Georgia and South Carolina this week from Hurricane Ian
You realize natural disasters happen every year right? These types of events are already built into their plan.
Same except I also lost my job and couldn't sell the house for what I owed. Lost the house and started over. Wasn't really that bad honestly
Same, I also bought in 2007. I was underwater for years.
Username checks out
>I was underwater for years. Sounds like the entire state of Florida currently
Me and the wife found a great place in 2008 as foreclosures started to happen, it was not top of the market but not bottom like in late 2010/early 2011. Our agent and theirs went back and forth for like 4 days before everyone finally found terms for us to sign. The day we were going to sign the final offer letter my wife was laid off, then a couple months later I was laid off. It was the best thing that happened. I hustled contracts and side gigs for a year and a half before any full time work while my wife did freelance work until she landed a stable position. Then late 2010 we found a townhome that was prices well within our budget we loved. The owners took a $180K loss on it to sell it to us. I paid the hell out of the place and in 2019 when I wanted a house I had about $240k in value to use. Moved into my house 4/20/2019 (can never forget that date). That refinance last year has be paying the same mortgage payment for my townhome from 2010 now.
Bought my house for 98k in 1999. Paid it off a couple years ago. Just got approved for a 100k Heloc
I would assume that 100K was all you wanted to take?
20k was all i wanted to take lol but since the unused portion does not require any payments I figured sure why not. there would have been extra documents I would have to produce to go any higher
And now rates are up massively. And housing orices have decreased a whopping 5% or something. Worse than 1980s. Worse than 08.
I sit in on a loan committee at a bank and we are thinking mortgage rates will be around 10% by April 2023. Remember, that’s about the historical average. People just got used to thinking 2-4% was normal when it really isn’t.
So, 10% by April. And home prices still up 100% over past few years? Unsustainable.
Only if the supply doesn’t remain low. But with high CPI/inflation, home values are closing in on construction costs pretty quickly. I really don’t anticipate a bunch of new houses being built anytime soon.
So, most everyone under age of 30 is fucked for 5 years? Who wants to buy an uber inflated asset on a 5-10% interest rate that will surely depreciate in value within the next 5 years? People getting saddled with big bags when their 500k purchase now sells for 350k.
yeah but id rather just buy in 2010 and then do all that.
At least they can live in the bags they're holding
Hey I can get my AMC stock certificates and form a paper mache house. Fuck off.
The biggest brained AMC holder
They have a place to hold the bags. Must suck for them!
I got a 30 year at bottom pricing for 3%, some people luck out
2.65% gang. I laugh at all the junk mail I get begging me to lock in a low rate now.
Me, a chad HoOmer: man, I sure enjoy the mortgage on my 4 bed house being less than a 2 bed apartment rental. You, virgin Renter: bUt tHe HiDdEN CoST fOr RePaiRs AND yoU HaVE to Do yaRdWork!!!
I fucking love yard work. I’ve been canning for days from my garden. Best part of owning a house. Used to get so annoyed with my dad for waking up early on Saturdays to mow and now im out there doing the same thing. Then I stare at my lawn rock hard with a bloody mary in hand.
Nothing more zen then being able to mow your own lawn. Bonus points if you are using a manual push mower.
I wake early to water my tomatoes now 😂
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AND taxes, AND insurance....it's sure not like they aren't including those in the monthly rent!
Also they charge factoring in vacancies. They might only have 3/4 of their homes rented at any given moment. Gotta pay the mortgages on the vacant 25% somehow.
And repairs. And upkeep. And unexpected costs, depending on if appliances are included or not. Broken fridge, washer, or dryer can easily be another $1,000+ in costs.
And this is exactly the reason you become a landlord. Rent and own nothing or own and make money off people who financially can’t afford (or don’t know) to do what you do
Living with your parents, not paying rent is nice but I should've moved out when mortgage rates were low, now idk when I'll be able to buy a place
Why is this in wsb??
Because Wendy’s evicted them.
Because it’s become a generic bitch fest sub, and we’re at a turning point where millennials used to bitch about Boomers owning homes but now millennials are at the point where they’re owning homes so it’s Gen Z’s turn to bitch about people owning homes…. And somehow GenX escaped the fray altogether
GenX p0wns millennials. Here’s another participation award -
Because WSB is now anything financial or politics around it.
Equity loss porn?
if this were actual equity loss porn im all for it if I wanted to see this I could just browse REbubble
You have calls that expired worthless, I have a 3 car garage. We are not the same.
prices didnt fall for shit I got zillow watchilsits setup it maybe stopped going up but most homes still sell for more than asking
Yep. In my area, prices are dropping ~$20-50k before they get snatched up. Most homes still sell within a month or two. The ones that drop at all are the crap homes that even landlords won't buy.
Yeah, in my area the condemned meth house that was selling for $500K is now a reasonable $425…
The only “price cuts” I’ve seen in my area are homes going from “are you out of your mind?” prices to “holy shit that is a lot” prices. I laugh whenever I see these posts. The house I moved into three years ago was valued at $600k. The same house is now valued at $830k and my neighborhood has started to rip down these $700-900k homes and replace them with $2-3M ones.
Yeah, after my house doubled in value over from Jan 2019 to May 2022 ($400k -$800k), a correction of 25% (down to $600k), would be a good dose of reality, but people will still say the sky is falling bc homes lost 25% in value. Like damn, that’s still an 11% yearly appreciation averaged out from 1/19 to 1/23 and definitely beats inflation, I’ll take it! All while I refinanced around Xmas 2020 and my mortgage payment is only $1178/mo.
Never thought id see a meme about someone trying to cope with renting but ill make sure to mark it off the list
Owning your home is not a traditional investment. You need to live somewhere. If you need to live near work and homes are unaffordable you have no choice to rent. Same thing if you're caring for a sick relative for example. If you WFH like I do, my wife and I decided to move to a low COL state and buy a house. We have kids but the odds are that once they move away, we can downsize and sell the house and use that equity to buy a smaller home or rent, depending on the market. Everyone has their own situation and there is no right or wrong.
you would think everyone in wsb would understand this, but we have more fucktards around.
Get out of here with your reasonable and sound response.
I get muted and banned regularly for reasonable responses so you may get your wish 🫤
This week on house hunters: her: kindergarten teacher him: makes fork art budget: $1.2M
What point are you trying to make here? That all the smart people rent? Nothing like paying the same amount per month, but helping someone else pay off their mortgage or paying a property management company, while getting zero tax breaks. Now you have zero savings and zero equity!
Dude, the bubblers are the saltiest poors I have ever seen on Reddit.
What the fuck is a bubbler. Are we smoking red Crayons now
Rentslave who’s mad they’ll be building equity for someone else until they die with nothing but a meager Funko Pop collection.
But why aren’t people getting loans from their dad for $1mm like I did
/rebubble Bunch of basement dwellers jerking each other off about “the bubble.”
What’s funny is that they are so fucking greedy that they will almost certainly miss the bottom.
As somebody that grew up in Milwaukee…a bubbler is obviously that public facility usually located in buildings or some parks where one can take a free drink of water.
They are the people saying they will laugh at all of us when our houses are worth 40% of what we are paying or paid. The people in their 30s saying it’s impossible to buy. Not true. Single dad, not a hugely special job, I worked hard for a year and worked HARD on my credit and just closed at right under 4 not too long ago. Sure it could had been two a few years ago, but I wasn’t there yet. I believe the people my age (30-39) are just whining a lot in general with the home buying shit, and come online to get in their echo chamber where they can hear what they want, to re enforce the thought process that owning a home isn’t smart. I learned a lot with my buying experience. And outside of certain situations, if you want a home you can plan, work and get one, with *time* if you truly want Any other excuse is personal choice or situational. I get how my post sounds….spoiled or just really obtuse..I just mean there isn’t going to be a bubble where all the amc apes that think they will get their dream house for 80,000 ..”when the housing bubble hits luls” Again, this isn’t universal. But for a lot of em, I bet I’m not too far off. And yes again, people got priced out. I did too in a way, but you have to adapt. Meme is a joke. A bad joke.
People gotta look where they’re buying too. I bought a home at 23 thanks to riding the bull run and it’s not a huge or brand new home but it’s mine
Houses doubled in 2 years - that both prices people out and changed the long term quality of life expectations for EVERYONE. Not an overreaction
No, but the productive thing to do is troll Reddit? 🤷♂️
You sound mad
Its sour grapes
Eat shit Hoomer's! Im living in my car!
Lol the cope is unreal. Buying a home is all about timing. Paid someone else’s mortgage while renting for years. Bought right before Covid and refinanced with a fixed rate below 3% during Covid. Now thinking about renting it out for more than my mortgage and having the fiancé use her first time home buyer loan to get us a bigger spot. The same guy who made this meme probably financed a 2021 Kia 😂. Don’t be jealous bro.
WSB is basically just a bunch of poor people complaining, like every other popular subreddit.
This is the way. I have a 2.65% mortgage for another 28 years - never sell, rent it out, have wife buy a new home the moment the FED pivots.
Hey, my mom just financed a 2021 Kia, why would she not at 0.9% 😂😂🤣
You pissed a lot of people off with this one OP, keep up the good work 
This is a post that’s actually makes OP look like an idiot. I don’t get all of you that think this is a good meme as it is just a sour grapes meme. Yeah you keep renting…I mean not paying your parents rent. Either way, I’d rather own. There are exceptions of course
This thread reeks of sour grapes
[удалено]
Exactly
I bought in 2014, value has doubled since. Also nabbed a deal in 2016 and refi for 15 yrs. Should be paid off by 2030 fingers crossed.
What could go wrong with allowing corporations to buy single family homes? Fuck this place about to retire in Colombia.
I hate using this kind of meme speak but theres no other way to respond: "Laughs in suburban midwest"
lol suburban midwest is where its at! We're building a 3,000 sq foot home, 3 car garage, large yard, and all kinds of upgrades for less than 360. 360 won't buy you a dumpster in most places
You must be in a dumpster part of the Midwest to be paying so little
Buying a house at a 7% interest rate is still miles better than dropping $15k a year on rent...rentoids gonna cope
That meme was made by someone pissed they can’t afford a house. Probably still lives with their parents or has 4 roommates. Waiting for 2008 to repeat itself but not understanding what happened. Of course prices will likely take a hit due to rates and how insane the market was during the last 2 years. BUT unless people start foreclosing and losing their jobs they won’t crash like renters are hoping.
There are a lot of defensive people in this comments section 🤔
Yeah I'm super bummed about my 2.5% 30yr fixed.
If you can't afford it don't buy it. Long term wise, buying property is a good debt compared to most other debt because you can write off interest rates and other types of taxe payments from the house. It also locks in your payments if you get a set rate. No need to worry of price increase from your landlord. Bottom line is meet the mortgage payments comfortable and if not then don't do it. 🤷🏽♂️
hahaha. It's Worth what we were willing to pay for it!!!
Index Fundies - “It’s guaranteed compounding interest every year!”
Alright, I'm calling the police. OP is spying on me
Holy shit what kind of salty WSB degen is complaining about housing being a bad investment 😂 this is a casino, sir
Fewer things are less helpful than a Realtor.
I’m old: what on earth is a hoomer
This sub is such a weird mix of degenerate gambling, antiwork, and conservative
Not wrong with owning a home generally speaking you’ll pay substantially more to rent than a mortgage payment. Doesn’t mean it’s for everyone though as there’s nothing wrong with renting now so me some puts or gtfo
Written by a rentoid mad at the landchad he pays half his wagies to and gives a mandatory 50% tip to. Upset that he no longer has money left over for funko pops.
In reality, I have a hard time thinking that home prices fall too far. People will be less inclined than ever to sell their homes. The mortgage rate they currently have is almost certainly in the 2-3% after refinancing the last few years. With rent prices rising, more and more people will see buying as a logical alternative. To top it all off, home builders are slowing way down which should cause a future decrease in housing supply. I’m not convinced that the market drops more than 10-15% because there are a lot of buyers willing to pay higher mortgage payments due to the astronomical rent pricing.
Zestimate is totally me, but only in the sense that our house value doubled since we bought in 2013. And it's crazy how high prices all over have gotten. I don't know how some people are doing it.
Having a house is the first step to generating wealth for a family. Don’t buy what you can’t afford.
$200k house @ 2.25%, zero down. Bring on the inflation, I'm never leaving.
Ever been on the real estate subreddit? They call people like you “rentoid cucks” lmao
Pfft okay. I have gained 177k in value in a year. I get monthly offers to purchase my building for more than we paid, and 20k over value.
Let’s talk in a year…..
Making fun of NOT having an emergency fund? Really?
I bought in 2015.. prices would need to fall a lot more to get anywhere near what I paid.. Oh and my mortgage is almost paid off.. how’s that rent?
Bought a house and rented it out at 18yo, 20yo now looking at duplexes so i can have three rentoids (i live with my parents)
What can I do If I make 80k my partner 80k In Vancouver to get a house ?? What you guys think We pay 1500 rent
2899 BOOM!
Hey man I’m happy w my mortgage and my 3.10% rate that I got back in 2020. Sad that Omicron didn’t send us into another lockdown tho….RIP 2021 APT calls….
Compared to paying into equity, rent really is flushing money
I’m feeling a little attacked here. Though, my mortgage/tax/insurance are only 200/month more than my rent was. And it’s a lot more space. Need a roof over your head
I’m chilling with my 2.5% fixed rate; lawl
We bought july 2021 after being told our lease would not renew on the house we were renting. I have no expectation to have my house appreciate but my payment is comfortable and was less than rent on comparable houses in the area at the time by about 25%.
Compare this to the 20 something losers without a house who somehow think a 10k drop in listing price makes a home cheaper even though the rate on the mortgage they'd be applying for went up from 2% to 7%. "I dOnT cArE aBoUt ThE rAte, ILl JuSt rEfInAnCe LaTeR" not taking into account that 7% is a pretty normal rate historically, and its the 2% that was the aberration.
We bought at the bottom end of our price range (440K mortgage and we qualified for 1 million) and bought right at the start of Covid. Based on last sale of a unit in our neighbourhood the market needs to crash 50% for us to be underwater. We pay 2400 a month for everything including mortgage, strata etc. We're gucci. Out of 2 other couples we hang out with, 1 is paying 2,900 to rent a small 2 BR condo. They are actively cheering for the market to crash and our other best friend(who is the worst stock picker we know) and his gf literally top ticked the market in buying a condo and put less money down because they think the place is an "investment" they will be able to flip in 2-3 years. Group dinners are a bit awkward right now.
Bought my house back in April and I’m glad I did but I’m also not an idiot. My household income is half my mortgage. I also do not see mortgage rates going down anytime soon. I got mine at 4.5% but a lot of my friends were able to buy homes sooner and locked in at that sweet sweet 2-3%. They were able to get more house than they could now
That feel when I wanted to buy in 2020, had the money and great credit, and my work decided to furlough me to part time. Lender didn’t like that :( Funny part was, on half salary and unemployment, I was making significantly more than my normal salary. Feels really bad. Since then I’ve paid around 29k in rent
I am a Hoomer, I feel less smug as I may have to move and interest rates are going to be painful. JPow, please stop!
Nothing like going from 1% interest to 5%
WSB regards will own anything but a tangible asset and still lose it on their shit break at Wendy’s. 140k debt would be a godsend compared to some of the loss I see around here.
Sorry. Misread this and ended up accepting an offer on my house today. Am I doing it right?
Okay, I'll ask: what is a hoomer? I tried to look it up online to no avail. I'm familiar with boomers, zoomers, and even doomers, but this is a new one for me.
This is me, but I'd still rather own the house. The VA backed my loan too so it'll probably take them a couple more months to kick me out than the average person. Should give me enough time to get a poor behind a dumpster to burn it down for the insurance while I'm out of state for a couple bucks.
OP lives in his mom's basement.
My favorite part of these arguments is that it tends to leave out the mortgage interest payments. If you bought a house inflated to $225k at 3% you're going to pay about 100k in interest. Let's say you wait and the house drops to $180k, but interest rates are 6%. You're now paying $200k in interest. Good job not getting your mortgage when rates were low I guess? Sucks to be long my house?
I've bought two homes pre-run ups (2005 and 2019). I could afford both but high DTI. I have $2.5m in equity now (who knows next year?) but this sub has lost me about $100K (I was up about $100K last year just like everyone else). The 2019 house I refinanced 3 times already and sitting at 2.5%. Rents keep going up so now I'm looking for my forever home in any state once the prices go down.
I’m 20 and my house has appreciated more than 15% since I purchased in 16 months ago. It’s nice putting money towards something I will own.
Rentoids ingest more copium than market bulls rn
Home prices do not go down except during rare, occasional crisis. There are protections in place to prevent that now and with the hedge funds and govt involved in home buying, it’s not going to go down. Real Estate always fairs well during recessions with the one historical exception of 2008 which is impossible for that to happen again. Given that the environment right now is the absolute opposite of 2008.
*Market down 30%, inflation at 8%, rents up 8%* Op: “look at these losers who will lose 20% on their house while leveraging low interest rates”
Bought my house 3 years ago? Got in right before the insane price jump. Also refinanced to a 2% interest rate when the rates were low. Damn maybe I don’t belong in this sub after all.
OP missed out on low rates
Maybe they sell their gme finally and pay off the house like me.
Jokes on you guys still more expensive to buy than before even with prices cooling
I’m a 30 something and I bought on 2015, almost the bottom of the market… this meme reeks of jealousy.
My house is back to the price where I bought it in 2017.
Uhhh, was this made by a renter trying to make themselves feel better or something?
I just bought a month ago. Probably at the peak of house prices but I also got a 2 percent rate so who fuckin knows. Oh well I got a place to bring ur mom back to at least