Maybe treating housing as an investment was a mistake

Post by ericmay » Mon, Mar 06, 2023, 6:48 PM UTC

sbarre wrote: post #514

ericmay wrote: post #501

Earlier quoted context omitted.

You can, just move out of Capitol Hill in Seattle which is one of the most desirable areas in one of the most desirable cities located in one of the most desirable geographies in the wealthiest country on earth. This place looks nice! https://www.zillow.com/homedetails/2742-Lincoln-St-NE-Minnea...

And where would that chef work then? Should they simply give up on their own ambitions and career goals?

Post by judge2020 » Mon, Mar 06, 2023, 6:48 PM UTC

RHSeeger wrote: post #482

judge2020 wrote: post #461

Earlier quoted context omitted.

It also matters where and how far you are from things. Walkability is a big draw, so if you're within a mile of a major district with tons of food, entertainment, and culture, chances are any well-kept apartment building will raise their prices to account for that (and account for you not having a monthly car payment or auto insurance payment), and if this chef is within a few blocks of their work, it's not hard to b…

> if you're within a mile of a major district with tons of food, entertainment, and culture If you're within a mile of _that_, it seems reasonable to define the housing in that area as "prime" and expect it to cost a lot more than further away. The fact that rents for that housing has a cost that is prohibitive for the vast majority of people doesn't seem odd to me.

Post by distrill » Mon, Mar 06, 2023, 6:48 PM UTC

nh23423fefe wrote: post #372

distrill wrote: post #109

Earlier quoted context omitted.

I feel similar cognitive dissonance every time I compare myself to people I know outside of tech. Pretty much without exception, they work harder jobs than me or my colleagues with worse hours and for a fraction of the income. I don't think my observation is tied to the housing market, other than it being a vehicle to expedite the wealth gap.

Do you believe your income is unearned? Or are you just virtue signaling about what the labor market values?

Post by anigbrowl » Mon, Mar 06, 2023, 6:49 PM UTC

aeternum wrote: post #333

treis wrote: post #231

Earlier quoted context omitted.

The solution in the past was for people to move to a different city. Migration is way down compared to generations past and continues to fall: https://www.pewresearch.org/fact-tank/2021/12/16/in-2020-few... The change in city living is also a big difference. Cities used to have parts of the city with the lowest cost of living in the metro area. Things like boarding houses and single room apartments w/ shared bathroom…

It is strange that it is easier than ever to move and stay connected yet most people don't.

Post by staringback » Mon, Mar 06, 2023, 6:49 PM UTC

cool_dude85 wrote: post #423

gwright wrote: post #266

Earlier quoted context omitted.

> It took a handful of years of renting cheap places (with roommates) Is this now considered unusual? I didn't purchase my own home for almost 12 years after graduation from college. I lived at home, then with roommates, which was a completely normal thing to do at the time (1987 college graduation).

It's more usual than ever, but living at home or with roommates still makes it very difficult to ever afford a home. Let's take a look: 1999 median home cost: $165,000; 1999 median household annual income: $42,000; 1999 home cost / annual income: 3.9 2022 median home cost: $468,000; 2022 median household annual income: $71,000; 2022 home cost / annual income: 6.6