The average age of U.S. homebuyers jumps to 56 • Hacker News Board

Re: The average age of U.S. homebuyers jumps to 56

#121

Post by consteval » Wed, Nov 06, 2024, 3:45 PM UTC

nightski wrote: post #109

consteval wrote: post #105

Earlier quoted context omitted.

It's not a problem of bureaucracy, but rather efficiency. Urban centers emerge because they make sense - grouping together labor, production, and consumption. If we just equally distribute people across the country our economy would implode on itself. How do you get to work? Where do you work? Where does your work go once you've worked on it? Who buys your work? And what work do you buy? I'm not going to build a doct…

There are plenty of thriving towns in America with 5k-10k people. I think you need to just get out more. I grew up in one and it was fine. I now live in a slightly larger city (in the low hundred thousands) and enjoy the low cost of living with a high salary. But I'd never live in a major metro area, that's nuts.

> There are plenty of thriving towns in America with 5k-10k people

Very, very few. Rural areas are disproportionately impoverished. It's just statistical, not personal, and it makes complete sense once you consider what an economy is.

> But I'd never live in a major metro area, that's nuts

Those major metro areas make up the vast majority of the US' economic prowess. You don't have to live in them of course, but you should be aware that the American suburbs and rural areas are essentially on the welfare of more economically successful areas.

Re: The average age of U.S. homebuyers jumps to 56

#122

Post by LVTfan » Thu, Nov 07, 2024, 5:15 PM UTC

whatever1 wrote: post #6

This is not a U.S only or even a western issue. UK, EU, China, India etc all suffer from crazy real estate prices. I think the whole world is due for a big societal revamp. The old generation has concentrated too much asset wealth for the productive generation to stay productive.

It might lead one to think that there is one underlying cause of the problem.

Read Henry George's book PROGRESS AND POVERTY to learn what it is, and his remedy for it.

Re: The average age of U.S. homebuyers jumps to 56

#123

Post by LVTfan » Thu, Nov 07, 2024, 5:19 PM UTC

jjav wrote: post #84

nelsonfigueroa wrote: post #14

I thought I would have a house in my 20s. Then I thought maybe by the time I was in my 30s. Now I’m in my 30s and I have no idea when I’ll buy a house, if ever.

> Now I’m in my 30s and I have no idea when I’ll buy a house, if ever. This might not be what you want to do, or hear; I know it wasn't what I wanted in my late 20s. But you could own a house within a year or so if you decide you want a house more than living in an expensive area. I spent my 20s banging my head against an impossibly expensive area trying to find something and perpetually failing (in my case, NYC). In…

If one wants children, is planning on children, one wants good public schools for them, and those are generally found in areas with significant population and higher land values. If you can plan around home schooling and one parent staying home to conduct it, rural living may be a great choice. But trips to libraries might be long, and fast internet connections unavailable or unaffordable. Those amenities are available where population is denser.

Re: The average age of U.S. homebuyers jumps to 56

#124

Post by LVTfan » Thu, Nov 07, 2024, 5:23 PM UTC

doctorpangloss wrote: post #113

runako wrote: post #107

Earlier quoted context omitted.

A lot of reasons! Some I have heard: - Homeownership comes with responsibilities that people may not want - They prefer to invest the money elsewhere - They expect to relocate on timeframes shorter than those that make homeownership a good investment

I'm asking, what causes people to buy a house for the first time? For upper middle class people the answer is probably having a baby, so you can see why if people are having babies later in life when their incomes are higher, prices rise.

but the upper middle class is relatively small, depending on how you define upper middle class. Nationally, one might say the 15% who are below the 95th percentile (but locally is what matters for the purpose of buying property, and maybe "upper middle" is 60% to 95% of the local ranking).

Re: The average age of U.S. homebuyers jumps to 56

#125

Post by LVTfan » Thu, Nov 07, 2024, 5:23 PM UTC

geor9e wrote: post #104

whatever1 wrote: post #42

Earlier quoted context omitted.

You don’t have clients who are barristers/teachers/cooks etc in SF or NY. It is literally impossible to own even if you save 200% of your income.

Did you mean bartender? Barrister is a lawyer in the UK and makes a bit more.

Barrista, I'm guessing, as at Starbucks?

Re: The average age of U.S. homebuyers jumps to 56

#126

Post by LVTfan » Thu, Nov 07, 2024, 5:30 PM UTC

phyzix5761 wrote: post #93

torginus wrote: post #63

Earlier quoted context omitted.

Honestly that sounds like not the whole picture. I think your perception might be because your clientele comes from the top whatever% of US society, where people make a ton of money. Accoring to stats, the top 15% of households in the US has an income in excess of $200k - saving half of it and living like a king on the rest should be easy enough, while the median around $75k - even living frugally won't allow you to…

Over the last 16 years I've worked with a wide range of clients. Most of my clients fall within the median but of course there are many that make more or less than the median. An important thing to understand is that income is not fixed. There are many things you can do to increase it. But even those making below $75k can afford a down payment on a home if they free up the money that's going toward debt, make changes…

and save up a down payment. Easier in some places than in others.

Re: The average age of U.S. homebuyers jumps to 56

#127

Post by jjav » Thu, Nov 07, 2024, 10:34 PM UTC

LVTfan wrote: post #123

jjav wrote: post #84

Earlier quoted context omitted.

> Now I’m in my 30s and I have no idea when I’ll buy a house, if ever. This might not be what you want to do, or hear; I know it wasn't what I wanted in my late 20s. But you could own a house within a year or so if you decide you want a house more than living in an expensive area. I spent my 20s banging my head against an impossibly expensive area trying to find something and perpetually failing (in my case, NYC). In…

If one wants children, is planning on children, one wants good public schools for them, and those are generally found in areas with significant population and higher land values. If you can plan around home schooling and one parent staying home to conduct it, rural living may be a great choice. But trips to libraries might be long, and fast internet connections unavailable or unaffordable. Those amenities are availab…

It is, in my observation, a popular HN myth that amenities only exist in hyper-dense and expensive cities. But it's not true.

In my very suburban (low density suburban, surrounded on two sides by forest) area the library is a 10 minute walk away at toddler-speed so my child has been an avid visitor as soon as started reading a tiny bit. Schools are also walking distance (high school will be a bit farther, but within easy cycling distance, about 2 miles). And yes, we have internet in the suburbs.