Home is the new luxury item. (millionaires, stock, funds, China)

[Perma Bear]

Originally Posted by Ultrarunner

Exactly!!!

All we have to do is build a time machine that lets us go back to 1940 where we can buy a house in Beverly Hills for 10,000.

[Skydive Outlaw]

The game doesn't get more twisted than. . . .


Spending three decades paying off a 30 year mortgage then either losing half of the house in a divorce and/or due to medical bills as an elderly person.


Shout out to the American dream of owning a 'luxury item'.

[ncole1]

Originally Posted by jacktravern

Here in sunny southern Cal, I'm in my late 30's and make 60k a year, My coworker is in his mid 40's making 66k. Neither one of us has kids

I rent in an affluent area for 900 a month and don't even pay utilities, with a decent amount of money leftover after paying bills. He has a mortgage for $2500 a month in a decent area, maintenance fees, has about 18 years left on said mortgage, and just had to borrow 2k from his sister

I have a new car that cost less than 300 a month, he drives a 10 year old truck with tape on the seats

My commute to work is 10 miles with an option to move every year. He lives 28 miles out.

At what point, is he, the homeowner (although the bank technically still owns it) gonna start living this grand life you speak of that comes with home owning and enjoying that great net worth...when he is 65. And this will come after years of being strapped for cash.

According to your many post, most people renting have taken some awful detour in life. For some of us, it just works and possibly home owning works for some people, just like having kids is for some people and not others. You should really stop acting like we live in a one size fits all society

Well said.

[Lycanmaster]

Home ownership is an increasingly risky endeavor in an era where job security is becoming more and more the exception and not the rule...

[Perma Bear]

Originally Posted by Lycanmaster

Home ownership is an increasingly risky endeavor in an era where job security is becoming more and more the exception and not the rule...

It's only risky if you're too dumb or unqualified to get a government job.

[freemkt]

Originally Posted by Perma Bear

All we have to do is build a time machine that lets us go back to 1940 where we can buy a house in Beverly Hills for 10,000.

How many people had $10,000 in 1940?

[freemkt]

Originally Posted by ncole1

If they had enough cash, their credit would not matter.

How many people have a quarter million in cash?

[Perma Bear]

Originally Posted by freemkt

How many people had $10,000 in 1940?

People who worked hard and intelligently.

[J.Thomas]

Originally Posted by freemkt

How many people have a quarter million in cash?

Not a lot apparently

[ncole1]

Originally Posted by freemkt

How many people have a quarter million in cash?

Off the top of my head I don't know, but it's usually cash buyers making up about 1/3 of all people buying a house.