MOTD (Meme of the Day)

If you had a sub 3% loan and did something stupid... Good luck bro

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R Q said:
I don't know how kids are ever going to get into a home these days. This isn't just regular inflation and the housing market growing. My son is looking for land in bumfuck Egypt and even land is ridiculous.
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It is absolutely insane. I have two daughters in their 20’s and they can’t afford to be out on their own without 3-4 roommates.
 
Talking with a teller at the bank the other day, she told me she had just moved to southwest Charlotte, and the 2 bedroom apartment she is renting is $1800 a month!!!! That’s within spittin distance of my mortgage, for a dang apartment!
 
R Q said:
I don't know how kids are ever going to get into a home these days. This isn't just regular inflation and the housing market growing. My son is looking for land in bumfuck Egypt and even land is ridiculous.
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Mines in the same boat.
 
jeepinmatt said:
Talking with a teller at the bank the other day, she told me she had just moved to southwest Charlotte, and the 2 bedroom apartment she is renting is $1800 a month!!!! That’s within spittin distance of my mortgage, for a dang apartment!
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These are the prices at the new apartment complex about 5 miles from me, and we're a good 20+ miles from Raleigh.

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Duane
 
CasterTroy said:
If you had a sub 3% loan and did something stupid... Good luck bro

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I tell everyone that the Lord was looking out for me. I bought my land just in 2016 just before land going bonkers. Bought 26 acres for $120,000. Built my house in 18-19 for 350ish at 4.25%. Refinanced in 21 for 2.5%. I couldn't have timed it better if I tried. Neighboring farm sold quick for $15k/acre last year, similar sqft homes (minus the custom features I have) are 500+, loans are 8ish. I'm afraid I'm the very last of the folks in my area to be able to afford decent acerage to just live on.

If I'd known then what things would be like now, I'd have borrowed what the bank said I was good for and be living in a 6,000sqft mansion 😂
 
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awheelterd said:
I tell everyone that the Lord was looking out for me. I bought my land just in 2016 just before land going bonkers. Bought 26 acres for $120,000. Built my house in 18-19 for 350ish at 4.25%. Refinanced in 21 for 2.5%. I couldn't have timed it better if I tried. Neighboring farm sold quick for $15k/acre last year, similar sqft homes (minus the custom features I have) are 500+, loans are 8ish. I'm afraid I'm the very last of the folks in my area to be able to afford decent acerage to just live on.

If I'd known then what things would be like now, I'd have borrowed what the bank said I was good for and be living in a 6,000sqft mansion 😂
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Similar here, except bought the land in 2007-2008. Built the house in 2018-2019 with a 4.5% rate from the construction loan. Refinanced in January 2020 and bought points to get it down to 3.25% because rates would never be THAT low :rolleyes:
8 months later refi’d to 2.5% on a 30 year with a $1500 lender credit.

Had I known, I woulda bought every $100-150k house I could have found around here.
 
CasterTroy said:
If you had a sub 3% loan and did something stupid... Good luck bro

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R Q said:
I don't know how kids are ever going to get into a home these days. This isn't just regular inflation and the housing market growing. My son is looking for land in bumfuck Egypt and even land is ridiculous.
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I feel like the intent of this meme was more about the effects of interest rate than the crazy cost of housing. The math effect of the % of the home price is the same regardless of what the base value was.

Lets not forget that the 2-3% interest rates were insanely low and not within the realm of what they sjould have been in the first place, and pushed and kept there solely to inflate the economy. There were (are) lots of factors driving up housing costs, but the availability of cheap lending was a pretty big contributor - it allowed people to ask for and pay the crazy prices bc the payment was tenable. Now that the rates are more of where they should actually be we're all f*cked.
 
R Q said:
Yep an apt is minimum $1200 for a one bedroom!
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Project I'm on now is ~400 apartments starting at $2k for a 1 br. Granted, it's across the street from BOA stadium though.
 
R Q said:
I don't know how kids are ever going to get into a home these days. This isn't just regular inflation and the housing market growing. My son is looking for land in bumfuck Egypt and even land is ridiculous.
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My 26 yr old bought a house last year and got 5%

My 24 yr old bought a house 3yrs ago before things went really stupid and was in the upper 4%

My 22yr old is in grad school but hopefully things will level back out before she ever settles down, but I'm so thankful I have 2 success stories that counter this whole gen z pissing and moaning about "livable wages" and home ownership being impossible for them
 
CasterTroy said:
My 26 yr old bought a house last year and got 5%

My 24 yr old bought a house 3yrs ago before things went really stupid and was in the upper 4%

My 22yr old is in grad school but hopefully things will level back out before she ever settles down, but I'm so thankful I have 2 success stories that counter this whole gen z pissing and moaning about "livable wages" and home ownership being impossible for them
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Yeah, but give ‘em a couple years (if they aren’t already…) and they will be pissing and moaning about their own generation once they realize how much of their taxes go to carrying the lifestyle of the purple haired overly pierced trans Siberian orchestrator of a Starbucks cashier who identifies as a cat and wants a new tattoo every other paycheck.
 
jeepinmatt said:
Yeah, but give ‘em a couple years (if they aren’t already…) and they will be pissing and moaning about their own generation once they realize how much of their taxes go to carrying the lifestyle of the purple haired overly pierced trans Siberian orchestrator of a Starbucks cashier who identifies as a cat and wants a new tattoo every other paycheck.
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My 26 y/o already hates his own generation, and the older generation, and the younger...well you get it. I trained him well! :laughing:
 
We’ve been wanting a detached garage. Considering building it with a suite and renting the suite to our daughter when she finally gets a job. She’ll help pay for my garage and she won’t be paying a ridiculous amount. And she won’t need roommates. But that is still a couple years away.
 
R Q said:
My 26 y/o already hates his own generation, and the older generation, and the younger...well you get it. I trained him well! :laughing:
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I despise most my generation. I'm 27.
 
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