Comment by amelius
4 hours ago
Those younger generation are in a really dark place right now. In many cities they will never be able to afford a house; and on top of that AI labs are now saying they will never have a job.
4 hours ago
Those younger generation are in a really dark place right now. In many cities they will never be able to afford a house; and on top of that AI labs are now saying they will never have a job.
And the guys outside the AI labs are saying they won't even reach adulthood.
> In many cities
In like five cities in the USA. I live in a top 10 city by population in the USA (so it's not "flyover"), and the median home price is 288–319, while median HHI is 89. That's easily in the recommended home loan range of 3*HHI.
Look, I'm sorry you can only be happy living in SV, but there's plenty of jobs in the boring parts of America, and the homes are affordable.
All that being said, homeownership is largely a scam, financially. Use your downpayment as a market investment and rent. You'll end up with more money when you retire, and as a bonus, you aren't tied to one geographic location if you lose your job.
The only reason apartments can even exist is because of economies of scale. If you have one rental property, it's virtually impossible to make money (certainly not in a way that outpaces index funds) because you don't have the economies of scale at your disposal.
Your entire premise is one that's missing important context. Based on the numbers you provide, you're probably in Chicago or Dallas, maybe Austin, but that's pushing more like 400K.
Homes in the median are generally not viable unless you don't have a family or don't care about quality schools. In my city (90K), two houses that are identical but divided by the school district boundary between rank #1 and rank #265 out of 359 is a difference of $300K. One would be within the median and the other well above.
And let me be clear: ALL HOUSING IS A SCAM FINANCIALLY. Rent screws you one way and housing screws you another.
I hired a few contractors out of the bay area to another state where their salary was 1/3 a nice permanent home and they ended up scattering to other parts of the country. One even went back to the Bay Area. Yes there are nice places to live besides the bay area.
Effectively, they will never have a true life. They will just meander around here and there, making money whatever ways they can, surviving, and ultimately pass away from something they can’t afford to fix.
That, or become violent. I'm not saying that in a supportive way, moreso thinking of uprisings historically arising from people with no other option. Although, that was before facial recognition technology...
Historically people needed to starve a little for this. But perhaps energy shortages might do it today.
They didn't need facial recognition technology because they were physically in one place and the cops could just arrest everyone in that place - if there were enough cops which there never were.
I bet they wouldn’t radicalize and elect people with bad intentions in mind.
[dead]