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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
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MikeDeTiger · « **Reply #37366 on:** September 25, 2024, 11:39:02 AM »

Just glancing at the budget, some things that haven't gone up very much:
-internet connection (cable)
-cell phone bill
-auto insurance
-medications (this has wild variance, ymmv. Just noting any medications used in our house haven't gone up too badly)

Things that have noticeably increased in my budget in the last couple years:
-city utilities
-electricity
-home maintenance items (Lowes/Home Depot type stuff I need for repairs/maintenance)
-pest control/termite service
-gas (ebbs and flows....doesn't seem too bad at the moment)
-groceries
-eating out, restaurants etc.
-health insurance

Haven't bought a car in a long time. When we do, looks like that's going to be quite a bit higher (per our earning power) than what we've dealt with previously.

MaximumSam · « **Reply #37367 on:** September 25, 2024, 11:39:03 AM »

Quote from: utee94 on September 25, 2024, 11:34:56 AM

So are home prices just an outlier? If real wages are higher now than they ever have been, and inflation has been largely under control for the past several decades, then consumer buying power should be fairly strong. And yet nobody can afford a new home.

I'd say so, housing shortages have been ongoing for a while and much of the inflation now and before 2021 was driven by housing prices

Cincydawg · « **Reply #37368 on:** September 25, 2024, 11:43:23 AM »

The inflation burst started in February 2021. Housing prices after that tended to moderate the overall figures until around Feb 2023. In my view, that last COVID flood of money sparked a lot of this, coupled with supply chain issues. We didn't need that last COVID relief bill.

847badgerfan · « **Reply #37369 on:** September 25, 2024, 11:45:34 AM »

Quote from: MikeDeTiger on September 25, 2024, 11:14:40 AM

It can. But not necessarily at the same rate.

"$" is a pretty worthless metric, imo. Spending power is all that's really important.

And you don't want want your assets too overly tied to inflation anyway, as you need them to appreciate even when inflation is decreasing.

This is mostly it to me.

I also look at construction. It's way down in most places.

MikeDeTiger · « **Reply #37370 on:** September 25, 2024, 11:47:13 AM »

Quote from: utee94 on September 25, 2024, 11:34:56 AM

So are home prices just an outlier? If real wages are higher now than they ever have been, and inflation has been largely under control for the past several decades, then consumer buying power should be fairly strong. And yet nobody can afford a new home.

Well, I don't think it can be said that inflation is under control any longer, but that being said, it seems to me that home prices are an outlier, along with groceries. In my admittedly limited sphere, those two things have really rocketed up, even compared to other things I've noticed which are outpacing wages.

Despite whatever other sectors may have inflated, in terms of what is likely to affect my every day life, those are the two areas where we've really lost ground in purchase power.

847badgerfan · « **Reply #37371 on:** September 25, 2024, 11:49:58 AM »

Quote from: MaximumSam on September 25, 2024, 11:39:03 AM

I'd say so, housing shortages have been ongoing for a while and much of the inflation now and before 2021 was driven by housing prices

Inflation today is completely the result of printing too much money at one time.

Housing prices rose based on builder sentiment. They have not been very confident for a long time, and the cost of construction has doubled since 2020.

As a result, less people can afford a home, and builders are not going to build to lose money.

MaximumSam · « **Reply #37372 on:** September 25, 2024, 11:56:42 AM »

Quote from: 847badgerfan on September 25, 2024, 11:49:58 AM

Inflation today is completely the result of printing too much money at one time.

Housing prices rose based on builder sentiment. They have not been very confident for a long time, and the cost of construction has doubled since 2020.

As a result, less people can afford a home, and builders are not going to build to lose money.

Home prices were shooting up before 2020. Inflation now is fairly normal.

Gigem · « **Reply #37373 on:** September 25, 2024, 11:58:52 AM »

Quote from: betarhoalphadelta on September 25, 2024, 11:38:17 AM

The house I used to own would be a general middle class family house. 1500 sf, 3bdr 2.5ba. Looking at the history in Zillow, it was sold in 2002 for 352K (before me). I bought it in 2010 (end of the great recession) for $470K and sold in 2016 (due to divorce) for $640K.

It sold again this month for $1.12M. That's >3x in 22 years.

Even nominal wages haven't gone up >3x in 22 years, as far as I'm aware.

So where does the money come from? Hardly anybody I know can afford a home for $1MM or more. The taxes alone would be crippling.

Cincydawg · « **Reply #37374 on:** September 25, 2024, 12:00:19 PM »

Construction around us is still going like crazy, but I don't know of any new large projects near us that just started. The "Gulch" project downtown is springing up around MB stadium at a fast pace. Centennial Yards they call it.

I continue to see houses being torn down to build a new one just north of us.

Gigem · « **Reply #37375 on:** September 25, 2024, 12:01:31 PM »

Quote from: medinabuckeye1 on September 25, 2024, 10:55:46 AM

This is exactly my point. People who say either:
Every single metric is improved, or
It is a megadisaster
Are two sides of the same coin. These idiots will simply refuse to look at evidence because, for them, ideology trumps reality. Both groups can be safely ignored.

"Both Sides can be safely ignored".

I like this sentiment a lot. I find myself ignoring a lot of it.

I heard something along the lines of "if you read the newspapers you'll think we're living in the worst times ever, but if you read the history books you'll think we're living in the best times ever". So true.

Cincydawg · « **Reply #37376 on:** September 25, 2024, 12:01:55 PM »

Quote from: Gigem on September 25, 2024, 11:58:52 AM

So where does the money come from? Hardly anybody I know can afford a home for $1MM or more. The taxes alone would be crippling.

I just paid my property tax, $13.4 K per year, here. Not exactly crippling, but I have to plan for it. (I put it on my AMEX.)

betarhoalphadelta · « **Reply #37377 on:** September 25, 2024, 12:10:12 PM »

Quote from: Gigem on September 25, 2024, 11:58:52 AM

So where does the money come from? Hardly anybody I know can afford a home for $1MM or more. The taxes alone would be crippling.

I don't know how big of an issue this really is, or if it's a hot-button that politicians like to jump on to blame anyone but themselves for what happens.

But there's a big amount of noise made here about corporations buying up single family homes to hold them as rentals...

https://calmatters.org/housing/2024/03/institutional-investors-corporate-landlords/

Again, I don't know how much of it is smoke and how much is fire, but it's one potential option explaining where the money is coming from.

847badgerfan · « **Reply #37378 on:** September 25, 2024, 12:11:23 PM »

Quote from: MaximumSam on September 25, 2024, 11:56:42 AM

Home prices were shooting up before 2020. Inflation now is fairly normal.

They were rising for sure. But not like this.

Inflation is decent right now. Prices are not decent. My wife just left to get groceries.

Cincydawg · « **Reply #37379 on:** September 25, 2024, 12:15:15 PM »

I've noted before about some older couples basically "stuck" in a 4-5 bedroom home. They might like to move, but they look at their 3% interest loan currently and wonder why they would pay 7% if they bought now. They'd downsize and basically pay the same amount on a loan, or more. My realtor friend says this is an issue, even for him personally. He has a 1960s 4 bdr ranch in a nice area that would sell for a lot, but then what? So he stays put.

I got a call yesterday from a realtor offering to buy my place. He left a message to that effect, no pricing of course, nor would I be willing to sell.

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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

MikeDeTiger

Re: OT-Catch all thread - Personal attacks will result in a time out

MaximumSam

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Cincydawg

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847badgerfan

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MikeDeTiger

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847badgerfan

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MaximumSam

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Gigem

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Cincydawg

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Gigem

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Cincydawg

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betarhoalphadelta

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847badgerfan

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Cincydawg

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