General Politics Discussion (IX) [ARCHIVED] • Page 91

Im kinda interested to see how this plays out because it should, in theory, not be the same as 2007/8. The biggest issue there from what I remember was the ARM mortgages. People bought mortgages with adjustable rates and as those rates ballooned, people couldn’t afford the new payments and a lot of those started hitting right as people were losing their jobs, so they REALLY couldn’t afford it. In theory, we were supposed to be moving people away from ARMs but.......

 

I think loans are slightly less predatory now, but you can still buy a home with just a few thousand dollars down. So it's possible that people are still buying more than they can afford but might not realize it until they have to start paying their mortgage every month. Would like to see some numbers on this.

 

Lotta people are house poor though. Like I can't fathom buying a house right now at the current market prices because if I ever got laid off I wouldn't be able to keep making mortgage payments.

 

Yes I am now one of those people

 

I'm not trying to be argumentative, but I don't know of anyone who works for a living that could continue paying their mortgage if they got laid off... Is that really the definition of house poor? I always thought that meant when you bought far too expensive of a house than you could afford...

 

Yeah but if it's not ARM, there shouldn't be any surprises right? Like "alright your first payment is due in 45 days and it's X and it's going to stay X for thirty years."

Whereas if it's ARM, if the Fed starts raising rates to combat inflation and those 3/5/7 year jawns expire and you get a new interet rate.....hoo boy. Gonna be bad.

 

YEah I always thought house poor meant your house is big and expensive but you can't really put a lot of shit in it because you don't have the money for good furniture and etc. haha. We're a two income household so if one of us lost our job we'd be fine if not struggling a bit. But if we both lost our job, we'd be able to last maybe half a year with all the other bills, longer if we stopped paying other stuff? Maybe a little longer now that we refinanced.

 

thats a good point, I guess it all depends on what other finances you have as well. Like student loan debt, car loan, credit card debt... by my age my parents had more savings than I did. Probably could have survived a while if either got laid off

 

Yeah I suppose we are a little more house poor than I thought. We were super careful when we were buying and tried not to buy more than we could afford, but we have very little savings and would not be able to last long if either of us got laid off.

Also, any time I have been out of work at my main job or between positions, I always get at least one part-time or short-term job, like working at an Amazon Fulfillment Center overnight or something like that.

 

I think it more means that your house payment is so much of your income that if something happens and you have an additional expense you will miss your payment or go into more debt.

 

That's why Biden should stop being a coward and cancel student loan debt

 

I'm super financially responsible (at least when it comes to big stuff) so we were careful not to be house poor when we bought but honestly now I think i'd prefer ot be house poor in a nicer neighborhood....especially since I'd much rather have less stuff in the house right now lmao

 

what is this home ownership of which y'all speak

 

Haven't you seen all of the stories about how easy it is to own your own home by 24?

You just have to
-Work two jobs and save the income from one
-Live in a small place to save on rent
-Don't go out to eat
-Have your parents give you $100K
-Don't go out to drink
-No Starbucks coffee or avocado

 

The wife and I were very careful to not bite off more than we could chew, so-to-speak. Ended up with this. It's not much, but it's home:

 

What Is ‘Cheugy’? You Know It When You See It.

I learn something new everyday.

 

showing your geriatric millennial ass rn

 

I have not heard any students using that word yet. but could be a function of not being full time in person

 

Even I know of cheugy and I'm in austria lol

 

With every day that passes that I know less about what’s happening online and in cool groups, the more I like myself.

 

Does homeboy know how many flamboyant villains there’s been in Disney movies?