Modern Vespa

Housing is affordable... in the places that the masses don't want to live.

I use cars as an example all the time. We bought our house in 2004. In 2005 I sold my car payment and bought a car for cash.

assuming that there is work available in that area and cost of living in that area and average income in that area etc are comparable ...

I just want to inteject I own a few Vespa scooters. Not to change the subject but the rest of this Bullshit does not belong here. I dont come here to get depressed I come here to be uplifted and have a conversation about our love of Vespa's

And another thing (says the old man still shaking his fists at the sky) what is it with younger people and the need for "a career that is fulfilling and validating"? Work is work. It's a means to an end. My job / career pays my bills so I can enjoy my life outside of work. They call it work because it's work. If it were called "Happy fun time that makes you feel good and we have a ball pit and a juice bar" everyone would be doing it. But it isn't.

Attention everyone enjoying this conversation:

Stop immediately.

It's my understanding that the cost of things is MEANT to increase over time, just at a more gradual pace. Once costs go up they never really come back down. Consider rent. Deflation is supposed to be an indicator of larger economic troubles that wind up resulting in labor market issues.
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Wow, this thread has sure brought out some lengthy reflections and attempts to understand economics over time. Like many of you, my mind is anchored in the past (for better or worst). I divide everything by 10 to relate back to what things cost in 1966 when I finished High School.
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I just want to inteject I own a few Vespa scooters. Not to change the subject but the rest of this Bullshit does not belong here. I dont come here to get depressed I come here to be uplifted and have a conversation about our love of Vespa's

And another thing (says the old man still shaking his fists at the sky) what is it with younger people and the need for "a career that is fulfilling and validating"? Work is work. It's a means to an end. My job / career pays my bills so I can enjoy my life outside of work. They call it work because it's work. If it were called "Happy fun time that makes you feel good and we have a ball pit and a juice bar" everyone would be doing it. But it isn't.

Deflation is highly not desired. It means prices go down if you wait and not buy today. If we all do that it is devastating for the economy.

Agreed. And I read somewhere that consumer spending represented 68% of the US GDP in 2023.

If 50% of the U.S. population were as frugal as me, there'd be a 40% unemployment rate. Cause and affect. No Starbucks, convenience stores, etc.

The government intervention idea will come to nothing. I worked in construction (plastering) for 47 years. I made more money by the hour back in 1991 than I did when I retired at the end of 2023. I was a sixth generation plasterer, but I did not want my son going into it even when he expressed an interest. So believe me, it isn't the wages that is driving the prices up and government sure as hell won't be able to control it anymore than it can control the price of gas. Every generation views the generation afterwards as having it easy and being spoiled. The newer generation thinks the same of the older generation. Either way is still comes down to how hard you want to work. I could not buy a house in my day as I could not get a loan. I had a decent job, was single but had no credit history. At the time the interest rate was 12% and it climbed to 18% within a year or two. So I bought some land and built my own. I lived in trailer on the property and spent the next 5 years building it nights and weekends. When I moved in and I had a bed, a dresser and a couple of bean bags chairs. Most of my friends at the time could not get a house either, but over time, most did when they got married and had 2 incomes. So some stuff hasn't changed. If you want it bad enough, are willing to work for it and accept something less than your perfect home, you can get it. I raised my kids to think this way and 2 out of the 4 own their own house and my third is buying soon. None of them were fancy but in good neighbor hoods. All needed work, but we all got together and fixed them up. Interest rates have risen, but anything under 8% is still great, better than in my day. From the way I see it, money was so cheap to borrow for so long, and at first you could get more house for the same monthly payment. Then when the money stayed cheap, the house prices rose to balance that out. Eventually that low interest rate went away and the prices stayed up. In high demand areas like where I live it takes a little longer to sell, but usually under a month.

Wow, this thread has sure brought out some lengthy reflections and attempts to understand economics over time. Like many of you, my mind is anchored in the past (for better or worst). I divide everything by 10 to relate back to what things cost in 1966 when I finished High School.

I am still positive and believe that hard work and capitalism is beneficial for those who will embrace it. I did miss the drug scene and understand it had horrible consequences for many.

I completed my Masters Degree at Boston University in business with an emphasis on international economics. This does not mean I have anymore wisdom than any of you good people - relating your life experiences. It does mean that government policy demonstratively impacts everything beyond the normal 2% inflation.

So far, we seem to be fairing better than other countries. So keep the faith and we may get 3% mortgage rates back.

Bob Copeland

It figures you would be from Tega Cay, LOL. On the Lake, bitching about your plight. Widen your view. "My house just takes longer to sell, so the housing market is fine. Just be patient." Do you realize how comical that sounds?

Having spent decades doing a very well paid job that I hate, for exactly the reasons you've listed, I told my children to consider that option carefully. I made my choice, I've done well by it, and I don't regret it. But I'm not sure there are a lot of people of any generation who could face decades at a job they loathe. I can say confidently it's not easy.

Darling Bride on the other hand, chose a career in Volunteer Services. She has worked in hospitals and charities being the person that recruits, trains, places and manages those who volunteer their time. She absolutely finds it to be 'fulfilling and validating'. She comes home confident that her efforts make our corner of the world a better place. Until recently (with a very significant promotion) she made a lot less money than I did. She also had a much easier time going to work in the morning.

Would she have been as happy had she not been married to, and reaped the financial benefits of, someone who made the choices I did? Impossible to say, but I held both of those examples up to our children as valid options, and advised them to carefully balance the financial rewards of their work with how much satisfaction they expect to take from that work. One of them seems inclined to follow my path, the other will likely wind up closer to his mother's. Both are valid choices, as long as they've gone in cognizant of the long term implications of their decisions.