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I always wonder why existing families didnt take advantage of the real estate boom. FB had obviously been growing for years. If you lived in an area for more t

I always wonder why existing families didnt take advantage of the real estate boom. FB had obviously been growing for years. If you lived in an area for more than 5 years, you should probably stop renting. If you moved there and dont have a tech job? Whhyyyyyyyy? I cannot understand this issue, it seems everything was in place for this area to eliminate problems.

tqi 8y ago
Minimum wage jobs probably didn't pay enough to allow a person to save enough for a down payment on a home, even 10 years ago?
- mkirklions 8y ago
  Yes, but its been 10 years of growth in this city and they are still making minimum wage? (no one really makes minimum wage) Lets be real here, isnt the problem that many people didnt save money and havnt developed their career over the last 10 years?
  - cgriswald 8y ago
    The positive and negative externalities of that growth are not shared equally. The real problem is that these 10 years of growth were not accompanied by enough growth in available housing. > Lets be real here, isnt the problem that many people didnt save money and havnt developed their career over the last 10 years? For the sake of argument, let's say this is a possibility for everyone. Let's say, despite high rents, everyone can save a certain amount each month. Let's say that every elementary school teacher can advance to being superintendent, and every automotive technician can eventually own his own shop or become a district manager of a chain. This wouldn't solve the problem. Then house prices would be even higher, and there would still not be enough housing.
    - mkirklions 8y ago
      >t's say this is a possibility for everyone. Let's say, despite high rents, everyone can save a certain amount each month. Let's say that every elementary school teacher can advance to being superintendent, and every automotive technician can eventually own his own shop or become a district manager of a chain. I thought we were talking about people making 8$/hr. An starting elementary teacher making 30k/yr or a tech making 40k/yr can save up for a downpayment. If they didnt, we know they spent it on new cars, clothes, iphones, etc... I have lived on 19k/yr for 2 people, its not only possible, but it seemed easy.
      - tqi 8y ago
        In your opinion, how much money should someone with a 40k/yr salary be able to save each year? And what fraction of that should go toward a down payment vs retirement vs loan repayment?

tqi 8y ago

Minimum wage jobs probably didn't pay enough to allow a person to save enough for a down payment on a home, even 10 years ago?

mkirklions 8y ago
Yes, but its been 10 years of growth in this city and they are still making minimum wage? (no one really makes minimum wage) Lets be real here, isnt the problem that many people didnt save money and havnt developed their career over the last 10 years?
- cgriswald 8y ago
  The positive and negative externalities of that growth are not shared equally. The real problem is that these 10 years of growth were not accompanied by enough growth in available housing. > Lets be real here, isnt the problem that many people didnt save money and havnt developed their career over the last 10 years? For the sake of argument, let's say this is a possibility for everyone. Let's say, despite high rents, everyone can save a certain amount each month. Let's say that every elementary school teacher can advance to being superintendent, and every automotive technician can eventually own his own shop or become a district manager of a chain. This wouldn't solve the problem. Then house prices would be even higher, and there would still not be enough housing.
  - mkirklions 8y ago
    >t's say this is a possibility for everyone. Let's say, despite high rents, everyone can save a certain amount each month. Let's say that every elementary school teacher can advance to being superintendent, and every automotive technician can eventually own his own shop or become a district manager of a chain. I thought we were talking about people making 8$/hr. An starting elementary teacher making 30k/yr or a tech making 40k/yr can save up for a downpayment. If they didnt, we know they spent it on new cars, clothes, iphones, etc... I have lived on 19k/yr for 2 people, its not only possible, but it seemed easy.
    - tqi 8y ago
      In your opinion, how much money should someone with a 40k/yr salary be able to save each year? And what fraction of that should go toward a down payment vs retirement vs loan repayment?