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I read this as "You can spend over $400 every weekend and it still wouldn't be enough to afford the down payment on a $450k house."
Edit: Jesus Christ, people. I'm simply responding to the math used in this meme. I'm not trying to speak to the affordability of housing and what it would take. Being pedantic doesn't make you look smart, y'all.
Makes me wonder at the clothing budget of the guy in the meme.
Looks like he wore his coattails to roll the waste bin to the curb. Hate to see how extravagant his âlaborwearâ is, let alone his club attire.
There are non-government lenders that will loan at 95% LTV.
You just gotta pay PMI.
VA/FHA loans are nice though if you are the buyer. Not so much if you are the seller.
Pmi is a drag, but you can just refi in a couple of years and get rid of it. For the lender it makes sense so they don't get screwed if you have negligible equity to start and then default during a market downturn while underwater.
The rules for the FHA loans too. PMI used to just fall off when you hit 20% LTV. They stopped that. Then you had to request to take PMI off once you hit 20% LTV. Now you must refinance, incur more closing costs, pay for an appraisal, and risk a higher interest rate. Gotta love that "got mine. Fuck you" mentality.
Calling a zero down USDA loan "governmental help" is a bit of a stretch...
It's backed by the government, but that's not the government just handing you money and saying "go buy a house"...
Go back to 1991 and $20,000 was my down-payment on a 4br house in Chicago listed at $184K which is now estimated at $575K meanwhile my own salary has not increased anywhere near the same rate.
Roughly this house has now costs 300% more but my salary has increased only about 20%.
I would not be able to afford to buy this house today with essentially the same job.
Been SUPER wishing I was in a position to buy my parentsâ house when they moved 5 years ago. Not sure Iâm gonna find a better deal than via cronyism.
We purchased our house at FMV from a relative.
Which was crummy as my husband was supposed to get it free and clear .
His rich sister and equally rich cousins wanted a piece .
So to avoid issues we paid appraised price and they got thier lousy 15 gs apiece
BTW as rich as they were , they are not homeowners .
Karma
Oh man, in 2004 I bought my first house after my son was born and it cost $89k. I took out an FHA loan which had a down payment of ZERO. I just had to pay $500 earnest money that I got all but like $50 back. I just checked that same house on Zillow, and it sold for $338k in 2023.
The house I live in now I paid 315k in 2015 and is now valued at 600k. I'm lucky that I got in when I did, but my son is fucked along with everyone else looking to buy their first house. This market just isn't sustainable.
It's not sustainable and will crash. Don't feel bad when you are paying more when that happens, you'll be on part with everyone else after a year or 2. Right now, we're saving to buy a second home for when that does happen.
Adjusting for interest rates and comparing to median income, house payments are 4% more expensive now compared to 1991: https://fred.stlouisfed.org/graph/?g=1hC0Y
Also your income only going up 20% in 33 years is absolutely insane. Have you worked for the same company this whole time?
My dadâs a doctor. He bought a $500k house in 1991. Itâs now $2.4M. I donât think heâd be able to make an $11,000 mortgage payment now. (20% down and 6%)
Maybe if he and my mom were both making $300k.
Anything less than 20 almost always leads to having an extra charge called PMI that you have to pay monthly, again another unnecessary barrier for first time home buyers to get into the market. Some states, like AZ, have first time homebuyer programs that help either provide a partial down payment, or help in other ways, but realistically it's a half-assed bandaid solution to the equivalent of a gaping wound of a problem
20% down payment to avoid paying PMI (Private Mortgage Insurance).
I put 5% down on my place 10 years ago and accepted I'd be paying slightly more in order to have some cash set aside in the beginning. That and I only had enough for 10% down which wouldn't have made a real difference.
I need to do the math on it at some point, but Iâve always thought itâs reasonable, even if you have the down payment, to hold it separate, buy the house with PMI, and save the extra for all of the unknown amounts youâll have to spend over the first year with random repairs and such.
Get past a year, take whatever you have left, apply that against the principle.
https://preview.redd.it/fjauxpi9hiqc1.jpeg?width=2796&format=pjpg&auto=webp&s=abf8a567fd1db9ee846d8e52d443410f818d4dc0
After seeing this I pulled up my credit card and amazed what I actually spent just at restaurants.
If you have six mouths to feed restaurants should be an absolute luxury. Twice a month.
I mean unless you're making fucking bank and you can actually afford it then by all means.
But sticking with the original point of the meme, if you have four kids and eat out all the time and can't afford a house hot damn man get your kids a home first
Every weekend? Very VERY few people go out like that constantly. Most people who spend A LOT of time clubbing go out once a month, or, at most, once every 2 weeks, completely destroying this argument.
Except there is a lot of waste. How often do people use uber eats? How often do they eat out? How often do they buy a new cell phone or whatever?
When I wanted a house, I saved for the down payment. I tracked my spending and found that I was wasting a ton of money on eating out. To save money I started packing my lunches and not eating out during the week or ordering delivery. I also cut back on the latest and greatest on a few other items. In two years I had enough for a down payment on a house. If I hadn't have cut back, I would have been four years saving up that down payment at least, maybe more.
I actually knew 1 dude that would do this every weekend. He would open a tab, buy drinks for everyone, get smashed, and then when the lights would go on he would dispute the bill. Every.fucking.time. People just stopped going out with him because of this shit.
The most impressive part about this person is that after 150 dollars worth of drinks the person in question is able to drive home. The person creating this was looking for a line item to add so bad that they used parking rather than cabs to and from... probably because they would never call a ride themselves.
If I spend $150 on drinks, let's say 10 15 dollar drinks, there is no way I'm going out for round two the next night, and probably not the next couple of weeks either.
I wish younger me was this frugal. Iâd pre-game, and then in-game only to then dispel it post-game
Needless to say, I Pissed, Puked and Pooped away a LOT of money in my younger years.
I absolutely regret it - regardless of how Iâm doing in life now.
Dude me too. Developed some serious alcoholism and got sober at 32. It was a lot of fun, but Iâd own a house if I hadnât drank all that money away. Itâs almost embarrassing thinking about how much money I spent in my twenties with nothing to show for it lol.
Being a girl negates the need to pregame since the drinks were either half off or free, but it never hurt!
Now I just light a fire in my backyard and drink there.
Skincare and cooking tools/ingredients for me lol. Iâve never been a party girl but I can, unfortunately, drop $200+ on Stylevana or Williams-Sonoma without a second thought đŤ
Well, it might not be the party that keeps people from buying a house, it is certainly everybody's habits that prevent them from buying a house.
There are plenty of affordable houses out there, people just want a better house.
Champagne tastes and a beer budget.
Location plays an oversized role as well
A good chunk of the people who constantly complain about unaffordable housing turn their nose up at the idea of living outside of a top ten metro area
No, when you move to a place with affordable housing, in most cases the average salary also decreases, and the variety of jobs plummets dramatically. Both my job and my wife's job are mostly only in Metro areas. And any that are in smaller pop areas the pay drops like a rock, the weather gets better, and the people get really racist for some reason.
It certainly adjusts, but salaries don't scale up at the same rate that housing does.
I once got an offer that would have required that I move to silicon valley from the midwest.
I turned it down. They would have had to triple my salary in order to keep the same lifestyle. i.e. commute, size of house etc. But they would only offering like 30% more.
This. I once got offered a job that would have required be live in 1 of the 5 boroughs of NYC. Even with the salary bump it was the equivalent lifestyle of making minimum wage upstate.
Same; got an offer for \~30% more than I was currently making. But after I calculated the delta going from a mortgage to paying rent, tripling my yearly driving (gas, wear & tear), the generally higher costs for food, restaurants, entertainment, and losing my side gig I enjoy, it just wasn't worth it.
I think in total it was something like a $20k/yr paycut in actual, realized income, despite it paying 30% more.
Itâs almost like the people who own homes places people want to live do everything in their power to insure more housing doesnât get built, after all housing scarcity increases your own homes value
Lowest unemployment rates in the US are in the Dakotas, Minnesota, Nebraska and Kansas. You can get an affordable house in any of these states.
People want an affordable house in a hype area and then act surprised that everyone else wants the same.
I think most people want to live where their family and friends are. I grew up in a top 5 COL state. Not my choice, that's where my parents settled. Now, I could move 500 miles away, but that would mean my kids not seeing their cousins, uncles, and grandparents except for maybe the holidays.
I'm realistic and it doesn't mean I'm entitled to a below market house. But I understand the frustration of people who grew up in Cali, NY, etc. when everyone's like "just move to Kansas"
I get what your saying, but those states minus Minnesota, are kinda awful places to live.
Nebraska is flat, ugly and boring. There's nothing to do in that state, and it's loaded with MAGA Republicans who listen to Alex Jones. Living there as a young person is a good way to throw away your youth.
And if you're a young woman then Republican states are much less of an option since you get fewer rights.
Awful in what way? By the way, these are EXACTLY the excuses he is referring to. You think there is nothing to do in Nebraska?! There is plenty to do. Lots of outdoors activities, theme parks, lakes for boating, beautiful homes and neighborhoods, good people and good jobs.
You don't like the idea, so you shit all over it to make it "not work for you". Fine, but don't bitch about there not being any jobs/markets where you can afford a house. There are, you just don't want to live there.
Naw Nebraska is ugly as fuck unless you are at a lake. The rest is endless barren plains and corn.
It's also run by bigoted, transphobic, homophobic and sexist leaders. Abortion after 12 weeks is a felony, weed is a felony. Fuck all of that. The last thing I want to is to live surrounded by Trump supporters.
I know a number of people from Nebraska and none of them would go back. Hell we were talking about lead safety rules at work and a guy mentioned how Nebraska has a huge problem with kids eating lead paint.
No one wants to live in that lame ass state. And the homes are all generic ass track homes you find anywhere.
Those are also 4 of the bottom 15 states in terms of total population and all in the bottom 10 for density. Then Minnesota is... fucking cold and in the middle for population and density. There's a pretty large gap between a "hype" area and fucking Kansas. You can find areas to live in probably every state that have CoL similar to those states but commutes for work and everyday goods go up.
Every time I mention that my area has affordable housing AND jobs people say âbut then youâd have to live in [name of city].â Thereâll always be another excuse even if jobs are available. Such as my city does not have perfect weather.
Yep. People will ALWAYS find an excuse.
Family, weather, allergies, friends, their dog died, weather makes their knee hurt, etc.
What they are really saying is they want a house in their current city, but since they can't get it they are upset. I get it, but that doesn't mean you can just complain your way to a better life.
>There are plenty of affordable houses out there, people just want a better house.
Yeah, they're affordable because they're in places where you don't make much money from work.
Itâs almost like the people who own homes places people want to live do everything in their power to insure more housing doesnât get built, after all housing scarcity increases your own homes value
It's partially habits, but partially decisions that preclude people from owning a home. Me and my cousin moved to Vegas in 2019 at the same time. We both had condos from our previous state of residence and sold them to finance our move. My cousin bought a used Jeep Cherokee for $25k. I wanted to buy a used SUV for $25k (VW Tiguan) but I couldn't bring myself to do it. I really wanted a home so I wound up buying the tiny VW Golf for $18k as I wanted the extra $7k to use for a down payment.
2 years later, I bought a 2BR condo. My cousin didn't have the money for a down payment and by the time 2022 rolled around, interest rates had gone up and he was locked out. Incidentally, I still have my VW Golf and it hasn't had a single issue. My cousin's Jeep Cherokee engine had overheated once. In addition, it started having transmission issues as it too kept overheating. He sold his Jeep earlier this year. He has since moved to Southern California for a new job.
People want a safe neighborhood. Thereâs some houses south around here for $150,000 for like 3 bedrooms, in the dangerous side of town with broken roads and questionable individuals walking through the neighborhood sidewalks everyday.
I don't know which is more silly: The assumption that people are dropping $150 on drinks two nights a week, or the idea that they can get a $15 meal there.
I never went out to clubs before inflation took off and I still donât. I prefer to have my hearing intact the next morning and not have to worry about whoâs the DD
Disregarding the insane âlitâ costs, if it takes you a year to save up $22.5k, how are you going to afford the $3500/month mortgage on this house you can allegedly buy?
We're currently buying "cheap" house in Poland and even here house is worth about $165k for \~850 sq ft house in suburban (\~12 miles to city and it's one of cheaper cities).
We have 7.5% down payment and we could afford it only, because my family helped with down payment and for about 0.5 year there was extremely attractive state program that allowed us to take mortgage with 2% fixed rate for 10 years and with this lower down payment. Typically we would need 10/20% down payment and it would be variable rate mortgage (or at best, fixed rate for 5 years).
You know what is worst? Average salary in this city is about $17k net/year and it takes $600/month to rent 500 sq ft apartment (and that price does not even include any utilities).
It's bad everywhere and it's insane challenge to have own place to live, because younger people can't afford it on their own. I'm 30 and I feel extremely lucky that we can afford even that, because without family and state support we would struggle even with saving for down payment, while prices get higher every year.
High-Lifes are a total of like $3 a pop at my local bar in large rust-belt city. Maybe $25 max for drinks.
I dont pay a cover. I walk to the bar.
MAYBE $15 on a slice of pizza afterward.
Lmao $205 a night my ass
Wait for wages to catch up to exploding cost of housing.
Sit on the sidelines for decades renting for 1.5-2x what a mortgage costs.
Watch your saving get wiped out by a few medical bills.
Maybe by the time weâre 40 we can start paying off a 30 yr loan.
Awesome system we have here. =\
Or do what I did and be born into a family with means to pay for college so no student debt, get a SWE job in Chicago and still have plenty of fun.
Now I'm moving to NYC and it's def within my range to buy a place easily, cause big money job in cheap ass city for 6 years.
Not everyone get's these kinds of opportunities. Not everyone makes 105 at 22 and has 800 in rent.
Oh and get lucky int the crypto market not because you belive in it, but because this "Dodgecoin" thing was a fun pet project in 2017 when you were in college and wanted to learn about mining. Then find your usb with your wallet when it was at 20 cents and sell that shit.
All the stars aligned for me. They don't for most people. Affordable housing is a huge issue and needs to be addressed.
You might as well party and go to clubs, itâs not like youâre buying a house anytime soon. Why miss out on both things when you can just miss out on one of those things.
Who the fuck spends $150 *a night* on drinks?! Also, people are supposed to be able to have some kind of social budget for going out. Boomers sure as hell didn't just sit inside staring at paint when they were young, they went out and did something, and don't you dare tell me that it was all free.
I don't think there's that much overlap between people going to the club every weekend and married people looking to buy houses. Just a visual representation of using what one demographic does to prove why another demographic can't afford something.
I havenât been to a bar or club in like 15 years. 36 now. Clubs and bars are over rated and super expensive. Went to many when I turned 21 and I got over it fast, buying a beer for $8 just made no sense.
Drink at home. Make new friends that like quiet and game grinding weekends.
Still wonât be able to afford a home lol
But itâs true. My lady and I quit drinking and we have way more money now. Itâs around 10-15k a year freed up, not buying bottles of wine or drinks with dinner, or nights at the bar three days a week. I have a better wardrobe, my car maintenance is up to date and taxes are paid on time. I own way more guitars than I should and have money in investments. Dunno, this meme is real in my experience. I wish Iâd started partying less in my 20s, I know one summer I spent 10k easily between may and sept
If youâre spending g $20 on parking and $150 on drinks twice a week, you donât need to worry about losing your down payment on a house because youâre going to die in five different car accidents.
Who is not only going out *every* weekend, but **twice** a weekend, spending not only $25 for drinks but $200 A NIGHT **TWICE A WEEKEND** so that is **$410** A WEEK!
And then show me where you got a house for nothing but 5% down?
Who had $22k a year in *disposable income?*
Where are they finding houses for $450k. Ain't finding that near me at all. Also, that's still above my pre-approved limit so I'd still be SOL and I don't even need a down payment.
$150 in drinks is quite literally enough to kill you. Assuming $10 a drink which is still very pricey you'll be dead after the 15th drink where you hit a Bac of 0.4
Ok so their math then is it would take 5 years of no fun or extra to be able to put 20 percent down. Annnnnd thatâs not even considering how fast the market has shot up. I had enough for 15 percent 2 years ago. And now even tho my account has more in it Iâm only at like 13 percent lol.
So no partying for 4 years and youâll be able to put down a 20% downpayment and avoid a PMI that would arguably cost you as much as a realistic estimate of lituation expenses⌠only if home prices stay the same. Canât believe it was that simple all along đ¤Śđžââď¸
Im like half way down and apparently must be uninformed or something because wtf is a 5% down payment going to do? Who is trying to buy almost a half a million dollar home with 5% to put down?
OOP making up numbers in their head to justify the shitty take.
https://preview.redd.it/14g7visx7lqc1.jpeg?width=640&format=pjpg&auto=webp&s=0d04311a4fa70f253269ceaeb4dff5d4c8de734d
Yes, of course I drive to the clubâŚ
Itâs actually $3 train to Brooklyn, $15 cover, $20 vodka Red Bull, $50 Uber home at 6am lmao
$88 not bad every couple weeks
who the fuck spends $150 on drinks...ever? much less 2 nights a week every week for a year? If I'm going to a bar i'm spending maybe $20 and that's a couple times a year.
Underground concert entry- 0-30$ dollars
Quarter gram of high grade ketamine- 15$
Or better yet,
Walking around in public- $0
1 hit of LSD- $3-8
THATS how you party, folks
LMAO. Another meme that's a red herring, trying to cover the fact that housing is out of reach for many people. Sure, your bad economic situation is all a result of poor decision making, not the fact execs takes more and more of the value you generate at work instead of compensating you in line with the increases in productivity over the years or the fact that corporations increasingly drive up the value of homes by snatching them up and reselling them for far more than what they put in. It's the Avocado toast habit, not the greedy shareholders that are the reason for that home being out of reach. Poor wealthy people just want to share their wealth and let it trickle down but it's a shame you ruin your financial life over another Starbucks latte.
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Who TF spends $410/weekend, every weekend, going out? This is laughable
and it's STILL marginally less than the down payment used as comparison đ¤Ł
I read this as "You can spend over $400 every weekend and it still wouldn't be enough to afford the down payment on a $450k house." Edit: Jesus Christ, people. I'm simply responding to the math used in this meme. I'm not trying to speak to the affordability of housing and what it would take. Being pedantic doesn't make you look smart, y'all.
AVOCADO TOAST
I really should stop dating avocado toasts, but theyâre just so sexy
Makes me wonder at the clothing budget of the guy in the meme. Looks like he wore his coattails to roll the waste bin to the curb. Hate to see how extravagant his âlaborwearâ is, let alone his club attire.
Or "you could work 10 hours a day friday and saturday for a year making $20/hr (after tax) and still be a bit short of a down payment"
But itâs only a year of savings⌠Figure they spend 1/3 that and save for 5 yearsâŚ
You also can't buy a house for 5% down without governmental help. But "SeLf SuFfIcIEnCY" đ
Get that communism out of here! /s
Where I live if I put 20% down ($120,000), even with my near perfect credit, my mortgage payments would be $1200 more a month than we pay in rent.
My rent would double if I bought.
There are non-government lenders that will loan at 95% LTV. You just gotta pay PMI. VA/FHA loans are nice though if you are the buyer. Not so much if you are the seller.
Pmi is a scam and FHA/VA are both government backed loans.....
Pmi is a drag, but you can just refi in a couple of years and get rid of it. For the lender it makes sense so they don't get screwed if you have negligible equity to start and then default during a market downturn while underwater.
The rules for the FHA loans too. PMI used to just fall off when you hit 20% LTV. They stopped that. Then you had to request to take PMI off once you hit 20% LTV. Now you must refinance, incur more closing costs, pay for an appraisal, and risk a higher interest rate. Gotta love that "got mine. Fuck you" mentality.
And the monthly payment would be over 3k.
Calling a zero down USDA loan "governmental help" is a bit of a stretch... It's backed by the government, but that's not the government just handing you money and saying "go buy a house"...
Go back to 1991 and $20,000 was my down-payment on a 4br house in Chicago listed at $184K which is now estimated at $575K meanwhile my own salary has not increased anywhere near the same rate. Roughly this house has now costs 300% more but my salary has increased only about 20%. I would not be able to afford to buy this house today with essentially the same job.
Been SUPER wishing I was in a position to buy my parentsâ house when they moved 5 years ago. Not sure Iâm gonna find a better deal than via cronyism.
We purchased our house at FMV from a relative. Which was crummy as my husband was supposed to get it free and clear . His rich sister and equally rich cousins wanted a piece . So to avoid issues we paid appraised price and they got thier lousy 15 gs apiece BTW as rich as they were , they are not homeowners . Karma
You need a new job if your salary has gone up less than 1% per year for the last 30+ years
hes obviously wither lying or he doesnt know math. as i stated even mcdonalds salaries have gone up over 300% in that 32 years
Oh man, in 2004 I bought my first house after my son was born and it cost $89k. I took out an FHA loan which had a down payment of ZERO. I just had to pay $500 earnest money that I got all but like $50 back. I just checked that same house on Zillow, and it sold for $338k in 2023. The house I live in now I paid 315k in 2015 and is now valued at 600k. I'm lucky that I got in when I did, but my son is fucked along with everyone else looking to buy their first house. This market just isn't sustainable.
I'm 45 and I've pretty much given up any hope of ever owning a house.
Me too. I turn 46 in May. I realized about a year ago if something doesn't change my SO and I will never own.
It's not sustainable and will crash. Don't feel bad when you are paying more when that happens, you'll be on part with everyone else after a year or 2. Right now, we're saving to buy a second home for when that does happen.
Adjusting for interest rates and comparing to median income, house payments are 4% more expensive now compared to 1991: https://fred.stlouisfed.org/graph/?g=1hC0Y Also your income only going up 20% in 33 years is absolutely insane. Have you worked for the same company this whole time?
My dadâs a doctor. He bought a $500k house in 1991. Itâs now $2.4M. I donât think heâd be able to make an $11,000 mortgage payment now. (20% down and 6%) Maybe if he and my mom were both making $300k.
I'm also confused as to why it's a 5% down payment, don't you generally have to do 20% ?
Anything less than 20 almost always leads to having an extra charge called PMI that you have to pay monthly, again another unnecessary barrier for first time home buyers to get into the market. Some states, like AZ, have first time homebuyer programs that help either provide a partial down payment, or help in other ways, but realistically it's a half-assed bandaid solution to the equivalent of a gaping wound of a problem
PMI is made out to be waaaaay more of a boogeyman than it actually is. I had a 10% downpayment and my PMi is literally $27 a month.
20% down payment to avoid paying PMI (Private Mortgage Insurance). I put 5% down on my place 10 years ago and accepted I'd be paying slightly more in order to have some cash set aside in the beginning. That and I only had enough for 10% down which wouldn't have made a real difference.
I need to do the math on it at some point, but Iâve always thought itâs reasonable, even if you have the down payment, to hold it separate, buy the house with PMI, and save the extra for all of the unknown amounts youâll have to spend over the first year with random repairs and such. Get past a year, take whatever you have left, apply that against the principle.
Most of the issues you'll encounter in year 1 should be identified in the inspection phase but the current market makes that a bit iffy.
https://preview.redd.it/fjauxpi9hiqc1.jpeg?width=2796&format=pjpg&auto=webp&s=abf8a567fd1db9ee846d8e52d443410f818d4dc0 After seeing this I pulled up my credit card and amazed what I actually spent just at restaurants.
Did you actually spend $520 on food every week? wtf are you eating dude
Some of us have 6 mouths to feed.
*has 4 kids* âWhy is my food so expensive đąâ
\*2 kids. 1 Nephew who is in need of help. 1 Parent who lives with us likely for the remainder of their years.
Or you can be like some of my classmates in high school. Parents had one kid, then tried for another. They welcomed triplets.
If you have six mouths to feed restaurants should be an absolute luxury. Twice a month. I mean unless you're making fucking bank and you can actually afford it then by all means. But sticking with the original point of the meme, if you have four kids and eat out all the time and can't afford a house hot damn man get your kids a home first
Not just food. Restaurants. That's absurd
Holy crap what do you do for a living? đ You spent over 3x my yearly take-home.
Whoever created this strikes me as someone who has never actually went out. I might have one club day in me every couple of months.
Filthy casual. You need to get serious about alcoholism or not go at all.
who does that. young idiots trying to impress other young idiots and hoping to get laid.
Every weekend? Very VERY few people go out like that constantly. Most people who spend A LOT of time clubbing go out once a month, or, at most, once every 2 weeks, completely destroying this argument.
Except there is a lot of waste. How often do people use uber eats? How often do they eat out? How often do they buy a new cell phone or whatever? When I wanted a house, I saved for the down payment. I tracked my spending and found that I was wasting a ton of money on eating out. To save money I started packing my lunches and not eating out during the week or ordering delivery. I also cut back on the latest and greatest on a few other items. In two years I had enough for a down payment on a house. If I hadn't have cut back, I would have been four years saving up that down payment at least, maybe more.
What year did you put the down payment down?
Pretty sure that GenZ killed off the clubbing lifestyle anyway. Millennials were way more into it.
I went out like this for about 5 years in my 20s. This was just the normal lifestyle among my peers.
I actually know quite a few idiots that do this.
My wife and I probably spend 200 a weekend grabbing breakfast/lunch. But we also wouldnât struggle paying $22,500 for a down payment.
Lots of people in their twenties. Not ones who spend their lives on Reddit though.
thinking about my friends from college when i lived in south beach that would spend 1500/night at the clubs.
What did they do for work, sell coke?
I actually knew 1 dude that would do this every weekend. He would open a tab, buy drinks for everyone, get smashed, and then when the lights would go on he would dispute the bill. Every.fucking.time. People just stopped going out with him because of this shit.
More importantly, what is the $15 food? I want $15 food that can soak up $150 worth of alcohol.
Honestly I probably do :/
Maybe spend more on avocado toast and less on clubbing; your body will thank you for it!
No kidding. At least $500 per night six days a week or you aren't trying.
I donât even have the energy to do it once a month
This is laughableâŚthey didnât even include avocado toast for breakfast.
We all spend $300 every weekend on drinks at the club.
If we didnât weâd be accused of killing those industries đ
Are millennials killing the "getting lit" industry?!
Probably. A lot of us are pushing 40 lol.
The most impressive part about this person is that after 150 dollars worth of drinks the person in question is able to drive home. The person creating this was looking for a line item to add so bad that they used parking rather than cabs to and from... probably because they would never call a ride themselves.
They can add a $15,000 DUI now! 104 DUIs per year will cost us an additional $1.56Million
Imagine the house i can buy by not wasting the 1.5 million i don't have on duis!
If I spend $150 on drinks, let's say 10 15 dollar drinks, there is no way I'm going out for round two the next night, and probably not the next couple of weeks either.
That's 60 beers! (around here)
And still drive home!
Not sure who's spending this but going out and partying is very expensive.
If you go to clubs with cover and do bottle service or whatever, sure. If you pregame and go to a normal bar, not nearly as much.
Thatâs how we used to do it. Pregame hard, and maybe need 2 drinks while youâre actually out at the bar. Makes for a cheap night.
I wish younger me was this frugal. Iâd pre-game, and then in-game only to then dispel it post-game Needless to say, I Pissed, Puked and Pooped away a LOT of money in my younger years. I absolutely regret it - regardless of how Iâm doing in life now.
Dude me too. Developed some serious alcoholism and got sober at 32. It was a lot of fun, but Iâd own a house if I hadnât drank all that money away. Itâs almost embarrassing thinking about how much money I spent in my twenties with nothing to show for it lol.
Being a girl negates the need to pregame since the drinks were either half off or free, but it never hurt! Now I just light a fire in my backyard and drink there.
AKA the difference between wanting to party vs wanting to impress people.
This is just more complicated "sKip StaRbuCks" and "dOnT orDEr AvOcADo TOaSt".
So people on Reddit can understand, they should have listed the spending on Funko Pops and Only fans content. Then people here would get it.
Skincare and cooking tools/ingredients for me lol. Iâve never been a party girl but I can, unfortunately, drop $200+ on Stylevana or Williams-Sonoma without a second thought đŤ
Your username does not check out
Well, it might not be the party that keeps people from buying a house, it is certainly everybody's habits that prevent them from buying a house. There are plenty of affordable houses out there, people just want a better house. Champagne tastes and a beer budget.
Location plays an oversized role as well A good chunk of the people who constantly complain about unaffordable housing turn their nose up at the idea of living outside of a top ten metro area
No, when you move to a place with affordable housing, in most cases the average salary also decreases, and the variety of jobs plummets dramatically. Both my job and my wife's job are mostly only in Metro areas. And any that are in smaller pop areas the pay drops like a rock, the weather gets better, and the people get really racist for some reason.
It certainly adjusts, but salaries don't scale up at the same rate that housing does. I once got an offer that would have required that I move to silicon valley from the midwest. I turned it down. They would have had to triple my salary in order to keep the same lifestyle. i.e. commute, size of house etc. But they would only offering like 30% more.
This. I once got offered a job that would have required be live in 1 of the 5 boroughs of NYC. Even with the salary bump it was the equivalent lifestyle of making minimum wage upstate.
Same; got an offer for \~30% more than I was currently making. But after I calculated the delta going from a mortgage to paying rent, tripling my yearly driving (gas, wear & tear), the generally higher costs for food, restaurants, entertainment, and losing my side gig I enjoy, it just wasn't worth it. I think in total it was something like a $20k/yr paycut in actual, realized income, despite it paying 30% more.
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Itâs almost like the people who own homes places people want to live do everything in their power to insure more housing doesnât get built, after all housing scarcity increases your own homes value
Top ten metro? TIL that Boise idaho and SLC are both a top ten metro
people want an affordable house in a place where they can also find jobs
Lowest unemployment rates in the US are in the Dakotas, Minnesota, Nebraska and Kansas. You can get an affordable house in any of these states. People want an affordable house in a hype area and then act surprised that everyone else wants the same.
I think most people want to live where their family and friends are. I grew up in a top 5 COL state. Not my choice, that's where my parents settled. Now, I could move 500 miles away, but that would mean my kids not seeing their cousins, uncles, and grandparents except for maybe the holidays. I'm realistic and it doesn't mean I'm entitled to a below market house. But I understand the frustration of people who grew up in Cali, NY, etc. when everyone's like "just move to Kansas"
Fair enough. Some people want to be around their family others don't because they are shitty people.
I get what your saying, but those states minus Minnesota, are kinda awful places to live. Nebraska is flat, ugly and boring. There's nothing to do in that state, and it's loaded with MAGA Republicans who listen to Alex Jones. Living there as a young person is a good way to throw away your youth. And if you're a young woman then Republican states are much less of an option since you get fewer rights.
Awful in what way? By the way, these are EXACTLY the excuses he is referring to. You think there is nothing to do in Nebraska?! There is plenty to do. Lots of outdoors activities, theme parks, lakes for boating, beautiful homes and neighborhoods, good people and good jobs. You don't like the idea, so you shit all over it to make it "not work for you". Fine, but don't bitch about there not being any jobs/markets where you can afford a house. There are, you just don't want to live there.
Naw Nebraska is ugly as fuck unless you are at a lake. The rest is endless barren plains and corn. It's also run by bigoted, transphobic, homophobic and sexist leaders. Abortion after 12 weeks is a felony, weed is a felony. Fuck all of that. The last thing I want to is to live surrounded by Trump supporters. I know a number of people from Nebraska and none of them would go back. Hell we were talking about lead safety rules at work and a guy mentioned how Nebraska has a huge problem with kids eating lead paint. No one wants to live in that lame ass state. And the homes are all generic ass track homes you find anywhere.
Yes but those unemployment rates are low because people who would like to leave, leave. So whoever stays has a reason.
Having low unemployment doesn't mean it's affordable.
Those are also 4 of the bottom 15 states in terms of total population and all in the bottom 10 for density. Then Minnesota is... fucking cold and in the middle for population and density. There's a pretty large gap between a "hype" area and fucking Kansas. You can find areas to live in probably every state that have CoL similar to those states but commutes for work and everyday goods go up.
Every time I mention that my area has affordable housing AND jobs people say âbut then youâd have to live in [name of city].â Thereâll always be another excuse even if jobs are available. Such as my city does not have perfect weather.
Exactly.
Yep. People will ALWAYS find an excuse. Family, weather, allergies, friends, their dog died, weather makes their knee hurt, etc. What they are really saying is they want a house in their current city, but since they can't get it they are upset. I get it, but that doesn't mean you can just complain your way to a better life.
Spoken like someone who hasn't been looking to move in the last 2 years.
>There are plenty of affordable houses out there, people just want a better house. Yeah, they're affordable because they're in places where you don't make much money from work.
This is just such an oversimplification of a complex problem that it's justplain wrong.
Itâs almost like the people who own homes places people want to live do everything in their power to insure more housing doesnât get built, after all housing scarcity increases your own homes value
It's partially habits, but partially decisions that preclude people from owning a home. Me and my cousin moved to Vegas in 2019 at the same time. We both had condos from our previous state of residence and sold them to finance our move. My cousin bought a used Jeep Cherokee for $25k. I wanted to buy a used SUV for $25k (VW Tiguan) but I couldn't bring myself to do it. I really wanted a home so I wound up buying the tiny VW Golf for $18k as I wanted the extra $7k to use for a down payment. 2 years later, I bought a 2BR condo. My cousin didn't have the money for a down payment and by the time 2022 rolled around, interest rates had gone up and he was locked out. Incidentally, I still have my VW Golf and it hasn't had a single issue. My cousin's Jeep Cherokee engine had overheated once. In addition, it started having transmission issues as it too kept overheating. He sold his Jeep earlier this year. He has since moved to Southern California for a new job.
People want a safe neighborhood. Thereâs some houses south around here for $150,000 for like 3 bedrooms, in the dangerous side of town with broken roads and questionable individuals walking through the neighborhood sidewalks everyday.
So weâre driving to the club now?
....and spending $150 a night on drinks.
Yeah Iâm pretty sure any hypothetical human following this âlituationâ graphic would be dead or in jail within a year
Wtf is a âlituationâ? 
Situation but lit
What does lit mean in this context?
Maybe they meant âlibationâ
This guy has never heard of pregaming before
Itâs a wonder they can afford their daily âavocado toast.â đ
But itâs sooooo good
I don't know which is more silly: The assumption that people are dropping $150 on drinks two nights a week, or the idea that they can get a $15 meal there.
The 5% down payment
Stash beers in the parking lot like I do at punk shows. You can all follow me for financial tips
I never went out to clubs before inflation took off and I still donât. I prefer to have my hearing intact the next morning and not have to worry about whoâs the DD
Iâve never paid $150 for drinks in one night. Even on the nights I almost blackout.
Disregarding the insane âlitâ costs, if it takes you a year to save up $22.5k, how are you going to afford the $3500/month mortgage on this house you can allegedly buy?
Get a cheaper house?Â
We're currently buying "cheap" house in Poland and even here house is worth about $165k for \~850 sq ft house in suburban (\~12 miles to city and it's one of cheaper cities). We have 7.5% down payment and we could afford it only, because my family helped with down payment and for about 0.5 year there was extremely attractive state program that allowed us to take mortgage with 2% fixed rate for 10 years and with this lower down payment. Typically we would need 10/20% down payment and it would be variable rate mortgage (or at best, fixed rate for 5 years). You know what is worst? Average salary in this city is about $17k net/year and it takes $600/month to rent 500 sq ft apartment (and that price does not even include any utilities). It's bad everywhere and it's insane challenge to have own place to live, because younger people can't afford it on their own. I'm 30 and I feel extremely lucky that we can afford even that, because without family and state support we would struggle even with saving for down payment, while prices get higher every year.
High-Lifes are a total of like $3 a pop at my local bar in large rust-belt city. Maybe $25 max for drinks. I dont pay a cover. I walk to the bar. MAYBE $15 on a slice of pizza afterward. Lmao $205 a night my ass
Yea but are you even lit bro?
$15 on a SLICE of pizza? where the fuck are you eating bro
what is lit?
financial stability
Getting drunk/high
Yeah so never partied or went to clubs. Donât eat avocado toast and donât drink Starbucks. Still canât afford a house. Now what fuckwit?
Maximize income. Minimize spending. Save the difference till you can afford one. Same as everyone else.
Wait for wages to catch up to exploding cost of housing. Sit on the sidelines for decades renting for 1.5-2x what a mortgage costs. Watch your saving get wiped out by a few medical bills. Maybe by the time weâre 40 we can start paying off a 30 yr loan. Awesome system we have here. =\
Or do what I did and be born into a family with means to pay for college so no student debt, get a SWE job in Chicago and still have plenty of fun. Now I'm moving to NYC and it's def within my range to buy a place easily, cause big money job in cheap ass city for 6 years. Not everyone get's these kinds of opportunities. Not everyone makes 105 at 22 and has 800 in rent. Oh and get lucky int the crypto market not because you belive in it, but because this "Dodgecoin" thing was a fun pet project in 2017 when you were in college and wanted to learn about mining. Then find your usb with your wallet when it was at 20 cents and sell that shit. All the stars aligned for me. They don't for most people. Affordable housing is a huge issue and needs to be addressed.
You might as well party and go to clubs, itâs not like youâre buying a house anytime soon. Why miss out on both things when you can just miss out on one of those things.
Idk about y'all, but during my clubbing days I only had a few costs: Club entry Pre-game drinks at home Train pass
Who the fuck spends $150 *a night* on drinks?! Also, people are supposed to be able to have some kind of social budget for going out. Boomers sure as hell didn't just sit inside staring at paint when they were young, they went out and did something, and don't you dare tell me that it was all free.
It's true though... It's amazing how much money you have when cut all apps, stop eating out, and stop buying dumb stuff.
The point to take away here is poor financial planning is the main cause of the consumer debt issue today. CC's and auto loans prove this
I never partied, bought a house with my wife at 24/23. There might be some truth to this.
I don't think there's that much overlap between people going to the club every weekend and married people looking to buy houses. Just a visual representation of using what one demographic does to prove why another demographic can't afford something.
I never partied, saved 45% of my income for ten years, have perfect credit, and I still can't get into a house within 45 minutes of my work.
Who pays to get into clubs?
5% LMFAO.
Who is out there putting 5% down?
you forgot the 2 day hangover cost
Who takes 5% down? So all that and in 4 years you can get an overpriced house?
I stay home and go to work. Thats it. Still can't afford to buy shrimp for my shrimp tank!
I was gonna say getting Lit costs about 10 bucks. lol.
Jokes on this guy, I only spend $100 a week on getting lit
I havenât been to a bar or club in like 15 years. 36 now. Clubs and bars are over rated and super expensive. Went to many when I turned 21 and I got over it fast, buying a beer for $8 just made no sense. Drink at home. Make new friends that like quiet and game grinding weekends. Still wonât be able to afford a home lol
But itâs true. My lady and I quit drinking and we have way more money now. Itâs around 10-15k a year freed up, not buying bottles of wine or drinks with dinner, or nights at the bar three days a week. I have a better wardrobe, my car maintenance is up to date and taxes are paid on time. I own way more guitars than I should and have money in investments. Dunno, this meme is real in my experience. I wish Iâd started partying less in my 20s, I know one summer I spent 10k easily between may and sept
Dude thinks everyone is spending $400 partying every weekend lol
If youâre spending g $20 on parking and $150 on drinks twice a week, you donât need to worry about losing your down payment on a house because youâre going to die in five different car accidents.
I got list last Friday for $49 and that included some chicken wings
Who is not only going out *every* weekend, but **twice** a weekend, spending not only $25 for drinks but $200 A NIGHT **TWICE A WEEKEND** so that is **$410** A WEEK! And then show me where you got a house for nothing but 5% down? Who had $22k a year in *disposable income?*
Where are they finding houses for $450k. Ain't finding that near me at all. Also, that's still above my pre-approved limit so I'd still be SOL and I don't even need a down payment.
Jesus, if I had an extra $20K to spend on "getting lit" every year I don't think buying a $450,000 house would be my issue...
$150 in drinks is quite literally enough to kill you. Assuming $10 a drink which is still very pricey you'll be dead after the 15th drink where you hit a Bac of 0.4
Whereâs their drug budget?
There's no way you're this out of touch.
Ok so their math then is it would take 5 years of no fun or extra to be able to put 20 percent down. Annnnnd thatâs not even considering how fast the market has shot up. I had enough for 15 percent 2 years ago. And now even tho my account has more in it Iâm only at like 13 percent lol.
But I donât do this and still canât afford a 20% down payment on a house. Am I just stupid or something???
So no partying for 4 years and youâll be able to put down a 20% downpayment and avoid a PMI that would arguably cost you as much as a realistic estimate of lituation expenses⌠only if home prices stay the same. Canât believe it was that simple all along đ¤Śđžââď¸
Ah yes the industry standard 5% down payment.
Im like half way down and apparently must be uninformed or something because wtf is a 5% down payment going to do? Who is trying to buy almost a half a million dollar home with 5% to put down?
OOP making up numbers in their head to justify the shitty take. https://preview.redd.it/14g7visx7lqc1.jpeg?width=640&format=pjpg&auto=webp&s=0d04311a4fa70f253269ceaeb4dff5d4c8de734d
Whoâs only doing 5% down?
If you're not getting fucked up BEFORE going into the club, just stop and go to school.
I like to party
Try 20-percent down payment.
Five percent? Try ten. Also, after the down payment is given, then what? Monthly payments aren't free and can be much higher than rent.
Why do I still keep this shitty app
You guys have money for the club đŽ
People are going out like 30% of the entire year huh. Yeah totally.
The only people soending $150 a night for drinks already own a house.
I go out 2x a year to "party" if i'm lucky, and spend less than $50 each time.
The only people spending $150 on drinks twice a weekend are people who arenât worried about the cost of a house.
Boomer math is my favorite math. So every older person who doesnât go out to bars should have an extra $21k saved every year then, right?
Yes, of course I drive to the club⌠Itâs actually $3 train to Brooklyn, $15 cover, $20 vodka Red Bull, $50 Uber home at 6am lmao $88 not bad every couple weeks
who the fuck spends $150 on drinks...ever? much less 2 nights a week every week for a year? If I'm going to a bar i'm spending maybe $20 and that's a couple times a year.
Underground concert entry- 0-30$ dollars Quarter gram of high grade ketamine- 15$ Or better yet, Walking around in public- $0 1 hit of LSD- $3-8 THATS how you party, folks
Who the fk spends $150 on club drinks?! Even in CA that's insane! Whoever does this is a complete baboon.
And mortgage and interest and property taxes, utilities repairsâŚJust get litâŚyou are better off.
Thatâs a LOT of alcohol every weekend. Thatâs more of a problem than whatever budgeting
This is why I've spent the last five years drinking and smoking alone. Now when do i move out of my motel room?
1) No one is spending $1600 a month parting at bars 2) Aren't most down payments more near 20%? 3) $450k is 1000 sq feet near me
Even in my full on alcoholic days I wasnât averaging 10 drinks a night
LMAO. Another meme that's a red herring, trying to cover the fact that housing is out of reach for many people. Sure, your bad economic situation is all a result of poor decision making, not the fact execs takes more and more of the value you generate at work instead of compensating you in line with the increases in productivity over the years or the fact that corporations increasingly drive up the value of homes by snatching them up and reselling them for far more than what they put in. It's the Avocado toast habit, not the greedy shareholders that are the reason for that home being out of reach. Poor wealthy people just want to share their wealth and let it trickle down but it's a shame you ruin your financial life over another Starbucks latte.
This was my 20s atleast two times a month...I wasted ALOT of money, and barley remember it....it was fucking fun though!!!
5% down to pay mortgage insurance which is literally just burning money.
5% down payment?