Row 20166

Row ID: 20166 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 20166 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Let’s say I bought a home in 2021 for $750k and it’s costing me, say, $4500/month after taxes. Let’s also say I bought within my comfort level back in 2021 and my household wages have not increased any significant amount in the past few years. Where exactly am I getting this “ton of extra money” from?

Sure, maybe my house is worth $985k right now, but I don’t get that money unless I sell, and if I sell, I’ll have to buy another home that’s also inflated in price since 2021.

Are you implying that the “ton of extra money” is available to me through a HELOC at 8-10%? If so, how am I supposed to afford payments on that money if my $4,500 monthly mortgage payment is still right in my comfort zone and the increased cost of groceries, utilities, transportation, insurance, property tax, etc. has eaten up much of what would have remained?

Now let’s take somebody of the same means as me who bought a house for $1.1M during 2021…at 3%. They stretched themselves thin but figured they were due for a promotion and were confident their yearly bonus was going to be big. Well they didn’t get that promotion and the company hasn’t been so generous with bonuses. Sure, their house is worth $1.4M now, but they’re basically living paycheck to paycheck, albeit in a nice house with nice cars.

The illusion of 2020-2022 homeowners living the good life is going to come to light. A lot of smart people did very smart things during those years, but for every smart person doing a smart thing, there are a handful of stupid people doing stupid things.

FieldValue
text Let’s say I bought a home in 2021 for $750k and it’s costing me, say, $4500/month after taxes. Let’s also say I bought within my comfort level back in 2021 and my household wages have not increased any significant amount in the past few years. Where exactly am I getting this “ton of extra money” from? Sure, maybe my house is worth $985k right now, but I don’t get that money unless I sell, and if I sell, I’ll have to buy another home that’s also inflated in price since 2021. Are you implying t…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-21
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Raw Record

{
  "text": "Let’s say I bought a home in 2021 for $750k and it’s costing me, say, $4500/month after taxes. Let’s also say I bought within my comfort level back in 2021 and my household wages have not increased any significant amount in the past few years. Where exactly am I getting this “ton of extra money” from?\n\nSure, maybe my house is worth $985k right now, but I don’t get that money unless I sell, and if I sell, I’ll have to buy another home that’s also inflated in price since 2021. \n\nAre you implying that the “ton of extra money” is available to me through a HELOC at 8-10%? If so, how am I supposed to afford payments on that money if my $4,500 monthly mortgage payment is still right in my comfort zone and the increased cost of groceries, utilities, transportation, insurance, property tax, etc. has eaten up much of what would have remained? \n\nNow let’s take somebody of the same means as me who bought a house for $1.1M during 2021…at 3%. They stretched themselves thin but figured they were due for a promotion and were confident their yearly bonus was going to be big. Well they didn’t get that promotion and the company hasn’t been so generous with bonuses. Sure, their house is worth $1.4M now, but they’re basically living paycheck to paycheck, albeit in a nice house with nice cars. \n\nThe illusion of 2020-2022 homeowners living the good life is going to come to light. A lot of smart people did very smart things during those years, but for every smart person doing a smart thing, there are a handful of stupid people doing stupid things.",
  "label": "r/economics",
  "dataType": "comment",
  "communityName": "r/Economics",
  "datetime": "2024-05-21",
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}
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