Home buying thread

Big Phoenix · May 31, 2024

Lanx said:
imagine being 40 and asking moms for $$$, or worse yet, put them on the hook for your house that youre bound to mess up and get foreclosed cosigning

i mean, i could see it, if youre mid 20s 1st kid...

but 40s?

https://archive.is/nqv8e

What do you expect when homes are 400-500k @ 7% interest in very middle of the road neighborhoods? I couldnt imagine having to have 100-120k/yr income AND throw in a 20% down payment to afford a house in my neighborhood.

Just looked at Zillow. Only 2 homes just barely under 400k in my zipcode. Last month house across from me sold for $480k. Market is as nuts as ever.

Unidin · May 31, 2024

Khane said:
They are funding their own care. They paid into it their entire working lives.

That's a bit oversimplified though. If someone is going into a situation where they're needing long term care, then it's likely they're going to have significantly more spent on them in retirement than they ever put into the system. As the number of people who fall into this bucket rises, that's where the solvency of Medicare without the government shuffling more money into it's bucket comes into play.

Tmac · May 31, 2024

Unidin said:
That's a bit oversimplified though. If someone is going into a situation where they're needing long term care, then it's likely they're going to have significantly more spent on them in retirement than they ever put into the system. As the number of people who fall into this bucket rises, that's where the solvency of Medicare without the government shuffling more money into its bucket comes into play.

Both of my grandmothers have at home “helpers” and it costs them about $5k-$6k per month.

Khane · May 31, 2024

Unidin said:
That's a bit oversimplified though. If someone is going into a situation where they're needing long term care, then it's likely they're going to have significantly more spent on them in retirement than they ever put into the system. As the number of people who fall into this bucket rises, that's where the solvency of Medicare without the government shuffling more money into it's bucket comes into play.

Some people will live a long time in assisted living scenarios, others will never even need assisted living at all. Some people will have paid huge sums into it because they are high earners their whole career, others will have paid very little into it at all.

As a social fund it's been mismanaged and people are also living longer than expected but that's a problem with the system, not the idea.

So, for me, if I ever need it I will tap into it fully without a second thought or any care at all. I paid into it, I contributed a large amount to it in fact and that's the main point.

ToeMissile · May 31, 2024

Tmac said:
Both of my grandmothers have at home “helpers” and it costs them about $5k-$6k per month.

My in laws are coming up on this. Fortunately the financial side isn’t an issue, mostly them coming to terms with needing the assistance and getting over the $. They’re 78/82 and just started having someone come over to clean the house for them within the last month or so.

Sanrith Descartes · May 31, 2024

The real bonus cost comes when they need memory care in addition to the assisted living.

Unidin · Jun 2, 2024

Khane said:
Some people will live a long time in assisted living scenarios, others will never even need assisted living at all. Some people will have paid huge sums into it because they are high earners their whole career, others will have paid very little into it at all.

As a social fund it's been mismanaged and people are also living longer than expected but that's a problem with the system, not the idea.

So, for me, if I ever need it I will tap into it fully without a second thought or any care at all. I paid into it, I contributed a large amount to it in fact and that's the main point.

I'm not saying you shouldn't use the coverage that you paid into your whole life. What I'm saying is that on average, people are getting more out of Medicare than they ever paid into it. I think we're both on the same page there.

I also agree that the politicians haven't made the hard (or easy) decisions to ensure that it pays for itself. Medicare itself is super efficient thought. From HBR:

Yet, Medicare’s enormous scale confers genuine administrative and purchasing efficiencies. Medicare spends up to seven times less than private insurers on administrative costs.

The Case for the Public Option Over Medicare for All

How can the United States better control its health care costs and quality and still achieve universal coverage? The strongest choice is not Medicare for All, which would eliminate private insurance; it’s the public option, which would allow people to choose from Medicare or private insurers...

hbr.org

Where we may differ is that I agree with Medicare wanting you to use your own resources first before paying out 100% of expenses makes sense. If they didn't do that, it would be in much worse shape for everyone.

Arative · Jun 2, 2024

I've been dealing with care for my dad. He had a stroke 30 years ago or so and was on social security disability. I helped him out when I could but we lived in different cities. He was generally fine, able to care for himself, get groceries, clean is apartment etc... fast-forward to about a month ago, he had another stroke, fell and fractured a rib. Went to the ER, they found blood clots in his lungs and the stroke was a bleed. Best they can determine is he forgot his to take his blood thinners which caused the clots but then took too many which caused a bleed.

Anyway, he's been in acute rehab for a month, they've determined he can't live on his own. My wife and I aren't in a position to have him come live with us and we aren't in a position to pay $10k a month for long term skilled nursing. Best he can do is a place that takes Medicaid and they will take all of monthly social security check except $60. Shit sucks but it has spurred my wife and I to purchase long term care insurance.

Kithani · Jun 3, 2024

Unidin said:
I'm not saying you shouldn't use the coverage that you paid into your whole life. What I'm saying is that on average, people are getting more out of Medicare than they ever paid into it. I think we're both on the same page there.

I also agree that the politicians haven't made the hard (or easy) decisions to ensure that it pays for itself. Medicare itself is super efficient thought. From HBR:

The Case for the Public Option Over Medicare for All

How can the United States better control its health care costs and quality and still achieve universal coverage? The strongest choice is not Medicare for All, which would eliminate private insurance; it’s the public option, which would allow people to choose from Medicare or private insurers...

hbr.org

Where we may differ is that I agree with Medicare wanting you to use your own resources first before paying out 100% of expenses makes sense. If they didn't do that, it would be in much worse shape for everyone.

Medicare plays games with the numbers to show “less administrative costs.”

On the whole I doubt it is that much more “efficient” than regular insurance, and to be frank most physicians would not be able to stay in business on Medicare reimbursement alone without private insurance paying above Medicare rates

Foler · Jun 3, 2024

TJT · Jun 9, 2024

Big Phoenix said:
What do you expect when homes are 400-500k @ 7% interest in very middle of the road neighborhoods? I couldnt imagine having to have 100-120k/yr income AND throw in a 20% down payment to afford a house in my neighborhood.

Just looked at Zillow. Only 2 homes just barely under 400k in my zipcode. Last month house across from me sold for $480k. Market is as nuts as ever.

Yeah, my old house was a standard 3/2 in a very normal neighborhood on the outskirts of Austin. You could buy that for $180 or less in 2015.

That same house costs you $400+ now and the jobs out there are mostly the same. How do you afford that?

That said, I am looking at buying a summer house to escape the Texas heat or to enjoy snowy winter weather then I feel like it in the next 3 or 4 years. The Sierra Nevada Corridor of Oregon/NoCal seems to be ideal. Wife even likes the idea of fleeing the heat for the summer so this goal excites me.

ToeMissile · Jun 12, 2024

TJT said:
Yeah, my old house was a standard 3/2 in a very normal neighborhood on the outskirts of Austin. You could buy that for $180 or less in 2015.

That same house costs you $400+ now and the jobs out there are mostly the same. How do you afford that?

That said, I am looking at buying a summer house to escape the Texas heat or to enjoy snowy winter weather then I feel like it in the next 3 or 4 years. The Sierra Nevada Corridor of Oregon/NoCal seems to be ideal. Wife even likes the idea of fleeing the heat for the summer so this goal excites me.

It can still get pretty hot up in that area. I lived in the Auburn/Grass Valley area as a kid, plenty of mid 90s and up over the summer. Spent a lot of time at the lake swimming. That was around 2k ft in elevation, higher up will obviously not be quite as hot. Access will start to get a little tougj during winter.

Cad · Jun 12, 2024

TJT said:
Yeah, my old house was a standard 3/2 in a very normal neighborhood on the outskirts of Austin. You could buy that for $180 or less in 2015.

That same house costs you $400+ now and the jobs out there are mostly the same. How do you afford that?

That said, I am looking at buying a summer house to escape the Texas heat or to enjoy snowy winter weather then I feel like it in the next 3 or 4 years. The Sierra Nevada Corridor of Oregon/NoCal seems to be ideal. Wife even likes the idea of fleeing the heat for the summer so this goal excites me.

I wouldn't buy my house today at current prices either, but I don't mind the appreciation.

I'd look at Eastern Washington rather than Oregon/NoCal, the state taxes will murder you in Oregon or CA. The weather/terrain should be similar, no?

Creslin · Jun 12, 2024

Cad said:
I wouldn't buy my house today at current prices either, but I don't mind the appreciation.

I'd look at Eastern Washington rather than Oregon/NoCal, the state taxes will murder you in Oregon or CA. The weather/terrain should be similar, no?

I would also consider New Hampshire. No state income tax is a big benefit.

Khane · Jun 12, 2024

New Hampshire has some decent winter resorts too, as well as surrounding states. It's not Rocky Mountains level but it's there.

Creslin · Jun 12, 2024

And the bears are smaller and snakes less venomous.

Cad · Jun 12, 2024

Creslin said:
I would also consider New Hampshire. No state income tax is a big benefit.

Oregon/Norcal depending on if you're close to the coast are no-snow zones though right? New Hampshire is certainly not that. Winter wonderland 6 months out of the year.

ToeMissile · Jun 13, 2024

Cad said:
Oregon/Norcal depending on if you're close to the coast are no-snow zones though right? New Hampshire is certainly not that. Winter wonderland 6 months out of the year.

I’m not sure how far north you have to go for snow in the coast.
Found this from Dec 2022:

TJT · Jun 13, 2024

Cad said:
I wouldn't buy my house today at current prices either, but I don't mind the appreciation.

I'd look at Eastern Washington rather than Oregon/NoCal, the state taxes will murder you in Oregon or CA. The weather/terrain should be similar, no?

All of my family live on the south Oregon Coast. East Washington is mostly high desert, Oregon is too for that matter. But the central corridor there from the Cascades down is great.

You are correct it doesn't really snow on the coast. Even in Oregon. You have to get to far north Washingon and into Canada before it regularly snows on the coast.

TJT · Jun 15, 2024

Gravel Seems here in TX they reduce your property tax by a percentage in line with your VA disability rating. At 100% you pay no property taxes.

That seems reason enough for me to also see if I can get even 10%.

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