Re:22-Year-Old Builds Chips in His Parents' Garage (2022)
by reactordev on Sunday October 22, 2023 @03:30AM
(#37973535)
Most tradespeople I know can’t afford “hair over seven” figures for a home. Everyone in your neighborhood is house poor. They are banking on equity. They had a sizable upfront down payment.
Like I said, all the tradespeople I know are struggling with lower 6, much less hair over 7.
Re:22-Year-Old Builds Chips in His Parents' Garage (2022)
by kjkjadksj on Sunday October 22, 2023 @10:10AM
(#37975536)
But do you work in the trades in places where the median home is $800k? Trade wages are probably better in socal.
Re:22-Year-Old Builds Chips in His Parents' Garage (2022)
by reactordev on Sunday October 22, 2023 @10:46AM
(#37975814)
They do. Median home value here is $950k. All of my trades friends are house poor and asking family for assistance.
Re:22-Year-Old Builds Chips in His Parents' Garage (2022)
by kjkjadksj on Wednesday October 25, 2023 @02:27PM
(#38016379)
House poor and asking for family assistance is something thats common even where homes are $200k. More than half of american home buyers use family assistance. The fact they are in the market at all at nearly $1m median prices on trade wages is incredible, family assistance or being house poor while you pay down to get rid of pmi or not.
Re:22-Year-Old Builds Chips in His Parents' Garage (2022)
by thfuran on Sunday October 22, 2023 @06:32AM
(#37974233)
I suspect the key to that success is having bought in before the house prices significantly increased.
At least three of the neighbors within sight of my own house are some sort of residential construction or property trade contractor. Two are public school teachers. At least one paints houses for a living. It is apparently totally possible to work a trade and live a recently comfortable lifestyle. I'm not saying it's easy, and I'm not saying that there is a straightforward path to break in to that lifestyle but it is evidently more than abundantly possible.