21 June 2022

Home Prices and Mortgages Skyrocket - LGBT Community Hit Hardest.

Or something. Why LGBTQ homebuyers say rising mortgage rates are hitting them hard

I hate the way The Community™ is all about victimhood today.

Mrad, a gay man living in the Los Angeles area, has spent much of his adult life commuting several hours a day to his job at the NASA jet propulsion lab in Pasadena, California. When he found an apartment closer to work, he noticed a major improvement in his life.

But he wants to buy a house, and Los Angeles is expensive.

He began looking for homes early this year, and that five-mile radius soon expanded to 30 miles. At the same time, the Federal Reserve began hiking its benchmark interest rate, sending mortgage rates soaring. The 30-year fixed rate mortgage jumped to 5.78% the week of June 16, according to Freddie Mac, seeing its biggest one-week jump since 1987.

Oh. Since 1987. Heavens. We didn't even have the Internet in 1987, though it would only be a few years after that Al Gore invented it. Or something. Also no smart phones in 1987. I didn't even own a cell phone in 1987. (I can't remember if they were generally available in that year.) I bought a ½ interest in a house in 1986 or it might have been 85. I would have to look to be sure.

So, he has skills. I'm willing to bet he could get a job in Huntsville, Alabama (missile capital of America), but he would have to put up with some chaff, and the nightlife wouldn't be what he is used to. Oh, and he couldn't claim victimhood about housing, and might have to embrace his second amendment rights for self-defense. Bets on whether or not he will move out of his comfort zone?

Back when Reagan was trying to clean up after Carter and Nixon and the "just pay for it crowd" of the 1970s, and mortgage rates were still north of 15%, though coming down, I bought that ½ interest in a house. It was in one of the most expensive, and fastest rising, markets in America at the time, the San Francisco Bay Area.

When we sold the house, I knew I couldn't get ahead in California, so I left. California was in many ways a comfortable place to be, and in other ways it sucked. My friends mostly said I would be back in a year. I don't even miss it; I never did.

But then my friends were having a great time. Living in luxury apartments, driving new cars, eating out at restaurants regularly - nearly everyday. Oh, and they were going to clubs and enjoying the nightlife. Me? I was eating mac & cheese, eating a sandwich at my desk (which I brought from home), and generally saving every penny I could. It is why I was basically able to retire when I wanted to. Without having to get permission, or assistance, from the government.

Back to the link at the top...

“I can’t win in this market. There’s no way,” Mrad said.

OK, then choose another market. I know you can buy a nice house in Greater Cincinnati for less than $500K, because friends (okay, friends of friends) just closed on a house for less than half that. But hey. Keep complaining the LA is an expensive place to live. It's not like the rest of the country doesn't think you're crazy for living there in the first place. (There is a defense contractor here, though his background may not be a perfect fit

My point is I am sick to death of victimhood.

No comments:

Post a Comment

Comment Moderation is in place. Your comment will be visible as soon as I can get to it. Unless it is SPAM, and then it will never see the light of day.

Be Nice. Personal Attacks WILL be deleted. And I reserve the right to delete stuff that annoys me.