When I bought my first place back in 1991 the rate was 7%.
We refinanced 5 years later at prime - 3/4% or 3.5% at that point.
We refinanced 5 years later at prime - 3/4% or 3.5% at that point.
I remember in 1980 looking at a mortgage rate table from the 1950s. We laughed because the interest rates didn't even go to double digits. 🙂
That's for a 400 sqft bachelor. It does include electric though.
The average rent for a 1 bedroom in Toronto is ~2200$/month and you pay your own electric.
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I've vistited SF, back in 1999, stayed with s friends who had, at the time, a small $750 apt. across from the Safeway on Market.
They originally lived in Broomall near here, but landed a tech job in SF for the money.
At that time, I enjoyed my visit, the architecture was lovely to see, the sights were cool, and a ferry trip to Sausalito near the marina for lunch was memorable.
However, I've no inclination to go there now, not after what I've seen happening to the city, and it's disgusting to say the least.
And thank you for assuming I couldn't afford living there, it sounds typical of that west-coast attitude that others have noticed.
You don't have a clue as to my financial status, family, etc., nor will.
But you're right, I wouldn't ever invest in a home in a filthy city like that.
There isn't any excrement on my streets here.
Lordy mama!
I do know that it's pricy to live up there in Canada.
I know a couple of friends there who struggle to get by.
We sometimes watch that Canadian house improvement program with those two brothers and are surprised at house prices and cost of refits.
I bought my first house in 1981 with an assumable loan at 4.1% after borrowing 10K from my dad for the down payment. The interest rate at that time was 16.6%, so that assumable loan was the only way I could afford a house. The house cost 44K. I paid it off early in 1996. It was 1400 sq-ft four bedroom two bath with a garage below, on a 1/4 acre lot. Today that house is worth roughly 129K (TN Property Assessor).
I made 35K/year as a recently graduate (BSEE) when I bought the house, so today someone would have to earn 102K per year. The starting salary for someone with a BSEE today is only 68K, so yes housing costs more.
Somewhere around 4.5% one pays more in interest than the borrowed amount for a 30 year loan.
I made 35K/year as a recently graduate (BSEE) when I bought the house, so today someone would have to earn 102K per year. The starting salary for someone with a BSEE today is only 68K, so yes housing costs more.
Somewhere around 4.5% one pays more in interest than the borrowed amount for a 30 year loan.
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Working at a major university, I interact and see some of the brightest young future engineers. It gives me faith in the next generation.
It's only the biggest 3 or 4 Canadian cities that have prohibitive real estate prices. The rest of Canada is pretty affordable for most hardworking folks (and generally a lot more laid back and down-to-earth lifestyle).
I imagine it must be very similar in the USA?
I have a big beef with the university system, that is all the degrees that are not supported by job openings. Colleges and Universities seem to be self perpetuating at the expense of the students.
It is one thing to graduate with a PHD in medicine owing 300K but making 100K. It is totally different to get a worthless degree, end up 80K in debt and make minimum wage in the service industry.
Of course the parents and students are partially to blame as well. They should spend a little more time investigating whether or not the degree will lead to gainful employment.
It is one thing to graduate with a PHD in medicine owing 300K but making 100K. It is totally different to get a worthless degree, end up 80K in debt and make minimum wage in the service industry.
Of course the parents and students are partially to blame as well. They should spend a little more time investigating whether or not the degree will lead to gainful employment.
My BSME degree was paid for by my four years of active duty in the USMC. I graduated with zero student debt. I worked part time while attending school. I never lived in the dormitory, most of my classes were in the evenings. Since I went to school after the military, I was always concerned that I would be the oldest student in class. That never occurred.
My son went to the same school where I currently work for free, one of the employee benefits. And, I always tell anyone who wants to go to college to go to the school where you can graduate with the least amount of debt.
And, without exception, I have seen every engineering graduate receive their degree and go directly to work as an engineer or admitted to graduate school.
College is so expensive because most schools load-up on highly paid administrators. Each school is like it's own little kingdom. Each school dean is only concerned with his/her own school and many of them think that the school is the buildings and facilities, not the people.
At the school where I work, I never met and didn't know who the dean of the engineering school was until I had been there for 3 years. Met the dean at a Veterans Dinner. That never would have happened in the military because military officers manage by walking around. There were also photos of the commanding officers posted in the HQ and admin buildings.
My son went to the same school where I currently work for free, one of the employee benefits. And, I always tell anyone who wants to go to college to go to the school where you can graduate with the least amount of debt.
And, without exception, I have seen every engineering graduate receive their degree and go directly to work as an engineer or admitted to graduate school.
College is so expensive because most schools load-up on highly paid administrators. Each school is like it's own little kingdom. Each school dean is only concerned with his/her own school and many of them think that the school is the buildings and facilities, not the people.
At the school where I work, I never met and didn't know who the dean of the engineering school was until I had been there for 3 years. Met the dean at a Veterans Dinner. That never would have happened in the military because military officers manage by walking around. There were also photos of the commanding officers posted in the HQ and admin buildings.
I think this can be said of numerous countries and Canada is certainly up there. Compare suburban Saskatchewan with urban BC.
To a point, yes, similar.
The good thing where I'm at is the fact of getting older, retirement age, comes with some nice perks.
Senior discounts, tax freezes, time payment plans, all allow us older citizens to keep more of our money in the bank.
My neighborhood, while actually being in the city, is considered by the locals as an "inner city suburb", relatively quiet, family-oriented, lower crime, and generally friendly neighbors.
However, down in the center of the city among the high-rise office buildings, things have gone nuts due to the corruption, incompetence and mismanagement of elected officials.
I used to enjoy a night out down there when I was younger, but now? - I'm so over it.
I felt that way when I was young. It was like they just didn't see the handwriting on the wall.
My father tried to tell me a lot of stuff that I knew was so very wrong. Things were changing so fast in the 60s and 70s. I can't even discuss his pep talk when I went away to college.. so wrong.
Yes, every generation feels the same. And every generation inherits another layer of problems.
I'm at the stage where I see it as their problem. And I wish them the best in dealing with it. I remember what it was like to be young and idealistic, and having a bunch of old geezers telling me stuff that was so, so wrong.
And I'm well aware that I look like the old guy yelling at the kids playing on his lawn. I really listen to young people. I try my hardest not to correct them like my elders so eagerly did. At some point they'll have to fly without us anyway. I hope they don't look back on me like I look back on my elders. I remember my elders as being bigoted, completely out of touch dinosaurs.
Sure! Here's a nice house for 300k. In Kapuskasing. Where TF do you work if you live in Kapuskasing though? Oh and the property taxes are ~4500$/year. In Kapuskasing.
For sale: 104 Riverside DR, Kapuskasing, Ontario P5N1B5 - TM201768 | REALTOR.ca
For sale: 104 Riverside DR, Kapuskasing, Ontario P5N1B5 - TM201768 | REALTOR.ca
I went to one year of college and switched to a Tech School. I then lost my deferment and was drafted. To avoid the draft I joined the NAVY. Upon discharge I went back to Tech School, and after a couple semesters switched to an Engineering College. I went on the GI bill. I had no debt upon graduation and two job offers.
My son was in college for a degree in Graphic Arts almost 20 years ago. They kept changing the curriculum and he got frustrated. He eventually joined the USAF and upon discharge ended up moving to Austin TX where he wound up working for Samsung at the wafer fab facility. After a few years he decided to come back home and get a degree in Medical Electronic Technology. He went on the GI bill as well, graduated and went to work the next week.
His Air Force job also qualified him to work in Aircraft Maintenance with some additional training required. Considering the state of the aircraft travel industry today, I think he made a wise choice.
My daughter got a degree in Accounting. No problem getting a job.
My son was in college for a degree in Graphic Arts almost 20 years ago. They kept changing the curriculum and he got frustrated. He eventually joined the USAF and upon discharge ended up moving to Austin TX where he wound up working for Samsung at the wafer fab facility. After a few years he decided to come back home and get a degree in Medical Electronic Technology. He went on the GI bill as well, graduated and went to work the next week.
His Air Force job also qualified him to work in Aircraft Maintenance with some additional training required. Considering the state of the aircraft travel industry today, I think he made a wise choice.
My daughter got a degree in Accounting. No problem getting a job.
I pretty much knew all that when I was younger in high school, hearing others stories.
Yes, this bizarre money situation goes back a long time I suppose.
To me, college was just some overly touted device fed to the public to make someone else money with false hopes and dreams advertised to gain interest.
So I chose to forge down my own road, create my own path, and concentrated on pursuing a comfortable living without owing some institution one penny.
That takes a mindset not influenced by peer pressure, society-fed hype, and all the frustration involved with it.
It's all about control - and people being controlled, fed, led, and bled.
I didn't want to be a part of all that, I believe in freedom of choice, without restraints and financial obligations.
Being young, watching Leave It To Beaver, and all those "family tv shows" touting "higher education is where its at" always made me suspicious.
I'm not going to be someone's puppet just because "they" say I should join a college.
My "free" education mostly, of learning trades, metal shop, wood shop, drafting classes, electrical/electronics shop, print shop,.... all gave me the knowledge and tools to secure a job in the workforce, make money, and enjoy life without oweing years of debt.
Then topped it all off with a certification in the servicing profession, and carefully choosing the right employment till retirement.
That home is about $225k USD. Not bad. A house that size and sitting on almost 1/2 acre would cost >$2,000,000 in Southern CA. And, you'll pay 1% of the value in property taxes.
That's why I'm moving when I fully retire... who cares about work? 😉
Not sure that my wife will like the cold winter.
Nothing wrong with learning the trades either, I’m just getting done building my own home (took 5 yrs but hey, it’s paid for). Started off buying 8 acres, sold 4 lots, paid off the land loan, ended up $35k ahead and 3+ acres for free. Have about $200k in a house I could sell for $450k tomorrow (that is if the economy is still in one piece tomorrow!) we lived on a boat and in a camper in the process and paid for materials depending on income (hence the 5 year build)
Youngers don’t seem interested in trades anymore but when you have to pay people to change a light bulb for you (exaggeration) I suppose your going to need a good paying job.
Being self sufficient has buffered disappointment significantly (for me anyway) it’s when you rely on others things start heading south.
I read something about how gypsy cultures teach/taught their children with common sense and useful skills, I think no matter what your career path a little common sense is required.
Youngers don’t seem interested in trades anymore but when you have to pay people to change a light bulb for you (exaggeration) I suppose your going to need a good paying job.
Being self sufficient has buffered disappointment significantly (for me anyway) it’s when you rely on others things start heading south.
I read something about how gypsy cultures teach/taught their children with common sense and useful skills, I think no matter what your career path a little common sense is required.
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