Hmm. What if we abolish private property?
this post was submitted on 07 Sep 2025
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The first time I applied for a loan, I didn't have a credit card yet. And they were like:
How can we know you're responsible with money?
Because I haven't needed credit in the past and I'm still alive, idk? Having enough liquidity to not need credit would seem to suggest I'm good with money.
But maybe your parents are paying for everything
Ok? How does using a credit card change that?
They are NOT looking to see if you are responsible with money. They are looking to see if they can make money off of you, so they want you to be a heavy credit user. Before I bought my house I made sure to take out two credit cards and just buy random shit on them for a few months because that boosts my credit score drastically which then made it easy to get the loan. Banks HATE people with limited debt because it means you are not a loyal customer that they could make money off of. Yes, it makes no sense but that's just how the economy works. Even if you don't have any reason to buy things on credit, you still should. Even if you are very financially responsible, you should always have "stupid debt," by that I mean debt for the sake of debt, because banks love that shit and it'll help you out if you ever actually do need a loan for something.
Because people that quickly pay off their principal and avoid accruing interest don't make the Credit Card companies as much money. They prefer people that are bad with money, sort of like how police departments don't accept applicants that do too well on the tests.
That's the impression I get too
But it's plausibly deniable enough because you can still get decent credit score if you pay off your credit before you pay interest. It's a numbers game for them, I expect, but still.
Considering how much data they can get on anyone, this process seems pointless and outdated, except to give them somewhat arbitrary power over who can get a loan.
Not that I like such private data to be available at any institutions fingertips, but so it is these days.
I am coming to realize that my rural perspective is pretty different, and that lots of people live in way higher cost of living areas than I do. My biggest suggestion is if you don't like expensive housing, get out of the city.
I tried and here are some places I have looked where the average home is $810,000 come to find out.
Pinedale, Wyoming, USA Ennis, Montana, USA
These are in the mountains about 1 hour from the nearest big city of Jackson, Wyoming and Bozeman, Montana. I guess I need to look in the deep sticks.
Are you really confused why those properties are expensive? Those are both desirable locations in regions with quickly growing populations. How about Livingston, or Butte?
This really isn't as easy as it sounds. Moving means you lose your support system of friends and family etc. Some people have children and need the grandparents to help watch them during the day as just one example. Job opportunities are likely not the same. While their current city job may not pay a lot the opportunities from that job could lead a lot higher but of course life choices can be a gamble. On top of all of that, moving long distance is difficult and expensive.
I have a highly intelligent friend from a small southern town and he moved out of there because he recognized there weren't any opportunities for someone with talent but no capital. Sure he could have stayed and bought a cheaper house but he'd still struggle to make the payment on his small salary.
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If city folk starts coming to rural area, they will start complaining that city people are jacking up property prices.
This is an unpopular take, but that is reality. It really is affordable out here! If you want more income, learn to repair reliable japanese beaters and commute a little. It's less busy than the city, and it may bore some, but it keeps the bills paid, the kids fed, and the 401k growing.
The problem is some jobs are only inside the city
Very dependent on the field. A lot of jobs are concentrated in a handful of major cities, mostly very HCOL but with high salary. That's why remote work becoming bigger partially caused the housing surge nationwide.
We know.
There are a number of people that have a home in the country with their family, and they travel to the city to work. Sometimes they are homeless during the work, or rent a small room.
No, it is not the ideal solution, but it is a solution. Fixing the housing situation is beyond most people's power, and it will take a long time for those trying to fix it to actually fix it.
I went from an apartment that cost ~$1250/mo. To a mortgage that costs ~$4300/mo. Just got the "privilege" of owning a home (and paying for all repairs myself).
I can only afford this because of the people I'm sharing that cost with. We're all on the deed, and we all have a stake, and claim to, the house. Four of us.
My payment didn't really change.
The only way we could get to the point of a down payment is that one of the four of us has been saving for something like this since they were in highschool. Because of their effort, we had enough for a down payment.
And I'm lucky to be in this position.
What a fucking crock of shit.
Despite all of this, I'm hoping the market takes a dive so the rest of you can do the same at a much more affordable rate. I've already spent the money and I'll be spending years paying it off. I didn't buy a house up objectively save money, I bought a house for stability. I never want to move ever again. There are good reasons for that which I won't get into. I promise that I will have ZERO issues if you all get a better deal than I did. I hope you do, and I hope the housing market, specifically the rental/flipping/"income property" markets crash, hard.
In the same way, I've paid off my school debt, I'm in favor of school debt forgiveness. I also enjoy pretty good health, I'm in favor of universal healthcare. I've never caused, not been the victim of a fire, I'm in favor of fire departments.
I could go on.
Good luck everyone.
In the same way, I’ve paid off my school debt, I’m in favor of school debt forgiveness. I also enjoy pretty good health, I’m in favor of universal healthcare. I’ve never caused, not been the victim of a fire, I’m in favor of fire departments.
That's commie talk son. We pull the ladder up behind us in America.
I'm glad I don't live in America then.
aren't you lucky
Damn $4300 a month. I thought my $2600 was steep.
Right before we moved my rent had gone up to $2500 so it was a push. Now when we first started living there the rent was $1400 and the landlord had even refied so his mortgage was cheaper at the end. When we were moving out and he drove up in a brand new Rivian that I’m pretty sure I basically paid for…
To be fair, it's a pretty large home. I'm living with my SO, my brother and his wife and there's a couple of offspring that needed space too. Our house has ~5 ish bedrooms. Considering the number of people who live here, it can feel small. If it was just me and my SO, this would be humungous.
But that also means that we have four fully grown adults helping with the mortgage. So my share of the mortgage is around $1100 ish, per month, and we split most of the household bills, so I usually throw in about $400 more to help with that. I personally pay about $1500/mo.
My SO does the same, and we've encouraged my brother and his wife to also do the same. If everyone pays $1500 towards the house every month, we have more than enough to cover all the bills (electric/gas/water), as well as shared things like the Internet. Also that's enough to cover the house insurance.
Yeah that actually sounds a little better than me. I’m the main bread winner and I’m responsible for almost all of it. It can be a little stressful at times
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I saved up a big (to me) chunk a few years ago, thought I was there. Expected the red carpet to roll out. Nooooope. There were people buying houses for $100k more than the asking price, sight unseen, within a week or two of the house being listed. My little $40k deposit was adorable, in comparison. I had no chance. Then Covid, life, etc...
Was it in a desirable location? Our tourist town went out of control with our of state buyers during the pandemic, but property values have adjusted back some and the market competition is gone. If you still have some of that $40k now might be a better time. My wife and I just did the federal First Time Homebuyers class and wound up getting a USDA rural development loan, they wouldn't even let us put a down payment to lower our payments.
I am a skidmark that cannot believe that I live in a house that I "own"(have a mortgage). And I am so much less pessimistic about anybody's potential to do what I did. I am happy to answer some questions. I make $22 an hour and my wife makes $17, the loan officer told me I almost make too much for the program.
Yes, at the time, I was hoping to buy in the Salt Lake Valley and it just wasn't feasible. Thank you for the tip, I will read up on the USDA loans.
The 100k+ over asking was the big deal because that never made it into the housing data properly so prices looked like they were lower than they were and we don't have accurate comparison data now
You can't even get an apartment here without making a ton of money. Cheapest studio apartment here is $1,500 a month. I have to prove i make $4,500 a month just to barely qualify, which i don't. Then they charge you so much for application fees, and then utilities they overcharge for, it's all a scam.
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