In The News Today...

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Pittsburgh has been named the most affordable city in the world (yes, world) by the Urban Reform Institute and the Frontier Centre for Public Policy. In a recent study from the two nonprofits, the Steel City edged out every other major metropolitan area globally. Two other U.S. cities — Oklahoma City and Rochester, N.Y. — tied for second.
The study determined housing affordability for middle-income households by comparing home prices to household incomes in 92 cities (and eight different countries) and then ranked them from most to least affordable.
The median listing price for a typical Pittsburgh home is $222,500, according to data from Realtor.com. That compares favorably to the national median listing price of $405,000.

Quote: rxwine

Pittsburgh has been named the most affordable city in the world (yes, world) by the Urban Reform Institute and the Frontier Centre for Public Policy. In a recent study from the two nonprofits, the Steel City edged out every other major metropolitan area globally. Two other U.S. cities — Oklahoma City and Rochester, N.Y. — tied for second.
The study determined housing affordability for middle-income households by comparing home prices to household incomes in 92 cities (and eight different countries) and then ranked them from most to least affordable.
The median listing price for a typical Pittsburgh home is $222,500, according to data from Realtor.com. That compares favorably to the national median listing price of $405,000.

World is a tad hard to believe but whatever. Lived in PIT and Rochester, both are affordable. Pittsburgh housing is not as affordable as it used to be but still so much better than the coasts. I can say I have owned houses in PIT and ROC but when I was in Phoenix I could not fathom being able to buy.

Quote: rxwine

Pittsburgh has been named the most affordable city in the world (yes, world) by the Urban Reform Institute and the Frontier Centre for Public Policy. In a recent study from the two nonprofits, the Steel City edged out every other major metropolitan area globally. Two other U.S. cities — Oklahoma City and Rochester, N.Y. — tied for second.
The study determined housing affordability for middle-income households by comparing home prices to household incomes in 92 cities (and eight different countries) and then ranked them from most to least affordable.
The median listing price for a typical Pittsburgh home is $222,500, according to data from Realtor.com. That compares favorably to the national median listing price of $405,000.

It is amazing to me how fast prices have been climbing this year. I bought a new house in November and paid what I thought was $100k more than I should have. Now five months later it has went up another 20% from the ridiculous price I paid for it.

Quote: terapined

Quote: SOOPOO

Quote: ams288

Great politics for Biden to cancel some student debt just before the midterms: a very popular act that will have the righties screaming their heads off and making fools of themselves.

I have a bunch of rabid anti Trump friends. And relatives. Not a one doesn’t think the concept of canceling student loan debt isn’t just a plain stupid idea. I think there are enough hard working Americans, Democrat, Republican and Independent, that will vote Republican to block the imbecilic idea of just magically eliminating your responsibilities. Perhaps the stupidest idea amongst the myriad of stupid ideas that is the Democrat party.

The clear majority of Americans supports some type of student loan relief
How are you gonna block it.
I truly doubt this is a key issue for the American people in determining who they will vote for

I think it is a more important issue than you do.

I took out student loans. I considered it like this.... You (the bank) is giving me the OPPORTUNITY to go to a school I couldn't afford without the loan. I was made aware of the terms, meaning how much I'd have to pay back over how long a period. I then DECIDED to accept the terms. How anyone thinks I shouldn't have to abide by the contract I signed is just mind numbing to me.

"LOAN FORGIVENESS" is just Democrat-speak for giving money we will have to borrow ourselves to people so they will vote for us.

Quote: Gandler

I think cancelling student loans is the responsible thing to do. But, to make it last college would also have to be made free. And, I am not talking expensive private schools, but community college and public universities.

What on earth is responsible about it? Really, the only "crisis" is we have a generation who does not want to repay their loans.

Free college is the last thing we need. We have too many kids going to college as it is.

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Student loans (and government grants) are what made college so pricey in the first place. Which creates a dark spiral, because the more money that will be lent/given with government guarantees, the more money people will take. If college is made free, such a market would not exist. Much of Europe does this very thing.

The difference is in Europe you have to be well qualified to go to university, in the USA almost anyone can find a slot. Here is a better idea. If someone defaults on student loans, charge back the college for it! Someone takes a gender studies degree and stops paying their loan well the college can take the hit.

One other thing I would do is require a Truth in Lending form on the loan app. Show what the interest rate is, what the payments will be, how long, and how much you are paying back. Same as on any consumer loan.

Quote: DRich

It is amazing to me how fast prices have been climbing this year. I bought a new house in November and paid what I thought was $100k more than I should have. Now five months later it has went up another 20% from the ridiculous price I paid for it.

Some of that is faulty. I bought the house next door from an elderly woman needed one floor living. She asked $65,000 and immediately said, "I will meet your price." Thing appraised for $100K. A year later my mortgage broker says it is worth $165,000. I find that level hard to believe. Even Zillow, which often over values, has it at $74K.

Quote: AZDuffman

Some of that is faulty. I bought the house next door from an elderly woman needed one floor living. She asked $65,000 and immediately said, "I will meet your price." Thing appraised for $100K. A year later my mortgage broker says it is worth $165,000. I find that level hard to believe. Even Zillow, which often over values, has it at $74K.

The only thing that has any actual meaning is the sales price, what it actually just sold for 20 minutes ago. Zillow and other companies like it are a joke. It has my house listed at over $100,000 more than it's worth. I have a really old farmhouse from the mid 19th century it's totally impractical these days for any family to live in they are being torn down everywhere being replaced by new homes. The value of my property comes from the fact that I have a creek that runs through it and anytime you have water on your land it hugely increases the value. But it's still not worth what Zillow says it is.

Quote: AZDuffman

What on earth is responsible about it? Really, the only "crisis" is we have a generation who does not want to repay their loans.

Free college is the last thing we need. We have too many kids going to college as it is.



The difference is in Europe you have to be well qualified to go to university, in the USA almost anyone can find a slot. Here is a better idea. If someone defaults on student loans, charge back the college for it! Someone takes a gender studies degree and stops paying their loan well the college can take the hit.

One other thing I would do is require a Truth in Lending form on the loan app. Show what the interest rate is, what the payments will be, how long, and how much you are paying back. Same as on any consumer loan.

The problem with college loans is they are often applied for in the "financial aid" office and you fill out a bunch of stuff "that will help you pay for college", and some of the time its not even clear that its a loan. It would not surprise me if some kids (adults) who go in without parental involvement sign up for a bunch of loans without even knowing the details.

State University should be quota based (once they become free). For example we need 30 Freshman this year to major in Biochemistry, 20 in Biology, 10 in Criminal Justice, etc.... and if you are over the quota you either pick another major, wait until next year, go to another school, or pay for your own classes. Under this system there would only be a few slots for say Art History, most people who really want that major would have to go to a private school and pay their own way.

But, there is a crisis in America with the price of college. It is going through the roof (the cost) because of student lending. And, oftentimes this leads to kids getting a random degree that they will never use again and becomes nothing more than high interest resume padding....

This is not that crazy of an idea. For example when my parents were in college, community college was completely free (even the books), you literally just show up and sign up and if there are slots you get in or you wait until next semester or choose a different program. And Public University was very cheap, you could work a minimum wage job and easily pay your way with no debt (also what my parents did) -especially if you already have a bunch of free credits from your local community college-. Neither of these is the case anymore. Both of my parents came from poor families (I don't mean a little poor, I mean ultra poor), and had double digits siblings, (I only say this to empathize that they had zero help from their parents), and they both graduated with no debt (not even credit cards). This would not be possible anymore for two people from very poor families to graduate with no debt, and no parental assistance (and no assistance from a rich relative etc....) , and neither were even remotely athletic (so no crazy athletic scholarships)...

It is virtually impossible to work your way through college with no debt (if nobody else pays for it) under the current prices, even at the cheapest colleges, unless you are already well into your career and going to college part time as an adult. But, I am speaking of being a fulltime student.

It is the lending and government grants that causes the price of all universities to rise. If people will pay the inflated prices, prices will continue to rise, and if grants and loans allow people to pay them, people will continue to pay them (often choosing majors that have a poor ROI).

In the early 1970s, the average cost of a four year public university would be about 1,400.00 USD in today's dollars (that's scaling for inflation). The reality is today, its about 22k a year for a public university in today's dollars, and over double that for private.... College is rising dramatically quicker than inflation, there is almost nothing like it. It is turning into an investment equivalent with buying a house (and that "investment" only becomes actual if/when you graduate, and if your degree is deemed valuable).... If anything the internet and computers should make the price of college go down (libraries and mass storage are not needed, more general classes can be offered online to save money, etc....) , but the opposite is happening, universities are saving money and charging more...

https://educationdata.org/average-cost-of-college#:~:text=The%20cost%20of%20tuition%20has,increased%20by%20%247%2C142%20or%20324%25.

Quote: Evenbob

The only thing that has any actual meaning is the sales price, what it actually just sold for 20 minutes ago. Zillow and other companies like it are a joke. It has my house listed at over $100,000 more than it's worth.

I can tell you from my experience buying and selling houses in the last year, the Zillow prices have been lower than the actual selling prices. The market has been so crazy their algorithms can't keep up. We offered $30k-$50k over Zillow prices on a few houses and were rejected because of higher offers. We made offers on nine different houses before i agreed to pay a ridiculous price just so we had somewhere to live. Interest rates now are almost double what they were a year ago so that will slow the market down as I think the majority of people still get mortgages when buying a house.

Quote: Gandler

The problem with college loans is they are often applied for in the "financial aid" office and you fill out a bunch of stuff "that will help you pay for college", and some of the time its not even clear that its a loan. It would not surprise me if some kids (adults) who go in without parental involvement sign up for a bunch of loans without even knowing the details.

I am tired of hearing the "I was just a kid, I did not know!" thing. Kids younger stormed the beaches at Normandy and died in Vietnam. Time to kill childhoods and hold accountability. Of course my TIL idea will help.

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State University should be quota based (once they become free). For example we need 30 Freshman this year to major in Biochemistry, 20 in Biology, 10 in Criminal Justice, etc.... and if you are over the quota you either pick another major, wait until next year, go to another school, or pay for your own classes. Under this system there would only be a few slots for say Art History, most people who really want that major would have to go to a private school and pay their own way.

Sounds like the USSR. No reason for it to be free. We cannot ask all those professors to work for no pay. If you went to college and saw how people who's parents paid their way behaved vs. people who paid their own way you would see how "free college" works out.

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But, there is a crisis in America with the price of college. It is going through the roof (the cost) because of student lending. And, oftentimes this leads to kids getting a random degree that they will never use again and becomes nothing more than high interest resume padding....

Which is why I said, we have too many kids going to college, not too few. "Free college" will not help. It will just make more useless degrees.

The college I went to is at half the students when I was there and was forced into a 3 way merger. IMHO it might well be an office park or senior hospice in a generation as it was clearly the weakest of the 3 merged schools. I am not liked on its FB group for pointing out reality. So many members there think the old days will come back.

Let enrollment decline and let the weak schools close. Or let the schools keep enrolling Chinese students who did not get into university in China and think American college is the ticket. They are paying top dollar across the fruited plain.