October 7, 2006

Our ramen-based economy – eating is overrated

MercuryNews.com | 10/03/2006 | ‘Burdened': Area owners pay a big chunk of their income for housing
Lenders and other home buying experts said they’re not surprised by the numbers, which they said reflect a long-running trend in the Bay Area. And some questioned whether the 30 percent figure was outdated, saying many people can afford to pay more.

[snip]

Lenders and real estate experts said home buyers in the Bay Area are used to paying more for housing than home buyers elsewhere, and that many, like Singer, use their homes as a savings plan. Most have figured out how to manage the extra debt, they said. In some cases, borrowers are making smaller down payments than previous generations of home buyers.

“(They) are going to make the lifestyle change necessary to own a home, which may mean that 50 percent of their income goes to their mortgage. . . . (They) don’t go out to dinner, they don’t go shopping anymore. It’s about changing their lifestyle,” said Andrea Lanier, a mortgage broker with the San Mateo office of Bankers Preferred Real Estate Loans.

The rules have changed! Everything is worth sacrificing to own a house!

Vacations, who needs those? Most offices have free sodas and ping pong tables! And, there’s always Great America!

Fortuantely, there’s a lot of Asian supermarkets in the Bay Area, so that the price of ramen is very competitively priced.

My prediction for 2020? When you get a new job, your pay check will be direct deposit to your mortgage payment. Safeway will be out of business – but that’s ok because you will be shopping at the local food bank.

And it’ll be cool – just like how bragging about working 100 hours a week used to be cool.

“Are you going to FoodMax?”
“No way… I’m going to Mountain View Community Center”
“Dude you so rock – that must be a killer condo.”
“Yeah, it’s really special and it’s only going to go up. I love it here – it’s paradise.”

Comments (6) -- Posted by: burbed @ 5:50 am

6 Responses to “Our ramen-based economy – eating is overrated”

  1. quickcur Says:

    I have been enjoying you blog. But please don’t use “Asian Supermarket” in wahtever way you think you are using.

  2. burbed Says:

    Hi quickcur,

    I’m not sure what you think I’m using “Asian Supermarket” as. What I was trying to say was that if you go to any places without stores like Ranch99 and Marina, you’ll find that the price of packaged ramen will be higher.

    As simple as that. Ranch99 is a damn good place to get Ramen. Although, come to think of it, I’ve never looked in Costco for ramen…

  3. quickcur Says:

    It sounds to me that Ramen is a cheap food from a cheap supermarket. But it is at least not worse than those canned food from Safeway.

    Apologize if I misunderstood you.

  4. Sean (Mortgage Planner in San Jose, CA) Says:

    Funny site. This post cracks me up cuz it’s so true!

    I’m Word’izing it and throwing it in my FTHB binders!

    BTW, call me blind, but I can’t find your info on the site anywhere (probably by design!) Are you a lender or Realtor or just a RE junkie!?

  5. burbed Says:

    Being that I’m not a lender or Realtor(R), I guess I’m a RE Junkie.

    So you’re a mortgage planner… is now a good time to buy?

  6. Bay Area Bubble 4.0: The Real Bay Area is Real, too [Burbed.com] Says:

    […] Yes, This Time It’s Different 4.0.  This is “good real estate” as opposed to Bay Area Bubble 3.0 which was also considered “good real estate,” as we can see by looking at some of the stories they ran in 2006.  Here’s one: […]


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)