About the dollar cost of living, crime, etcetera

[gouchobob]

Here's my problem: If no one saves how do they get together the money to buy an apartment?

At least in some cases a young couple buying their first place might get the money from the bank of Mom and Dad. If this is the case then I am willing to bet many Moms and Dads have money parked in some account outside of Argentina.

 

[syngirl]

A grand total of 0 people I know here have bought their own place.

1) Their grandparents die and they get the place, then sell it later and use that money for the next one

2) Their living grandparents by them a place

3) Their parents buy them a place

4) Their parents put in 60%, they put in 20% and the bank puts in 20%

5) Their parents were smart enough to build PHs after the crisis and built one for each kid, rented them out until the kids turned 25, then gave them to the kids


Or you're like us -- two professionals with degrees and jobs but no rich parents -- in fact, the opposite, have to support the parents. Therefore no apartment coming your way since you have to pay rent, help support parents, and even if you did take one of the mortgages here at the ridiculous rates, they wouldn't give you enough to buy a place 100%, so you're stuck in the rental game...

Compared to back in North America, it's insane the amount of people I know who's parents buy them a house outright. It's also insane that people who at home fit the profile of a couple worthy of being given a mortgage have no hope of buying a place unless there's a rich relative in the family!

 

[davonz]

Eveny local here that i know who owns their own apartment have either:

1) Parents/grandparents brought it for them.
2) When their parents died they sold the house and split between the kids which gave them a decent deposit on their own apartment.
3) When their grandparents died they got some money.
4) The gov dept they work for gives them 3% mortgages.
5) They spent time overseas and managed to save some money for a deposit or to buy an apt outright.
6) They lived at home with their parents until they had saved enough for a deposit (by that time they were 35yo)

The rest i know havent a hope in hell of getting their own place in BSAS so they tell me..

 

[Bajo_cero2]

Here's my problem: If no one saves how do they get together the money to buy an apartment?

Well, there is a cultural misunderstanding. We work for living but we don´t like to live for working. That´s why you see cafes open until very late 7x7.

Enjoy life doesn´t mean to do not save money, otherwise how do people buy real state cash. In fact, as far as I know the US crisis is all about buying property with mortgages or about a second mortgage or about to puting on 15 credit cards and so on. So, I don`t understand why this assert about people spending like this is the end of the world. People spend compulsively in the US. As far as we don`t spend money in 500 pair shoes as my former us girlfriend did, we can spend some money in going out and save money.

We save money "under the matress", this means we keep money at home.

But there is a fact, we have survive several crisis so we have this expertize you should learn about. I have seen "gurus" saying a lot of bullshit at US tv because they have no idea how to deal with crisis. They said the crisis is over, in my experience this is just beggining.

Well, the genius there are printing money. Good luck, this produce inflation and hiper inflation. We have wide experience about that.
The genius have several very expensive wars.
The iluminated are printing money for bank ceo bonus instead of investing on public infraestructure (Keynes, do you remember him, the creator of the new deal that saved the US from the big depresion, he is followed in south america and guess what, we have no crisis....predictable).

The solution is simple, stop spending money you don`t have. Stop this bullship about free market and protect your industry. Legallize the immigrants so they start paying taxes. If they legallize drugs, better, they spend too much money being high that don`t pay taxes. With some of this simple solution the crisis will be over.

We can buy real state cash because we have public healh or union health, public education and working compensation and a public retirement system. One of the major reazons for bunkrupcy in the US are medic and university expenditures.

Of course, arrogancy is probably the worst obstacle they have to solve this crisis.
And I think that this is not a crisis, this is the arise of Chine and south america and the decadency of the US. But this are my personal thought, let´s give some time and see. Meanwhile, as argentinian, I am studying mandarin chinese.
Regards

 

[tkm]

6) They lived at home with their parents until they had saved enough for a deposit (by that time they were 35yo)

I would say 30+ but yes, before 30, it seems impossible.

I know quite a number of people graduate from uni when they are 25 or even later (some of them have a year of internship , others no idea). Let's say they start working right after graduating, it's only 5 years until they hit 30. And 5 years is pretty tough to save up for a house in a lot of places, not only in Argentina.

Lots of girls I know are renting an apartment with the boyfriends but the guys are always talking about " I've just bought an apartment with my gf" or " I will be buying ..."

 

[darmanad]

I realize that with hyperinflation lending money for a mortgage on a residence is a tricky business, but it seems to me the lenders have become expert at intermediate term lending for purposes of consumer, creditcard debt. Why haven't the banks gotten more into mortgage lending? Couldn't adjustable mortgages be structured to reliably reflect real inflation?