£194,400 minimum wage

davomcdave

ukcarper wrote: »

You don't need a £36k deposit. If you earn £30k and can find a property for £130k not than difficult in many areas you need a £13k deposit. Where I am you can get a room for £400 a month including bills, my combined council tax and services are about £350.

Correct. You are moving a very long way from the OP's position of people on the minimum wage being able to buy a house except iPhones and general ne'er-do-wellism.

ukcarper

davomcdave wrote: »

Correct. You are moving a very long way from the OP's position of people on the minimum wage being able to buy a house except iPhones and general ne'er-do-wellism.

That's because I don't agree with him, I think the truth is somewhere inbetween his view and the property is unaffordable everywhere train of thinking. In many parts of the country property is affordable but saving the deposit will mean making sacrifices and living frugally for a year or two.

ukcarper

davomcdave wrote: »

Of course people can, and should, save. Getting a deposit together of 1.5 years' income when earning the minimum wage is a huge ask.

Two people in early 20s on minimum wage will earn £27,500 and take home £25k if they both work 37.5 hrs a week. They would be able to get £110k mortgage so with a £12k deposit would be able to buy a £120k property. I think saving £12k over a couple of years would be possible.

economic

ukcarper wrote: »

Two people in early 20s on minimum wage will earn £27,500 and take home £25k if they both work 37.5 hrs a week. They would be able to get £110k mortgage so with a £12k deposit would be able to buy a £120k property. I don't think saving £12k over a couple of years would be possible.

why not possible? oh right of course, they HAVE to buy take out coffee, they HAVE to go on nice holidays, they HAVE to buy expensive gadgets and they HAVE to buy designer clothes. life is unfair if you cant have all this to be able to afford to buy. why dont they just tax the rich people so they can afford luxuries?

Cakeguts

economic wrote: »

why not possible? oh right of course, they HAVE to buy take out coffee, they HAVE to go on nice holidays, they HAVE to buy expensive gadgets and they HAVE to buy designer clothes. life is unfair if you cant have all this to be able to afford to buy. why dont they just tax the rich people so they can afford luxuries?

You missed they HAVE to buy new cars on finance.

Cakeguts

lisyloo wrote: »

So if you were paying rent and a student loan and maybe a pension, then you wouldn't have any savings right? And you'd be living quite frugally presumably?

Going back to the student loan. How many people with student loans are working in minimum wage jobs in this country and does anyone think that the universities/ courses that lead to minimum wage jobs should have a warning about the job situation after those courses. I don't think that many of the people going to university to study Film Studies, Media Studies, Fine Art (at an ax technical college now renamed university) Drama, Performing Arts, Fashion, etc realise that they are heading toward working for the minimum wage. However on minimum wage they don't have to pay back the student loans but it is just 3 years of working time wasted on studying something at university that they could do as a hobby while working.

davomcdave

economic wrote: »

why not possible? oh right of course, they HAVE to buy take out coffee, they HAVE to go on nice holidays, they HAVE to buy expensive gadgets and they HAVE to buy designer clothes. life is unfair if you cant have all this to be able to afford to buy. why dont they just tax the rich people so they can afford luxuries?

That's all balderdash and you know it or at least you should.

People on the minimum wage can't raise a deposit when they're on the minimum wage as people that earn a little can't save a lot.

Judge not lest thee be judged.

economic

davomcdave wrote: »

That's all balderdash and you know it or at least you should.

People on the minimum wage can't raise a deposit when they're on the minimum wage as people that earn a little can't save a lot.

Judge not lest thee be judged.

don tmake stuff up. do the sums. people on minimum wage outside on SE expensive areas can save. look back to an earlier post, i proved it can be done in at least one area, no reason to believe it cant be done elsewhere.

yes it cant be done if they are not smart and frugal. thats the whole point of sites like MSE to help these type of people. i guess you could also say those on minimum wage tend to be less smart and thus dont understand much about saving for a deposit means they need to cut back on stupid expenses.

davomcdave

economic wrote: »

don tmake stuff up. do the sums. people on minimum wage outside on SE expensive areas can save. look back to an earlier post, i proved it can be done in at least one area, no reason to believe it cant be done elsewhere.

yes it cant be done if they are not smart and frugal. thats the whole point of sites like MSE to help these type of people. i guess you could also say those on minimum wage tend to be less smart and thus dont understand much about saving for a deposit means they need to cut back on stupid expenses.

If you think about it rather than just pressing the angry button then it's going to be at best extremely difficult for the lowest legally paid people in the country to save tens of thousands of pounds. I'm quite surprised you believe otherwise and patronising them probably isn't going to help much either.

economic

davomcdave wrote: »

If you think about it rather than just pressing the angry button then it's going to be at best extremely difficult for the lowest legally paid people in the country to save tens of thousands of pounds. I'm quite surprised you believe otherwise and patronising them probably isn't going to help much either.

this comments means nothign to me. you might as well just say you dont know. prove it using numbers.

i agree its difficult to save IF people are careless with saving vs spending. but then thats their own fault. i am looking purely at potentially that it can be done but it means sacrifice for a number of years. if you are on minimum wage what do you expect to happen? properties or cash handed out to you?