The rat race ?!

27-01-2016 06:06AM #1

Seeing more and more 4 bed detached houses for sale in rural locations for under $150,00. Began to wonder if all the people doing 4 year degrees then post grads then moving to Dublin and paying half a million and more in mortgages are absolutely totally off the moon who-ha crazy?

Here is the thinkin behind it all:

Rural Ireland doesnt have the same types of jobs available in Dublin but it does have minimum pay jobs and few places are more than 20 minutes away from a big town

Assume a mortgage of 100k at something like $565 a month according to a mortgage calculator. Minimum wage times a 40 hour week gives you $1400 approx a month. Leaving you nearly $900 a month for everything else

If you got a place in or near Dublin for $270,000 your monthly payments would be around $1455. To have $900 a month left over you would need to be on over $28,000. But really what kind of 4 bed place could you get half an hour hassle free commute from Dublin?

Maybe it isnt so crazy for a degree or masters qualified person to just give up the rat race commute to work a min wage job in something like bar work or some tourism type thing out in the sticks!

Was using this calculator:
http://www.mortgages.ie/go/first_time_buyers/mortgage_payments_calculator?mode=basic&go=go&buyer_type=First+Time+Buyer&house_price=300000&product=2&amt=270000&lender=-1&status=Single&comparison=loc&term=25&x=24&y=8

27-01-2016 06:22AM

I'm educated to masters level. I live away from the rat race. I have about four beans to my name and they aren't even magic.

Not entirely sure what my point is.

Guy:Incognito · 27-01-2016 06:23AM

Try to get paid in Euro, that'll make those bills look even cheaper.:)

Guy:Incognito · 27-01-2016 06:24AM

Deleted User wrote: »

.

Not entirely sure what my point is.

i'm pretty sure it's about getting a sliced pan to make toast for your beans.

27-01-2016 06:32AM

Guy:Incognito wrote: »

i'm pretty sure it's about getting a sliced pan to make toast for your beans.

I wouldn't mind some toast now in fact. And sleep.

whiskeyman · 27-01-2016 10:02AM

Supply and Demand at the end of the day.
Far more people want to live in big city with lots of facilities / amenities etc...
Lucky are those who don't as it sure suits the wallet better!

smash · 27-01-2016 10:05AM

Deleted User wrote: »

But really what kind of 4 bed place could you get half an hour hassle free commute from Dublin?

None. Your half an hour will quickly turn in to at least 2 hour commute during rush hour.

kneemos · 27-01-2016 10:11AM

Yeah,everybody outside Dublin lives on minimum wage.

Another tech is God slave.

c_man · 27-01-2016 10:21AM

Not specifically talking about Dublin here, but tbh I'd prefer to live somewhere that I have local amenities that I can easily walk to or get to without a car. The thought of being dependent on a car for everything (even bringing the kids that don't exist yet, to their friends) depresses me.

Eugene Norman · 27-01-2016 10:25AM

[Deleted User] wrote: »

Seeing more and more 4 bed detached houses for sale in rural locations for under $150,00. Began to wonder if all the people doing 4 year degrees then post grads then moving to Dublin and paying half a million and more in mortgages are absolutely totally off the moon who-ha crazy?

Here is the thinkin behind it all:

Rural Ireland doesnt have the same types of jobs available in Dublin but it does have minimum pay jobs and few places are more than 20 minutes away from a big town

Assume a mortgage of 100k at something like $565 a month according to a mortgage calculator. Minimum wage times a 40 hour week gives you $1400 approx a month. Leaving you nearly $900 a month for everything else

If you got a place in or near Dublin for $270,000 your monthly payments would be around $1455. To have $900 a month left over you would need to be on over $28,000. But really what kind of 4 bed place could you get half an hour hassle free commute from Dublin?

Maybe it isnt so crazy for a degree or masters qualified person to just give up the rat race commute to work a min wage job in something like bar work or some tourism type thing out in the sticks!

Was using this calculator:
http://www.mortgages.ie/go/first_time_buyers/mortgage_payments_calculator?mode=basic&go=go&buyer_type=First+Time+Buyer&house_price=300000&product=2&amt=270000&lender=-1&status=Single&comparison=loc&term=25&x=24&y=8

I've actually been thinking of going to live in Waterford city and trying to get contract jobs which allow me to tele commute. I reckon I could get English jobs like that (with a bit of travel) because I contracted there before. The holy grail is high wages, low property, decent enough amenities.

JustShon · 27-01-2016 10:26AM

How about having a challenging and fulfilling job?

I don't want to work a minimum wage job because I'd be bored in most minimum wage jobs. Pay isn't all that important to me since I can adjust my standard of living to suit my means. I want a challenge in my job though, something that can engage my brain.

There's also the amenities point someone else brought up; I live 2 minutes walk from a cinema and shopping centre. What are the chances of having that kind of convenience in the countryside?

Eugene Norman · 27-01-2016 10:28AM

JustShon wrote: »

How about having a challenging and fulfilling job?

I don't want to work a minimum wage job because I'd be bored in most minimum wage jobs. Pay isn't all that important to me since I can adjust my standard of living to suit my means. I want a challenge in my job though, something that can engage my brain.

There's also the amenities point someone else brought up; I live 2 minutes walk from a cinema and shopping centre. What are the chances of having that kind of convenience in the countryside?

That's why a relatively decent sized place like Waterford city would be my pref. (I'm a dub btw).

The_Valeyard · 27-01-2016 10:32AM

Meh, just seems to be that we work so the rich and powerful can play

Maximus Alexander · 27-01-2016 10:40AM

I do hate other commuters. Either I should be able to work from home, or everyone else should. Just get out of my way.

JustShon · 27-01-2016 11:00AM

Eugene Norman wrote: »

That's why a relatively decent sized place like Waterford city would be my pref. (I'm a dub btw).

I'm a dub too. Yeah I think somewhere in the commuter belt wouldn't be too bad. Wicklow, Meath, Kildare would all be viable places to live with decent facilities and lower rent than Dublin.

I'd never like to live somewhere where doing the grocery shopping is an expedition.

Wesser · 27-01-2016 11:00AM

There no way that someone on 28000 could afford to buy a place for 270000.

1455 plus 900 is 2355 x 12 is 28260. I think you forgot about income tax????!!!

More like you would need to be on 50 or 60 k.

JustShon · 27-01-2016 11:03AM

Wesser wrote: »

There no way that someone on 28000 could afford to buy a place for 270000.

1455 plus 900 is 2355 x 12 is 28260. I think you forgot about income tax????!!!

More like you would need to be on 50 or 60 k.

Yeah I think you'd want a take home pay of about €30k.

I'm on €28k pre-tax and living in Dublin, I don't see myself getting a mortgage anytime soon.

SEPT 23 1989 · 27-01-2016 11:03AM

If you are buying a house you are part of the "rat race" no matter where you live

Maximus Alexander · 27-01-2016 11:09AM

SEPT 23 1989 wrote: »

If you are buying a house you are part of the "rat race" no matter where you live

You don't even need to be buying a house, you just need to be alive and without vast wealth sufficient to sustain you for the rest of your days.

27-01-2016 11:20AM

Think I am stupidly lucky and am awaiting with some dread the day it all changes somehow. I live out in the general area of Maynooth and the main desk part of my job (When I am not on the road - or working from home) is in the general area of Blanchardstown. I got my land and property at a relative steal - and my commute is actually not bad at all. I take slightly longer routes than I need to - but on little used back roads - and get to work and home surprisingly quickly.

If my job or house ever has to change - I will probably go mad. A long commute is just something I am not built to handle - especially with my life schedule that I follow.

biko · 27-01-2016 11:25AM

Deleted User wrote: »

If you got a place in or near Dublin for $270,000 your monthly payments would be around $1455. To have $900 a month left over you would need to be on over $28,000. But really what kind of 4 bed place could you get half an hour hassle free commute from Dublin?

$ means dollar.
Do you live in Dublin, Ohio?

Pac1Man · 27-01-2016 11:58AM

CTRL+ALT+4 for Euro symbol.

The Randy Riverbeast · 27-01-2016 12:54PM

Living in the ass end of nowhere is cheap but you'll need a car to get anything done, then there are no amenities. I would end up being one of those people who think I should have fibre broadband despite being unable to see my nearest neighbour.

27-01-2016 01:15PM

I see what you are getting at OP but I do see some problems that you haven't considered.

Saving for a deposit and qualifying for a mortgage would be difficult.

A minimum wage job will probably always be a minimum wage job. The graduate or skilled job would hopefully offer opportunities for advancement.

Unemployment is higher in rural areas so any job will be harder to get.

Extra costs of running a car and having less choice for things you need.

You would have to live in a place like Ballyhaunis.

You might have to forego certain luxuries that you otherwise might be able to afford.

KomradeBishop · 27-01-2016 02:00PM

At the end of the day, the city is designed to have you putting as much of your income into other peoples pockets (particularly unearned rentier profits), as is possible, without pissing off enough everyday people, to trigger a political blowback that would undo it all.

All of that revolves around the property market and finance/banking, and keeping politics either corrupt/'captured'/hamstrung enough, to prevent reforms that would undo this massive money-maker.

The solution isn't to bugger off out into the country where houses are cheaper, it's to fix the politics, and properly regulate the property/finance/banking sectors - with a good dose of public policymaking aimed at improving housing/infrastructural availability in the city.

Bringing house prices back down, and incentivizing new housing supply at relatively low-cost, isn't actually hard at all. It's not going to happen while rentiers have disproportionate control over policymaking though - which they do.

28-01-2016 12:11AM

biko wrote: »

$ means dollar.
Do you live in Dublin, Ohio?

Pac1Man wrote: »

CTRL+ALT+4 for Euro symbol.

for the pedants, my aussie keyboard wont do that. I could copy and paste a euro symbol but naaaah

28-01-2016 12:11AM

The Randy Riverbeast wrote: »

Living in the ass end of nowhere is cheap but you'll need a car to get anything done, then there are no amenities. I would end up being one of those people who think I should have fibre broadband despite being unable to see my nearest neighbour.

yeah thats all well and good but i know very very few people who dont have a car in Dublin!

28-01-2016 12:14AM

Deleted User wrote: »

I see what you are getting at OP but I do see some problems that you haven't considered.

Saving for a deposit and qualifying for a mortgage would be difficult.

A minimum wage job will probably always be a minimum wage job. The graduate or skilled job would hopefully offer opportunities for advancement.

Unemployment is higher in rural areas so any job will be harder to get.

Extra costs of running a car and having less choice for things you need.

You would have to live in a place like Ballyhaunis.

You might have to forego certain luxuries that you otherwise might be able to afford.

yeah some good points. I suppose some people could work in Dublin a few years, save a deposit, then head back to the sticks to work at anything and be better off.

I mean who likes traffic all that much?

josip · 28-01-2016 12:29AM

I'm from very close to Waterford and there's a reason I chose to stay in Dublin after I finished university rather than go back there.

But that was a long time ago and things might have changed since then.

PC Lackey · 28-01-2016 12:30AM

Google earth my paddies.

There be hoods outside of Dublin.

Check that sht out.

Its aint just Dublin or Boglands.

donegaLroad · 28-01-2016 12:35AM

OP, you need to start a PJ business and buy a nice pad somewhere on the west coast that has decent internet.

*I only heard the term 'PJ business' for the first time today. Its where you sit in front of your laptop in your pyjamas and watch the orders rolling in through your online shop.. great in theory, I know.

The rat race ?!

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