"Good" Job and I still cannot afford a house

I understand that you are frustrated with the current state of the housing market and the difficulty in affording a home on your income. It's true that housing prices have been increasing, making it more challenging for many people to purchase a home. It's essential to consider your individual financial situation, including your income, expenses, and debt, when deciding how much you can afford to spend on a home. Additionally, there are some things you can do to increase your chances of affording a home. One option is to look into government-sponsored programs that offer assistance to first-time homebuyers. It's also important to keep in mind that owning a home is not the only path to financial stability and success. Renting can be a more affordable and flexible option, and investing in other assets, such as stocks, mutual funds, or some advertising platforms can also help you build wealth over time. With patience, persistence, and a solid financial plan, you can achieve your dreams of homeownership or financial stability, regardless of the current economic climate. I believe that you will succeed.

OP I don't want to dump on a random person whose situation I don't know but if you're making $80K/yr and renting from your parents (at what I assume is a lower rate than the nearby market) you could pretty easily save $30k+ a year while still funding your retirement. Nobody said the down only has to be 20%. You are in a great position to roll-up a few years from now and slap down 50%+ down. Taking into account the fact you did not explicitly define property tax and insurance when telling us that mortgage figure I think it would be pretty easy for you to reduce that mortgage payment to $800 or less monthly within a year or two.

I point this out because we are the same age, have similar salaries (mine is $85k), yet somehow I am more hopeful about home ownership even though I live in an area where the principal is twice as much and the property tax is triple what you suggest it is for you. Hell, I save $25k-$30k even though I live in a $1600/month apartment and handle all my expenses. What aren't you telling us? You can't do math? You're exaggerating a figure? You have a large source of debt holding you down? This is a troll post? Or...are you just complaining while barely looking into your issue? If I loved in your area I would find a $250k house and be loving in it by the end of next month.

I think the norm is going to be young adults living with and renting from their parents in their 20's. I see more people and even young married couples doing this to save up money for a large downpayment.

Owning a house isn't all its cracked up to be. While rent rent payment may be similar to a mortgage, there are tons of other expenses when it comes to owning a house. Home insurance, upkeep, new appliances, etc. It especially becomes expensive when your house needs a new roof or something. There is also a much greater time commitment when it comes to maintenance.

I understand many people want something that is "theirs", but paying property taxes is a reminder it is never truly yours. I rented until I was in my early thirties, when I got married. My wife really wanted to buy a house so we did, and it takes up a lot of time and resources. I was much more relaxed when I was renting, and I had more free time on weekends too.

You're single trying to buy a house? Why? One person in a house is a waste of space. And where in the Midwest? My parents live in the Midwest, their house in a medium sized town is valued around $120k, nothing fancy but certainly not a dump. At $170k in that town you'd have a pretty good house. A couple both earning $80k and you'd be able to afford $350k house and that would be a great house. My grandparents dumpy house in town is only worth like $80k, but $80k houses do exist. They're not nice, but there's nothing wrong with them.

I know I was stretched thin with a decent salary, wife working part-time, living in the Midwest, and raising two kids. the second post looks more like what we had to go through when buying a house. We bought used cars, fixed things ourselves, and hardly ever ate out. Equity and salary built over time until we could buy a better house in a nicer neighborhood. Without a great job or an inheritance you have to do your time - even in the Midwest.

Also worth noting if you live in a municipality without tax-covered central services you're on the hook for substitutes. Might have to pay for your own septic system, well + water treatment, waste pickup, etc. Personally, I'm only interested in property ownership because I'm really into permaculture gardening and want to transform a yard. Without that hobby I would say a townhome or a occupant owned apartment is a better choice for most people.

Ah yes, the classic advice of moving to where there are no jobs.

#overemployed

lol at homes costing only $325k

Location, location, location.

If education is "free," then who sets the amounts that the schools receive (ultimately from taxpayers) for providing the education? If you keep passing the buck, you've eliminated the most basic pricing mechanism of the market: the taxpayer turns over the money without knowing the costs, and the students no longer care about the price, allowing the schools to charge higher than otherwise.

Says a man who either hasn't bought underwear "in years" or buys them used.

Having two incomes is not the solution.

We bought on 1 income because eventually we had kids. For 2 kids its $30K a year for daycare. That means basically a wife making $50-$60k makes nothing for 3-5 years while kids are in daycare. You need that flexibility to be able to afford mortgage

The solution is simple. Every dime spent by federal government on college loans and universities should be spent on universal pre-k, and daycare. We (as a country) should support kids and families until 18. After that it's a choice on trades (white collar college vs blue collar trades that don't get that subsidy). This doesn't exactly help out the OP, but would long term.

Owning property is the primary means of saving money and building wealth. If you pay 40% of your income for rent, you get a place to live and that's it. That money is gone forever, no way to get it back.

If you are able to pay 40% of your income to buy a house, you gain ownership of the house. Meaning you can sell it and get your money back (or more if the value increases).

It is a serious issue now that most individuals would have to pay 110% of their income to buy even the cheapest house. The government has failed us, that's why there are so many people living under the biggest bridge in town.

$2000 per month is reasonable for you.

Why would you buy a family sized house as your first purchase when you don't yet have a family?

Buy something smaller and cheaper.

Yes. This. 28% on GROSS.

Housing prices are in general ridiculous, but you can afford one where you live. And as others have pointed out, if you marry someone with similar earnings, you'll be able to afford a mansion.