this is the asinine bullsh*t right here.....problem is that where i live its like 500k for a 1970s trailer, or maybe that one got sold. 250-300k was like 10yrs ago.
"get married", me and my wife combine for 96k, 1a little over 100k with overtime and bonuses.
sorry that isnt enough to get a piece of sh*t fixer upper listed for 678k.
If you make a $100K in a place where a lousy house costs $678K, you need to move.
Well i was born and raised in buena vista co, why should i have to move from my home? And to where kansas? Just so i can afford to “own” a home.
why am i dumb and worthless cause rich people decided my hometown was “cheap” for them and ruined the housing for the locals? I commute and hour for work as it is. So the so called experts on here is i need to move and get a new job. Will me and my wife get jobs in say west virginia or kansas that we make 100k? No we will only make 45-50, and be in the same boat but im some sh*thole location
and for the moran who thinks im trying to get a house on portland, your way off. I would never want to live anywhere on the left coast. But go ahead and check my town and see for yourself, so many 3rd and 4th homes for rich people, or they buy a house and turn it into airbnb and there are even less places to live.
My first house was 200% our income. We did the roof, siding, outside paint, built a garage, fenced it, did floors, renovated the kitchen, and landscaped the yard. Oh, and built a covered patio.
We didn't even have a YouTube channel showing it all.
The 900K house I just bought is many, many, many times our income, but it doesn't matter because we own it outright at this point from equity on our earlier houses. OP wants the 900K house now, and wants to spend their free time "living."
Well i dont want a 900k house, back in the 08 crash houses dropped down to 180-200, but i didnt have a good job, wish but wishing doesnt do anything. If i had wealthy parents and they dropped the 40% then i could have made the mortgage, but now houses are 580 and up and at what 7% interest?
right before covid i was approved for a 480k loan but with no down payment i couldnt afford those payments, then housing just exploded. im not asking for handouts or whatever your arrogance claims, i want to have a home for my family, in the town i grew up in. And you and others are acting like i want some 2.5 million house and drive my sprinter van all over the US for my youtube channel.
no i want a 3 bed, 2bath garage, that used to be 180 and now is 580 or higher……why am i looked at as some mooch?
Yep. This is your answer if you really want a house. Rent and live meagerly for 5 years. Also, work 7 days a week if you can. Your student loans are forgiven right? Or have been in forbearance for 3 years? The rest of us are going to be paying for those. How about a thanks for that.
Q: How can you tell if an economic model is broken?
A: Assuming you are college educated, you still need two incomes, renting in a cheap apartment for 5 years, and both spouses working "7 days a week" to afford a normal house.
This post was edited 4 minutes after it was posted.
You are not a mooch. You are rightfully calling out a broken model of housing in this country. People from the olden days don't understand how much it has changed since 1978 when they bought their houses for 120K in the East Bay or Austin or whatever. Now even a dump costs 800K in a lot of places (or more).
Your monthly payment on a 30 year loan is 600.00 higher per month at 6.5% opposed to 3% or 7200.00 a year and 216,000.00 over 30 years. People need to start voting competence instead of emotion as competent leaders have a direct positive impact on your life whereas voting on emotion leads to an economy (country) that negatively effects the masses. Good luck
I owned a home since 2005, but recently sold the house I was in and am renting for a year while I figure out where I wanna go. And honestly.. I do not care about owning. I really don't have a desire or feel the need to own right now. I gained zero equity in the first 12yrs of home ownership, then did very well the last 6yrs as the market went bananas in my area. Hard to say if I really care about ownership at this point.
Secondly. 28%.. give yourself a little more room in there. Assuming you don't have a $850/month car payment and a massive student loan, you can go a little more. Nothing wrong with $1700~1900 on a $3900/month take home. No problem at all. Still plenty of money to save, pay bills, eat out on occasion, run marathons etc.
1. No matter what, you'll lie awake at night that first year and wonder how you'll pay the mortgage.. it'll freak you out regardless.
2. Your income will go up as the mortgage stays the same. You can lean out and refine as you go. Eventually maybe get married and have more income. It's fine.
How much are you setting aside for retirement? I hate to say it but would you consider pausing your elective contributions for a year or two to save up your downpayment quicker?
Your monthly payment on a 30 year loan is 600.00 higher per month at 6.5% opposed to 3% or 7200.00 a year and 216,000.00 over 30 years. People need to start voting competence instead of emotion as competent leaders have a direct positive impact on your life whereas voting on emotion leads to an economy (country) that negatively effects the masses. Good luck
Genuinely curious who you are referring to. Limiting interests rates (at the cost of bank profit margins), protecting single family homes from landlords, investors, airbnb, and flippers (to keep prices down) is a very LEFT wing position. It's a great position but it is undeniably left of the democratic party. The Dems wouldn't do it.
The alternative argument that wages would go up and we could all buy houses with less taxes and less regulation has been demonstrably false for like 40 years now.
You can rent where you live, or rent the money you use to buy a house to live in. If you buy a house you have to fix stuff, cut grass, etc. so there's that. My first "house" was a fixer upper trailer, but it was cheaper than rent. Maybe something unique or untraditional will turn up for you.
"why so many people ... rent their childhood bedroom from their parents (like me)"
A lot of them "pay" their "expenses" (Netflix and Gym) and give 200 bucks per month to their parents, while still eating their parent's food cooked by their old mom who never complains, getting their beds done by mom, and basically live off their parents as parasites.
Young people should be the ones looking after their parents, not the other way around.... So sad...
Even if you need to stop completely your retirement savings, please do your parents a favor and stop bleeding them
Get out of the midwest. Move to a coastal city and make 5x that. You still won't be able to afford to buy even a one bedroom, but it'll be much more fun.
Ah yes, the classic advice of moving to where there are no jobs.
My husband and I both work remotely. This isn't such bad advice anymore.
The problem for OP may be that he's single and finding a partner in the middle of nowhere would be tough. But perhaps he could find a like-minded frugal individual.
Yep. This is your answer if you really want a house. Rent and live meagerly for 5 years. Also, work 7 days a week if you can. Your student loans are forgiven right? Or have been in forbearance for 3 years? The rest of us are going to be paying for those. How about a thanks for that.
Q: How can you tell if an economic model is broken?
A: Assuming you are college educated, you still need two incomes, renting in a cheap apartment for 5 years, and both spouses working "7 days a week" to afford a normal house.
Nah. You can do it the way you want (the easy way), but you will likely be over leveraged. The way I said was how to get ahead and do it responsibly. But you want the nice house and you want it now. Did you thank me for paying off your student loans yet? I'll wait.
Related: some good reads are The Creature From Jekyll Island and End The Fed.
Blaming corporate greed, lazy workers, overseas competition, fiscal budgets, Air BnB and second homes, the housing supply, and many other items on the long laundry list of excuses is missing the big picture. It is focusing on the proverbial paper cut while an artery is out in the open.
We talk endlessly about housing affordability in California where it costs $400k - $600k to build an apartment or condo. That price is caused by
1. Union labor
2. 21% inclusionary housing
3. Impact fees for housing, transit, parks, etc.
4. 5-10 year entitlement periods.
There are 10,000 units of housing entitled in San Francisco but it doesn’t pencil to build them right now. Construction costs are too high. We also have thousands of empty units in San Francisco. Many owners would rather avoid the rental laws (rent control, eviction limits) than rent their units. They just keep them as second homes or rent on AirBnB.
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