You would need ">1200 sf" for what, your sense of entitlement?
God you're awful.
Whatever, big guy. If you on your own have ZERO RE holdings and >1200 s.f. is out of your grasp where you want to be, even getting into a 1/1 condo is a step forward from where you are to where you want to be. Your ego is ridiculously delicate if you think that's something that's beneath you while you live with your parents at such an advanced age. You get the right unit at the right time for the price you feel comfortable with and then in ~5 years you should have equity built to go for something bigger. As has been implied strongly in posts above, you shouldn't neglect location. Get something nice in the nicest area/development you can get into, no matter the size. If you'd rather have excuses as to why you're stuck and not moving towards what you say you really want then I'm not finding those for you, you can come up with that all on your own. Yeah, the whole rest of the world is at fault, poor baby.
Jeez, it’s serious advice. My wife and I bought a house in January. It would have been a huge stretch in my income - doable with two. This isn’t 1950 anymore. Your options are to go in with a partner or increase your income. Or yell at people online.
There are very few marriageable women. Young adults can't afford the basic necessities of life, America is a sh"thole country.
You shouldn't have to get married to be able to afford a house. Its bullcrap. Marriage is a horrible deal for men.
OP doesn't have to get married to afford a house. The 28% recommendation is on GROSS income, and he has plenty of money to afford a house even without getting married. He can reduce his elective withdrawals (which are very high) or he can keep them, live frugally, and only reduce them in case of a rainy day.
In any case, however, you're always going to be able to afford more if you're married. OP can afford a house while single. But he could probably afford a very, very nice house if he were married to someone with similar income.
We can’t help them much because we are getting wrecked by taxes.
don't be a sucker it's not too much socialistic taxation that's fuelling a housing bubble, it's turning a basic social need to the ravages of the market. ie capitalism
Yeah, I'm in a similar boat. I live in a Rust Belt city where you’d THINK housing would be more affordable, but the only places in my price range are total gut jobs or need so much work they’re basically cash pits. Prices keep creeping up, but wages are stuck. I’ve saved for years, kept my credit solid, still not enough to compete when stuff hits the market and gets bought up in 48 hours by either investors or cash buyers.
Got some financial advice from a friend who invests in small rental properties, and he told me to look into tax strategies that real estate owners use to make their margins better. He
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Here's another issue, I make $110k and I also put 20k into my 401k so I'm not begging for food when I'm 65 on the side of the road.
After taxes and deductions I only take home $2160 every two weeks. $60k a year. I have no kids, no dependent, don't use any social programs whatsoever.... Money down the drain my brother
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