I make 450k and I can't buy a home right now

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3 years ago 09/13/2022 4:37pm EDT

True story.

Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.

I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).

Every house I have put a bid on goes like this:

1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k

2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.

This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).

Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.

I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).

Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).

3 years ago 09/13/2022 4:40pm EDT

re: bidensinflation1515

Right. You're intelligent enough to make $450,000, yet you start idiotic threads.

3 years ago 09/13/2022 4:43pm EDT

re: seems like a mismatch here

seems like a mismatch here wrote:
Right. You're intelligent enough to make $450,000, yet you start idiotic threads.

Im not trolling. I have tried buying homes above my comfort zone in price, far below so I can bid way above....every time I've had a cash buyer appear and kill the deal.

the only way I can buy a home is buy all cash (and sub 500k homes here are truly awful).

I am forced to rent until these all cash buyers dissapear or I save up more.

3 years ago 09/13/2022 4:47pm EDT

re: bidensinflation1515

Amazing you've made it this far, OP.

3 years ago 09/13/2022 4:53pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
True story.
Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.
I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
Every house I have put a bid on goes like this:
1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k
2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.
This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).
Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).

Did you start a thread like this last year or was that someone else?

Whoever did only wanted the cream of the crop school districts but there are very nice areas with good school districts that aren't that pricey.

3 years ago 09/13/2022 4:56pm EDT

re: bidensinflation1515

You make $450,000 doing what?

3 years ago 09/13/2022 4:56pm EDT

re: bidensinflation1515

Once you have a million saved, get out of New York and move some place nice and affordable.

3 years ago 09/13/2022 4:58pm EDT

re: bidensinflation1515

If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.

If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.

3 years ago 09/13/2022 4:58pm EDT

re: Feirrd

Feirrd wrote:
You make $450,000 doing what?

investment banking

3 years ago 09/13/2022 5:01pm EDT

re: Greg

Greg wrote:
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.

half my income is bonus. so thats 225k base which is like 13.8k a month after taxes cash flow

3 years ago 09/13/2022 5:01pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
Feirrd wrote:
You make $450,000 doing what?
investment banking

I don’t think so.

3 years ago 09/13/2022 5:02pm EDT

re: Greg

Greg wrote:
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.

and I easily saved a down payment for a mortgage. the issue is that Im getting outbid by people who dont need mortgages (all cash buyers). never knew there was this many rich people.

3 years ago 09/13/2022 5:02pm EDT

re: Feirrd

Feirrd wrote:
bidensinflation1515 wrote:
investment banking
I don’t think so.

why is that?

3 years ago 09/13/2022 5:03pm EDT

re: joedlrt

joedlrt wrote:
Once you have a million saved, get out of New York and move some place nice and affordable.

I hate to break it to you, but the story isn’t true.

3 years ago 09/13/2022 5:03pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
Feirrd wrote:
I don’t think so.
why is that?

You know why.

3 years ago 09/13/2022 5:06pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
Greg wrote:
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.
and I easily saved a down payment for a mortgage. the issue is that Im getting outbid by people who dont need mortgages (all cash buyers). never knew there was this many rich people.

Not rich people, rich companies.

3 years ago 09/13/2022 5:06pm EDT

re: Cool story bro bro

Cool story bro bro wrote:
joedlrt wrote:
Once you have a million saved, get out of New York and move some place nice and affordable.
I hate to break it to you, but the story isn’t true.

pick apart my story. its true. happy to email mods pay stubs, offer letters ive submitted for proof.

real estate is wild right now. not sure why you think this is fake.

3 years ago 09/13/2022 5:06pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
Greg wrote:
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.
and I easily saved a down payment for a mortgage. the issue is that Im getting outbid by people who dont need mortgages (all cash buyers). never knew there was this many rich people.

So your problem is with the free market and capitalism and the 1% and not who sits in the White House and inflation, got it.

Cool story btw.

3 years ago 09/13/2022 5:09pm EDT

re: bidensinflation1515

0/10. Recycled boring troll topic.

3 years ago 09/13/2022 5:09pm EDT

re: bidensinflation1515

Yes, it's BIDEN'S fault that houses in some of the more desirable parts of New York City are highly sought-after and expensive.

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