"Good" Job and I still cannot afford a house

I make around 80k but in socal not the midwest. With overtime and bonuses, it tends to be more like 100k. However, a house here the calculation is you need 170k salary for a house. Yes, home ownership is becoming harder and harder as the population grows and corporations buy more and more homes.

That’s why you buy a house on two incomes.

Hey,

don’t measure success by owning a home. My dad was telling me he put $800 down on his home in 1985 And it was in San Diego. Times are vastly different.

I just bought a home in CA at age 44 finally. It’s not even the nice part of CA. Rent/ own, who cares what people think? Having a roof over your head is a luxury. Don’t get hung up on the boomers with Land Rovers and giant homes. They’re not always as happy as they seem. Stay fit and you’ll be happier than most 👍🏻. Go inward my man. Things won’t make us happy.

Condescending advice that was never given to generations of homebuyers in this country. Avoiding talking about the real problem entirely and shifting blame entirely onto individuals instead of the f*cked market.

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.

Maybe you should look at costs you can trim instead of blaming your current income.

Internet? Cable? Streaming services? Gym? Eating out? Car payment?

The only new clothes I have bought in years are my running outfits and shoes. I buy my regular clothes at Goodwill and yard sales.

My grandfather's fav saying was "it's easier to cut costs than it is to make more money."

But if you can do both, you can live quite comfortably.

You can afford a house between $250-300k. As your income rises , your payment stays the same, so your situation will improve after a struggle.
Still not many good choices for you, I presume.

The Fed is trying to push home prices down by raising interest rates.
But supply is still an issue. And there are still cash buyers who don’t care about rates.

I understand why you would stay in your parent’s home.
I don’t understand how this makes you anti work.

Young people with positive attitudes will get ahead of you and have that nice house you’ll never have if you give up hope.

That wouldn't make a 250k mortgage less than 28% of my takehome.

But yeah, I'll forgo all internet services for a year, save $600, and that's a little over half of one mortgage payment. Thanks man!

You need to get married. Two incomes.

I hear you.

Housing is a huge problem not just in the US. Not enough inventory is build and the market is rigged towards the corporations who buy up everything and rent it out for a fortune.

Yes 2 incomes, a brand new "duh" requirement for individual home buyers that was never necessary until house-flippers and private companies started paying cash for SFH's and renting them out for a profit.

Have you tried asking your parents to buy you a house?

Or marry for financial benefits as anyone should. I have married the single child ! (daughter) of decently rich family

Only 11 and 1/2 to go!

Buy a house and get some room mates

Rent cheaply and save money for a large down payment. Or get married. Or just be like any other normal single dude

A bit younger and make a bit less, but roughly similar situation. It seems like the only variable you have to play with is lowering the retirement contribution. I understand why you don't (and I don't either) but I guess that's how some people make it work.

Aside from making 6 figures+ I feel like you really can't max out retirement contributions while either renting in a high cost city or buying a house basically anywhere.

I agree with you.

Gen x here. My parents could afford a house on one income. Boomers could also swing that provided they bought early enough.

We could swing it on two incomes however I could not buy a house where I was raised.

Now it is out of reach unless you inherit a house or both you and your partner are making bank.

I have actually had the same thoughts as you. Why work so hard if there is little hope of having something that belongs to you?

I am not sure what the answer is but my kids are both in their early twenties and I don’t see any relief in sight for them. You want to see your kids have a better life than you. That was always part of the dream for me. We can’t help them much because we are getting wrecked by taxes.

Interest rates are too high right now. Continue to save money and stash it away in the house fund. When Trump becomes President in 2025, the economy will get better and inflation/interest rates will go back to normal.