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re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/3/23 at 2:45 pm to SonOfSlickWillie
Posted on 4/3/23 at 2:45 pm to SonOfSlickWillie
quote:
What amazes me is how many people are putting in cash offers on houses.
fricking this.
What I don’t get is how so many people are getting new houses, new cars, and taking family vacations.
I guess having two working adults in the house helps, but damn.
2
Posted on 4/3/23 at 2:59 pm to Oilfieldbiology
Just b.c you make a cash offer doesn't mean you actually have to pay in cash just have to show that you could which can be a combo of cash / 401k / etc. Once offer accepted you can go traditional loan.
In general these numbers regarding house prices and average income doesn't tell the whole story. large population of people don't make big income bringing down avg household income but they aren't in the market to buy a house. apartments have no problem renting. So it leaves households making $150k+ to buy the average home priced at $450k. You have lot of people out there that are dual income no kids so swinging $3k a month isn't that hard.
In general these numbers regarding house prices and average income doesn't tell the whole story. large population of people don't make big income bringing down avg household income but they aren't in the market to buy a house. apartments have no problem renting. So it leaves households making $150k+ to buy the average home priced at $450k. You have lot of people out there that are dual income no kids so swinging $3k a month isn't that hard.
This post was edited on 4/3/23 at 3:00 pm
Posted on 4/3/23 at 3:59 pm to Oilfieldbiology
quote:
What I don’t get is how so many people are getting new houses, new cars, and taking family vacations.
My wife keeps wondering when her Denali is coming because every other mom drives around in one.
I’ve explained to her where we land in the income distribution and tell her they are doing without something that we have, most likely just actually saving money.
It’s hard man. Just trying to do the right thing and get ahead and not live for the debt I owe. Might as well have a big home loan, I don’t see them decreasing with all other costs increasing
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