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Message
re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/3/23 at 5:11 pm to StringedInstruments
Posted on 4/3/23 at 5:11 pm to StringedInstruments
Wife and I are in similar boat. $1200 mortgage on 2100 sqft house.
Problem is between our car notes and student loans we are paying $3000 a month.
Convinced people buying houses now are people that had mom and dad pay for all of schooling or buy them nice vehicles. Because once these loans and car notes are gone, will be smooth sailing
Problem is between our car notes and student loans we are paying $3000 a month.
Convinced people buying houses now are people that had mom and dad pay for all of schooling or buy them nice vehicles. Because once these loans and car notes are gone, will be smooth sailing
2
Posted on 4/3/23 at 5:11 pm to VADawg
People that haven't been in the market just don't understand. It's a catch 22 of knowing I'm going to get screwed, but trying to minimize the damage, all while having to take days off because people accept bids for 2 to 3 days and then close.
Posted on 4/3/23 at 5:15 pm to WaydownSouth
quote:
Convinced people buying houses now are people that had mom and dad pay for all of schooling or buy them nice vehicles.
College used to not be nearly the expense that it is now or in the past decade or so.
Posted on 4/3/23 at 5:18 pm to Buckeye06
quote:
when rates go down I'll refinance.
Who wants to tell him?
Posted on 4/3/23 at 5:19 pm to VADawg
Get married. Marry someone who works.
Your $50-60k out of college is equivalent to $40-45k twenty years ago. A $225k house wasn’t affordable for a person just out of college back then just like one isn’t now.
Not trying to be a jerk. You just are not being realistic if dual income isn’t involved.
Your $50-60k out of college is equivalent to $40-45k twenty years ago. A $225k house wasn’t affordable for a person just out of college back then just like one isn’t now.
Not trying to be a jerk. You just are not being realistic if dual income isn’t involved.
Posted on 4/3/23 at 5:21 pm to StringedInstruments
I've had to make sacrifices. I quit dancing to pay for myself to go to school and instead, now dance just to pay my mortgage.
Posted on 4/3/23 at 5:23 pm to LSUBadger
quote:
Your $50-60k out of college is equivalent to $40-45k twenty years ago. A $225k house wasn’t affordable for a person just out of college back then just like one isn’t now.
20 years ago, that $225K house was probably closer to $125K. That changes the equation a bit.
Posted on 4/3/23 at 5:24 pm to VADawg
quote:
Hip bars and restaurants aren't the issue. Proximity to work is. For someone out of college making $50-$60K at their first job, they'd have to live an hour from work. With gas prices over $3/gallon and not dropping anytime soon, it puts people in a bind. There are not a ton of jobs in rural and suburban America for brand new college grads.
That's why you move into an apartment with room mates. You don't graduate college and buy a 2500 square foot house. When did that become the expectation?
Posted on 4/3/23 at 5:26 pm to deeprig9
Bought our 2,000 sqft home 4 years ago and already plan on dying in it.
Posted on 4/3/23 at 5:27 pm to deeprig9
quote:
That's why you move into an apartment with room mates. You don't graduate college and buy a 2500 square foot house. When did that become the expectation?
I didn't have roommates but I rented after college for 5 years or so. My first house was 125k but it was in the sticks and 1350 sq ft.
Posted on 4/3/23 at 5:31 pm to Shexter
quote:
Forty-year mortgage stretches out that payment over a longer period of time, so it makes for a lower payment, which is what a lot of buyers need right now," Gonzalez said.
Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
So it's like dealing with car sales now, making it about the payment. If your only concern is with the payment and not the breakdown of that payment, you shouldn't even be buying a car.
Posted on 4/3/23 at 5:32 pm to VADawg
Graduated college last year and just bought a house in a well established neighborhood in Baton Rouge. Paid a little over 300k and got a FHA loan with 3.5% down. House note is around 2500 a month and I usually pay well over that. I make around 150k a year, and I’m planning on doing exactly what LSUBadger was talking about.
If more people got useful degrees instead of just some dime a dozen degree then it would definitely be more common.
Edit: degrees don’t always equal high salary. Just a couple days ago there was a thread about waste management in Houston unable to get garbage truck drivers for 90k a year. College is not for everyone.
If more people got useful degrees instead of just some dime a dozen degree then it would definitely be more common.
Edit: degrees don’t always equal high salary. Just a couple days ago there was a thread about waste management in Houston unable to get garbage truck drivers for 90k a year. College is not for everyone.
This post was edited on 4/3/23 at 5:44 pm
Posted on 4/3/23 at 5:37 pm to SwampAssassin
quote:
If more people got useful degrees instead of just some dime a dozen degree then it would definitely be more common.
Are there shortages of employees in your field? You planned really well and that is super commendable, but not everybody can be in the “$150k first job” club. Someone has to be the lower level XYZ random job worker.
Posted on 4/3/23 at 5:38 pm to deeprig9
quote:
You don't graduate college and buy a 2500 square foot house. When did that become the expectation?
My first place out of college was a 450 sq ft apartment. Buying a house immediately out of college was never a realistic idea for me, but people in this thread are talking about buying houses in their mid 20s. I'm with the OP. I have no idea how they're doing it.
Posted on 4/3/23 at 5:38 pm to StringedInstruments
Trying to buy a house in a popular SE city now. The affordability is one thing, but my main concern is not getting caught up in a bidding war and wildly overpaying. Every house we’ve tried to buy has 10+ offers, and these are in neighborhoods in the middle of turning over.
It’s immensely frustrating. We lost one the other day to someone who bid $200k over asking. It’s not hard convincing my wife that that person did a stupid thing, but that argument will get more difficult if this drags on a few months.
It’s immensely frustrating. We lost one the other day to someone who bid $200k over asking. It’s not hard convincing my wife that that person did a stupid thing, but that argument will get more difficult if this drags on a few months.
This post was edited on 4/3/23 at 5:40 pm
Posted on 4/3/23 at 5:39 pm to SwampAssassin
quote:
I make around 150k a year
This is very, very not normal for brand new college graduates.
Posted on 4/3/23 at 5:39 pm to Evil Little Thing
Yes. Every company in my field is short on just about every position.
Posted on 4/3/23 at 5:40 pm to VADawg
20 years ago it was $225k. It is probably $400k today.
If I had stayed there it would be paid for and I would have $400k in assets on top of whatever else I saved and invested.
You can do it man. It isn’t as easy as you may assume it was for others before you; but it can be done.
Friend of mines son and daughter in law saved a little money. Got married. Bought a house off Lasalle in Old Goodwood in BR. Fixed some things up. Probably in $325k. Both work. Maybe $150k per year combined. Paying it off as soon as possible. Great starter home and they still travel and have fun. Just turned 30.
If I had stayed there it would be paid for and I would have $400k in assets on top of whatever else I saved and invested.
You can do it man. It isn’t as easy as you may assume it was for others before you; but it can be done.
Friend of mines son and daughter in law saved a little money. Got married. Bought a house off Lasalle in Old Goodwood in BR. Fixed some things up. Probably in $325k. Both work. Maybe $150k per year combined. Paying it off as soon as possible. Great starter home and they still travel and have fun. Just turned 30.
Posted on 4/3/23 at 5:42 pm to StringedInstruments
I don’t know but I sure as hell can’t afford to buy a home on a solo imcome. Not even close.
$1600 rent for a 1 BR + study apartment isn’t a lot of fun either.
$1600 rent for a 1 BR + study apartment isn’t a lot of fun either.
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