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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home

Posted on 10/18/23 at 10:20 am to
Posted by Crawdaddy
Slidell. The jewel of Louisiana
Member since Sep 2006
18453 posts
Posted on 10/18/23 at 10:20 am to
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
Posted by Gifman
Member since Jan 2021
9827 posts
Posted on 10/18/23 at 10:22 am to
quote:

There are plenty of 175K homes out there


yeah, they look like this

Posted by MikeyWM97
Pineville
Member since Aug 2022
200 posts
Posted on 10/18/23 at 10:23 am to
quote:

Problem is these young kids want a 300-400K home


Exactly, I see it all the time. These kids want the same house their parents live in, but have no idea the years of work it took to get there.
Posted by BigBinBR
Baton Rouge
Member since Mar 2023
4547 posts
Posted on 10/18/23 at 10:24 am to
quote:

There are plenty of 175K homes out there


Depends on where you are. Around me, these homes get purchased within a day or two by investment companies - all cash offer and they pay the closing.
Posted by diat150
Louisiana
Member since Jun 2005
43828 posts
Posted on 10/18/23 at 10:24 am to
quote:

There are plenty of 175K homes out there


yeah the problem is they are going to be in a bad part of town. its ashamed that we let criminals run wild.
Posted by fareplay
Member since Nov 2012
4978 posts
Posted on 10/18/23 at 10:25 am to
lol where?
Posted by Raging Tiger
Teedy Town
Member since Jun 2023
612 posts
Posted on 10/18/23 at 10:25 am to
You mean the shacks where the crack was sold out of? A 1,300 sqft condo is going for $240,000 rn, and I live in not the best area.
Posted by GetCocky11
Calgary, AB
Member since Oct 2012
51513 posts
Posted on 10/18/23 at 10:25 am to
quote:

Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there


A $175,000 home doesn't exist where I live. If I see $175,000 on Zillow, it is either land or a tear-down.

A 2/2 condo down the street from me is listed for over $300,000.
This post was edited on 10/18/23 at 10:26 am
Posted by Thundercles
Mars
Member since Sep 2010
5223 posts
Posted on 10/18/23 at 10:26 am to
There really aren't. I'm in Dallas, if you want a home for 175k you're looking at a 1/1 shack an hour outside of town on 1/8 of an acre.
Posted by EarlyCuyler3
Appalachia
Member since Nov 2017
27290 posts
Posted on 10/18/23 at 10:29 am to
quote:

There are plenty of 175K homes out there


Sure, if you want to live in the hood.
Posted by Dire Wolf
bawcomville
Member since Sep 2008
36831 posts
Posted on 10/18/23 at 10:29 am to
quote:

There are plenty of 175K homes out there


sure i can buy a 200k house in the most violent corners of the Houston metro
This post was edited on 10/18/23 at 10:30 am
Posted by FightingTigers138
In your thoughts
Member since Dec 2016
5746 posts
Posted on 10/18/23 at 10:30 am to
quote:

Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there



My home is 2,000.00 square feet and appraised at $380k. You are living in a fantasy world.
Posted by OldSouth
Folsom, LA
Member since Oct 2011
10943 posts
Posted on 10/18/23 at 10:30 am to
quote:

There are plenty of 175K homes out there


Maybe in North Chalmette, but not where I live.
Posted by PUB
New Orleans
Member since Sep 2017
18388 posts
Posted on 10/18/23 at 10:34 am to
Where? A non-renovated shack in the 9th Ward costs almost $200,000...
Posted by PrecedentedTimes
Member since Dec 2020
3128 posts
Posted on 10/18/23 at 10:41 am to
quote:

Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there


Way to out yourself as a completely out of touch boomer.

Anything under 300k is either in dinduland, or the middle of nowhere
Posted by AwgustaDawg
CSRA
Member since Jan 2023
7543 posts
Posted on 10/18/23 at 10:44 am to
quote:

Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there


WHere they at??? Move in ready or fixer uppers? If move in ready seriously where they at....Cash investors will have them under contract before anyone needing a mortgage will have a chance to make an offer.
Posted by Kracka
Lafayette, Louisiana
Member since Aug 2004
40909 posts
Posted on 10/18/23 at 11:12 am to
quote:

There are plenty of 175K homes out there



This is what we paid for our house in Broussard in 2008. The houses in my neighborhood are selling for 220,000 ish now. Granted that is low compared to all the cookie cutter neighborhoods popping up all over lafayette parish. But our neighborhood is all 30+ year old houses.
Posted by Geauxld Finger
Baton Rouge
Member since Jan 2005
31831 posts
Posted on 10/18/23 at 11:13 am to
quote:

There are plenty of 175K homes out there


Really? Where?
Posted by Areddishfish
The Wild West
Member since Oct 2015
6285 posts
Posted on 10/18/23 at 11:21 am to
quote:

Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there


The other problem is homes that should be listed at max $200k-$250k are the houses listed at $300k - $400k.

We will be looking to buy in the Houston suburbs next year and although we can easily put down a 20% downpayment, the monthly notes are where we are having to downsize what we can buy by $100k or more. The house size we bought in 2018 at $180k is now going for $300k.
This post was edited on 10/18/23 at 11:24 am
Posted by jlovel7
Louisiana
Member since Aug 2014
21496 posts
Posted on 10/18/23 at 11:29 am to
Houses around us were mostly sub 200k pre Covid. Now they’re all around 500k. It’s depressing seeing that they cost half of less only 3 years ago.
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