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tigersfan1989
LSU Fan
Baton Rouge
Member since Oct 2018
1235 posts

Could you afford to buy your own house if you had to buy it today?

I don’t think I’d be in the house I’m in today if i was currently looking to buy. There’s no way I’d be able to afford my current house at the prices they are going for in my neighborhood and current mortgage rates. What about you could you buy your house today given your financial position?
This post was edited on 7/3 at 8:05 pm


BottomlandBrew
LSU Fan
Member since Aug 2010
25153 posts

Could I? Yes. Would I? No. I thought I was overpaying in 2015.


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430
lynxcat
Rutgers Fan
Member since Jan 2008
23116 posts

Yes but I wouldn’t have ever toured it at current market prices.


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280
rpg37
LSU Fan
Oxford, MS
Member since Sep 2008
41005 posts

Yes, but I was smart and bought a decade ago. Sold my first home from 2013 for quadruple the purchase price two months. Sold my condo two days ago I bought from 2018 for a $102k profit in less than four years. Moved back into my nicest rental, upgraded it, and will sell again in two years and make another $150k.


tlsu15
LSU Fan
Capital of Texas
Member since Aug 2011
9357 posts

I bought mine in October and I’m not sure I could afford it today

Austin is insane.


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221
Zachary
Member since Jan 2007
1370 posts

On whose estimates/appraisals are you guys basing your assumptions?
This post was edited on 7/3 at 8:44 pm


WhoGeaux
New Orleans Saints Fan
Member since Apr 2011
3526 posts

Rates in the 2’s compared to rates in the 6’s on a 350k mortgage is a chunk for sure


tigersfan1989
LSU Fan
Baton Rouge
Member since Oct 2018
1235 posts

Basing on recent sales in neighborhood


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40
Rize
Texas Fan
Baton Rouge
Member since Sep 2011
13455 posts

Yes. I started construction November 2019 and moved in November 2020. Got my lumber package before the crazy prices. Dropped a bunch of money on pool, fencing, auto gate, home generator after so I may have had to wait a few more months to get that stuff.
This post was edited on 7/3 at 10:07 pm


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21JumpStreet
Colorado Fan
Member since Jul 2012
13506 posts

Absolutely. Bought a home below my means.


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MrJimBeam
New Orleans Saints Fan
Member since Apr 2009
8126 posts

Yeah doing the math makes me want to vomit for those in the market. Feel really lucky right now.


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Rize
Texas Fan
Baton Rouge
Member since Sep 2011
13455 posts

quote:

Absolutely. Bought a home below my means.


But would you want to is the better question?

I had a number I didn’t want to go over and went over it by at least 200k. Not sure I would want to go any higher than where I’m at.


DiamondDog
LSU Fan
Louisiana
Member since Nov 2019
8149 posts

I continue to try to figure out how people are paying the notes on these $700/800K houses.

Ours was $375K and that was top of the market I was willing to pay for a home.

Of course, we're kind of out in the sticks too.

A $3500 a month house note is just mind boggling to me.


DiamondDog
LSU Fan
Louisiana
Member since Nov 2019
8149 posts

Just for discussion, our note is $1,625. Today's interest rate...$2,100.

That's a cool $475 difference. Rough.

That's at 3.6 compared to 5.8.


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81
EA6B
Navy Fan
TX
Member since Dec 2012
14754 posts

No, not if buying it in a conventional manner like 20% down, 30 year at 5%. I bought it 16 years ago for $275, market value today is around $700K, don’t have the income to support that type of house note.


tigerbacon
LSU Fan
Arkansas
Member since Aug 2010
3294 posts

Afford to? Yes
Would I? No
Right now I pay 18% of take home on my mortgage. If I had to buy it today that would climb to 40% of my take home a month.


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31
Rize
Texas Fan
Baton Rouge
Member since Sep 2011
13455 posts

quote:

I continue to try to figure out how people are paying the notes on these $700/800K houses. Ours was $375K and that was top of the market I was willing to pay for a home. Of course, we're kind of out in the sticks too. A $3500 a month house note is just mind boggling to me.


My house fell in the 700k to 800k range when I closed on it in November of 2020.

The note is 6% to 7% of my household monthly gross income.
This post was edited on 7/4 at 1:13 pm


Tiger Prawn
Member since Dec 2016
19924 posts
 Online 

I could, but I wouldn’t have even looked at this house in today’s market.

My mortgage is $1800 now but would be around $3000 factoring in the increase in property value in my neighborhood and the higher interest rates


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Wally Sparks
Georgia Tech Fan
Atlanta
Member since Feb 2013
26191 posts
 Online 

Yes, but we wouldn’t at current rates


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mmonro3
LSU Fan
New Orleans
Member since Apr 2013
3502 posts
 Online 

Well your rich Rize. ?? I bought in cash 2020. Had family help and my house is 300k


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