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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 10:27 pm to StringedInstruments
Posted on 4/3/23 at 10:27 pm to StringedInstruments
My wife and I are doing the “first house in an attainable area and saving up to move to where we actually want to live” method. Currently living in Chelsea for the first few years of marriage and looking to move to Vestavia in the next year or so. Based on the neighborhood, we’re roughly at 70k over what we paid vs what we could sell for. It’s all about sacrifice and long term goals, even if it means driving 280 on the days I go in the office.
This post was edited on 4/4/23 at 8:08 am
1
Posted on 4/3/23 at 10:30 pm to SonOfSlickWillie
quote:
people are putting in cash offers on houses
It's not people. It's companies that will own the house forever and rent it out.
Posted on 4/3/23 at 10:49 pm to WaydownSouth
Just sold a small 1200sf starter house - 3 bed, 1 bath with updated kitchen in an established neighborhood for 260000. In Memphis. Bought it 5 yeas ago for $115000. 12 offers
This post was edited on 4/3/23 at 10:57 pm
Posted on 4/3/23 at 11:05 pm to SJB901Tiger
quote:
Just sold a small 1200sf starter house - 3 bed, 1 bath with updated kitchen in an established neighborhood for 260000. In Memphis. Bought it 5 yeas ago for $115000. 12 bids
My parents bought the house I was raised in around 1961 for roughly $10,000. It was new construction about 1200 sq. ft.
3/2. The payments were $88 mo. They sold it in 1978 for $51,000. It sold last year for $181,000. This was on the Westbank in New Orleans.
Posted on 4/3/23 at 11:08 pm to StringedInstruments
quote:
20% down on a $535k house is $107k.
The average amount down on home loans is 5%
Posted on 4/3/23 at 11:08 pm to Arbengal
quote:
Millions of people have refinanced at 2-3 percent interest rates. They will not be moving unless absolutely necessary.
I’m the poster child for this.
Paid $325k in 2012
Financed ~230 @4.25% 30yr
Mortgage was $1150ish
In 2020, I owed about $185k
Refied on a 15yr @1.99%
Mortgage went up $100 & knocked 7 years off
Sounds great…but all I could see is the equity I’d have to roll over into the house I was gonna buy next.
NOT NO MO! Knocking $12k/yr off principal. I forgot what I saved in interest but it was ridiculous. Only way I’m moving is if it’s outta state. And that ship prolly sailed anyway lol
This post was edited on 4/3/23 at 11:11 pm
Posted on 4/3/23 at 11:14 pm to Horsemeat
$1,500/month for everything I need and all the maintenance costs taken care of? Sign me up.
Posted on 4/3/23 at 11:22 pm to threeputtforbogie
quote:
However, non homeowners are getting hit with increased rents YoY, so they’re between a rock and a hard place.
Me. I have looked at some small condos going for about $250k. Luckily I can easily put down $150k to help.
This post was edited on 4/3/23 at 11:23 pm
Posted on 4/3/23 at 11:24 pm to BilbeauTBaggins
quote:
$1,500/month for everything I need and all the maintenance costs taken care of? Sign me up.
I’m paying $1800/month, inc. “maintenance”, with ~$1000 of it basically going into savings. Renting is easier on the mind, not the wallet
Posted on 4/3/23 at 11:26 pm to BilbeauTBaggins
quote:
Renting is cheaper and has less hassle than being a homeowner. If something breaks, you call the landlord/apartment complex and it gets fixed/replaced.) No dedication to a massive note every month.
My mortgage is about $1100/month on a 2000 sq ft house. Wife and I are teachers, so we are poor. Combined income is about $130K.
I’d much rather be paying that into a home that we can slowly update and sell at a profit than pay $1500/mo to rent.
Posted on 4/3/23 at 11:28 pm to TexasTiger08
quote:
we are poor. Combined income is about $130K
What?
Posted on 4/3/23 at 11:29 pm to TexasTiger08
quote:
My mortgage is about $1100/month on a 2000 sq ft house. Wife and I are teachers, so we are poor. Combined income is about $130K. I’d much rather be paying that into a home that we can slowly update and sell at a profit than pay $1500/mo to rent.
Seems like they never account for the fact that a portion of that money is coming back to you + equity. It’s just dollar for dollar comparison at this moment
Posted on 4/3/23 at 11:35 pm to Schmelly
quote:
Renting is easier on the mind, not the wallet
If that's what matters to you, it's worth it.
Maintenance is a massive benefit for renters. Homeownership is a gamble even on relatively new homes.
I'm just playing devil's advocate here. I really enjoy the home that I own. I'm proud of the work I put into it. There are also times I wish I didn't have to deal with ordinary home problem BS that will cost me more money. The money I save eventually gets spent an appliance or upgrade or a minor change to the house that will have to happen sooner or later. Even if I were to sell, it would likely be nudged into doing all sorts of extra stuff to the house to convince a seller to buy.
Posted on 4/3/23 at 11:40 pm to BilbeauTBaggins
I know this ain’t normal & each person’s situation is different. Especially at this moment (comparing 1.99% to today’s rates is kinda pointless). But my house doesn’t cost $1000mth/$12,000yr in maintenance. It’s also appreciated about $125k in the 10yrs I’ve been here.
If you deciding between renting & a 30 yr mortgage@8% right now…I get it
I’d be paying $50/mth more on a 30yr today than what I am currently paying on a 15yr from 2yrs ago. That’s crazy
If you deciding between renting & a 30 yr mortgage@8% right now…I get it
I’d be paying $50/mth more on a 30yr today than what I am currently paying on a 15yr from 2yrs ago. That’s crazy
This post was edited on 4/3/23 at 11:46 pm
Posted on 4/3/23 at 11:45 pm to Schmelly
quote:
Seems like they never account for the fact that a portion of that money is coming back to you + equity. It’s just dollar for dollar comparison at this moment
Exactly
Posted on 4/3/23 at 11:46 pm to BilbeauTBaggins
$130K/year combined is OT poor
Posted on 4/3/23 at 11:48 pm to TexasTiger08
$130k is a side hustler here
Posted on 4/4/23 at 12:32 am to fallguy_1978
quote:
I read an article this weekend that 14% of US citizens have 100k saved for retirement.
You’ve got to be shitting me?
$100K is not much, especially in certain markets.
Posted on 4/4/23 at 1:11 am to FlappingPierre
quote:
Just backed out on buying a house. After doing math it just is a horrible time to buy. We would have been close to $4000 a month on $200,000 combined income. Ill just wait and pray for decreased interest rate and keep our 1,100 mortgage
$4,000 X 12 Months = $48,000/ year
$48,000 / $200,000 = 24% You should be good to go.
According to Quicken Loans, a good general guideline for mortgage payments is the often-referenced 28% rule which says that you shouldn’t spend more than that percentage of your monthly gross income on your mortgage payment, including property taxes and insurance.
Quicken Loans Percentage of Income to Mortgage Payments
This post was edited on 4/4/23 at 1:13 am
Posted on 4/4/23 at 1:21 am to saturday
quote:
quote: Only 5.7% of households make $200k+ That can't be right Edit: I thought the number was higher, I guess not
What world do you live in?
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