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re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/4/23 at 7:02 am to Bullfrog
Posted on 4/4/23 at 7:02 am to Bullfrog
Ehh after retirement and taxes we take home like 10,600. Factor in house bills car bills, groceries, student loans, etc. we would essentially barely be saving $1000 a month. That’s house poor
0
Posted on 4/4/23 at 7:06 am to fallguy_1978
I haven’t figured out how to quote, sorry. Agree, all of those things. It shouldn’t be this way. My kids are adults now, but daycare back then was more than their private school. I can’t imagine now. And college, even with TOPS, is hardly worth it bc of the living expenses. They both have good careers, but still. If something doesn’t change, we’re screwed. When I retire in about 6 years, I wanted to move. I’ll probably end up staying and just be thankful for a paid off home. I’m trying to retire early just because. I want to try to live a little of life for myself. MS doesn’t tax retirement income I had read, so thought crossing over the state line might be worth it. Maybe not now the way things are.
Posted on 4/4/23 at 7:07 am to Bunta
I agree, 28% feels very high to me. My rent is just over half of that and I feel like I'm paying too much for my income. I'm a millennial who grew up in the Midwest during the great recession though, so I suppose I'm probably more conservative than most regarding housing.
Posted on 4/4/23 at 7:15 am to Jon A thon
quote:
but the general cost of ownership is being passed onto the renter.
a neighbor just sold their 1300 square foot house built in the 80s to a "flipper"
dude came paint the outside changed a few things inside and is renting it out for 1k a month to someone's grandparents
they're paying as much to rent that tiny home as i am on my 2k sqft mortgage. sad.
Posted on 4/4/23 at 7:15 am to StringedInstruments
I took a tour around a brand new neighborhood in my area. A 2200 square foot house was going for 525k. This is in LA. A few years ago a half mill woukd get you a mini mansion. That’s the same house size as mine, which I woukd consider above average.
I was wondering the same thing as you as I left that hood. Only thing I can figure is, lots of boomers are now dying off and leaving boat loads of the money they made to their kids.
I was wondering the same thing as you as I left that hood. Only thing I can figure is, lots of boomers are now dying off and leaving boat loads of the money they made to their kids.
Posted on 4/4/23 at 7:19 am 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. This is a massive incentive compared to owning a home, where you would have to provide major upkeep just to see an even return on investment.
Renting is also more conducive to being able to follow the money career wise....we have relocated 9 times in our careers and were fortunate to have real estate as part of our relocation package each time but that is rare...and getting rarer. You don't own real estate, real estate owns you...
Posted on 4/4/23 at 7:20 am to cable
quote:
your fatther is Al Bundy?
He was. I actually connected a lot to Married with Children for those reasons.
He has a good American story though of working his way up. Retired after breaking the six figure mark a few years ago. Did that with no college degree. Not bad for a once shoe salesman.
Posted on 4/4/23 at 7:22 am to Townedrunkard
A DH Horton home in Covington was being sold for $400k this past summer. Nice neighborhood and homes way out almost to Folsom, but never would I pay that much. It was being resold by owner. Told my daughter and husband they should sell their home there and get out while they could, but prices too high to move and their home is really beautiful and backs up to the woods that so far haven’t gone up for sale. Surprisingly. Covington is going crazy with building and traffic is a nightmare, so getting closer to the Causeway or to Slidell would have been nice bc she commutes to Ochsner in St Bernard Parish.
Posted on 4/4/23 at 7:23 am to Jon A thon
quote:
Yeah, landlords just love giving a deal to renters and aren't making a profit by being the owner of the home. There are certainly circumstances that make renting better, but the general cost of ownership is being passed onto the renter. Otherwise no one would invest in rental properties.
Unless the landlord is a moron ALL of the costs are being paid by the tenant plus a little extra for their trouble. This works fine for about 15 - 20 years when mechanical systems need replacing, roofs need replacing, paint needs replacing, even concrete drives and walkways start breaking down over time. Owning rental properties is an excellent business model for those who know what they are doing...but owning property is an anchor on upward mobility for most people. If you ain't going to be somewhere more than 5 years it is unusual to make realtor fees and closing costs back even in a good market.
Posted on 4/4/23 at 7:28 am to StringedInstruments
Honestly don’t know too many people buying homes now. The handful that I do notice are old rich people that are paying cash.
Posted on 4/4/23 at 7:30 am to Bullfrog
quote:
$4,000 X 12 Months = $48,000/ year
$48,000 / $200,000 = 24% You should be good to go.
You think a $4k mortgage is ok on $200k combined? shite like this is why housing prices are through the roof.. and why the general finances of many solid income families are in absolute shambles.
This guy made a great call backing out of this.
Posted on 4/4/23 at 7:30 am to member12
quote:
Honestly don’t know too many people buying homes now. The handful that I do notice are old rich people that are paying cash.
We live in a pretty conservative house for our income but it's worth 50-60% more than what we paid for it 10 years ago. Most places are worse than that. This is an older neighborhood in a not very trendy area of BR.
Posted on 4/4/23 at 7:30 am to Shexter
quote:
40 year mortgages are on the way
Wife of a man I know works at a local credit union and they are doing 20 year boat loans. If a lender is lending $80K for 20 years on a pontoon boat they are dumber than a sack of hammers. 40 years on a house isn't nearly as bad an idea, as bad an idea as a 40 year mortgage is....
Posted on 4/4/23 at 7:31 am to fallguy_1978
quote:
quote:Imagine being so out of touch that you think a 2000 sq ft home is some kind of failure That's a decent sized house imo. Our next one will intentionally be smaller than that.
I’m looking for a condo. I’m over yard work
Posted on 4/4/23 at 7:35 am to GetCocky11
We want to get a smaller house when the kids are gone in 2-3 years. We just don't want the upkeep. Why have a big house for just me and my wife?
Posted on 4/4/23 at 7:39 am to Dixie2023
quote:Pics?
daughter
quote:Never mind
she commutes to Ochsner in St Bernard Parish.
Crazy can be contagious.
Posted on 4/4/23 at 7:41 am to StringedInstruments
I’m consistently i the top 10% of realtors in my market, so I get to see the range of who is buying and who can’t.
Can generally buy - 2 income families or 1 income professionals without kids.
People also tend to push themselves to buy outside their range, so if anything goes wrong they’re in trouble.
Out of all the transactions I’ve assisted with over the years, I can count on the fingers of one hand single mothers who bought a house over 200k.
Can generally buy - 2 income families or 1 income professionals without kids.
People also tend to push themselves to buy outside their range, so if anything goes wrong they’re in trouble.
Out of all the transactions I’ve assisted with over the years, I can count on the fingers of one hand single mothers who bought a house over 200k.
Posted on 4/4/23 at 7:43 am to fallguy_1978
quote:
We want to get a smaller house when the kids are gone in 2-3 years. We just don't want the upkeep. Why have a big house for just me and my wife?
I'm right there with you. My goal is to one day get back to 1300 or so sq ft with upgrades throughout. From triple pane windows to metal roof to top of the line HVAC and anything else I can overshoot the mark on. Embrace the empty nestness lol.
Posted on 4/4/23 at 7:44 am to PhiTiger1764
quote:
You think a $4k mortgage is ok on $200k combined? shite like this is why housing prices are through the roof.. and why the general finances of many solid income families are in absolute shambles. This guy made a great call backing out of this.
Depends on what you prioritize and what other bills you have. He said he is taking home 10.6k. 4k on mortgage, 2k on other bills, 2k on living expenses, and you’re still looking at 2.6k available for saving, extra towards retirement, etc…
Posted on 4/4/23 at 7:55 am to Tomatocantender
quote:
Embrace the empty nestness lol.
Yep, we sleep in the same bed. I need a small home office and maybe a spare guest bedroom. Small, easy to clean etc.
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