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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 6:25 pm to StringedInstruments
Posted on 4/3/23 at 6:25 pm to StringedInstruments
Good education /job
Dedicated Savings strategy
Living below thier means
Dedicated Savings strategy
Living below thier means
1
Posted on 4/3/23 at 6:28 pm to Dragula
The vast majority of Americans aren't financially responsible. I read an article this weekend that 14% of US citizens have 100k saved for retirement.
Posted on 4/3/23 at 6:29 pm to LanierSpots
quote:
but principal is lower so when rates go down I'll refinance.
But what if that doesn’t happen for several years?
Posted on 4/3/23 at 6:29 pm to StringedInstruments
I put up my Ford F350 X-tra Wide Wide arse 4 x 4 Extended Extra Extended Cab as collateral for my mortgage.
Posted on 4/3/23 at 6:31 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. 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
We did this for a long time and people still comment about us doing this into our mid 30s in a cynical and annoying as frick way. However, we lived in areas we wanted, never had maintenance, never worried about lawn care, pool upkeep, or really anything. If something broke, someone came fo fix it for free or replace it. Moved to a new place in new neighborhood whenever we wanted to... worked for us. We now have 2 places, do not regret our choices. The interest, property taxes, hoa all exceed what I "wasted" in rent a month. Theoretically I was no worse off investing any amount over that vs paying principle in a mortgage. Like most things in life, people are closed minded and do what they are told rather than critical thinking.
Posted on 4/3/23 at 6:34 pm to Jcorye1
quote:
Do you truly think the next president won't lower federal reserve rate ASAP?
Mortgage rates aren't tied to the federal reserve rate.
Posted on 4/3/23 at 6:37 pm to StringedInstruments
My friend with a Devry degree just bought a 640K house. His wife was working a retail job for years. I don’t know how unless family money is involved.
Posted on 4/3/23 at 6:41 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. 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.
Posted on 4/3/23 at 6:42 pm to nola tiger lsu
quote:
The interest, property taxes, hoa all exceed what I "wasted" in rent a month.
I think most people here aren't factoring in tx or FL level tax rates. LA is a cheap state to own.
Posted on 4/3/23 at 6:43 pm to fallguy_1978
quote:
Yep just as ridiculous. I can look up the income data in my area and it just doesn't jive with what I see on the roads. My conclusion is that many Americans are in debt up to their eyeballs.
Some people just don’t save money.
Posted on 4/3/23 at 6:43 pm to Billy Blanks
Idk. I pay $1400/month rent for a relatively nice place in the city. That same mortgage payment (without a huge down payment) would get me a a piece of shite in the suburbs and my commute would be tripled, at least.
Posted on 4/3/23 at 6:44 pm to fallguy_1978
quote:
I read an article this weekend that 14% of US citizens have 100k saved for retirement.
14% is higher than I would’ve assumed.
Posted on 4/3/23 at 6:46 pm to StringedInstruments
Maybe the buyers are selling drugs
Posted on 4/3/23 at 6:50 pm to StringedInstruments
I'd love to downsize, but I'm sitting on 2.25% mortgage. My downsize would come with a bigger payment.
Posted on 4/3/23 at 6:51 pm to Epic Cajun
quote:
14% is higher than I would’ve assumed
Still very low though. I think a majority of Americans just figure they'll live on SS. I want more than that in retirement. I don't want fancy things but I want enough to travel and do things when we are done working.
Posted on 4/3/23 at 6:51 pm to TheWalrus
I will update you on the market here right now. Purchased a home about 3 weeks ago at a bit under current values we believe. Put our current home on the market last Friday morning. Called it a final on Saturday at 3 pm. 9 showings. 7 offers. 3 with escalation clauses. All non contingent. No inspections. Crazy action. Resale market still strong here.
Posted on 4/3/23 at 6:53 pm to fallguy_1978
I’ll be at 100 in a couple years and I’ve only been in the workforce for like five years
Posted on 4/3/23 at 6:53 pm to Shexter
quote:
The extra 10 years also added more interest, close to $170,000 more, but in the short term, experts said it can make a difference, especially since many homeowners hardly stay in one house for 30 or 40 years.
Holy frick
Posted on 4/3/23 at 6:55 pm to StringedInstruments
What’s amazing to me as I get older, is just how much it takes to live when you have everything paid off. As a old timer told me once it takes a lot just to tote the key.
Posted on 4/3/23 at 6:57 pm to GreatLakesTiger24
quote:
I’ll be at 100 in a couple years and I’ve only been in the workforce for like five years
Consider it a bill and just ignore it. I wouldn't pay way above what I thought I needed but I'd estimate it and try to stay on track. Congrats.
I had kids in my 20s and was relatively broke but we've been able to aggressively catch up in our middle ages and are back where we should have been.
This post was edited on 4/3/23 at 7:01 pm
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