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re: How are people affording homes these days?
Posted on 7/26/22 at 6:50 am to texag7
Posted on 7/26/22 at 6:50 am to texag7
quote:
also run a small business on the side so a % of my income goes to payments for that
Sounds like the business is running you. Shouldn't a side business be providing you with even MORE income?
I think this thread has not gone well for you.
0
Posted on 7/26/22 at 6:51 am to texag7
Go read any of the books in the "millionaire next door" series - you'll quickly realize that more people than not live above their means.
Posted on 7/26/22 at 7:00 am to tigerinthebueche
quote:not wrong, but when you look at the % of american households making over 100k/150k/200k/etc., it's hard to reconcile everything. at least to me.
Perhaps you should define “well”. You apparently don’t do well enough to afford a $400K home. So maybe those people you’re wondering about are doing much better than you.
Posted on 7/26/22 at 7:02 am to GreatLakesTiger24
quote:
not wrong, but when you look at the % of american households making over 100k/150k/200k/etc., it's hard to reconcile everything. at least to me
Many/most of those people didn’t buy recently
Posted on 7/26/22 at 7:09 am to CHEDBALLZ
quote:
I can't see how people live in a 2000 SQ FT brick home, drive an F250 Platinum, and a QX80, and pull a 24 bay boat to their camp in Toledo Bend every other weekend
For the vast majority, I suspect leveraged out of their arse.
But, for some, they may live in the 2000 sf house so they can have those other things.
This post was edited on 7/26/22 at 7:16 am
Posted on 7/26/22 at 7:12 am to Dawgfanman
quote:
Many/most of those people didn’t buy recently
I bought my house new about 20 years ago and it did nothing for years - the 2008 housing bust took it down quite a bit. I've planned on staying here and put a lot of time and money into the place to make it nice. It's just been the last 2 years that the value has skyrocketed, which is nice from a financial standpoint, but I don't plan to sell it and all it's done is raise my insurance and property taxes. Essentially my "rent" has gone up with absolutely no benefit to me.
Posted on 7/26/22 at 7:13 am to CHEDBALLZ
quote:
I can't see how people live in a 2000 SQ FT brick home, drive an F250 Platinum, and a QX80, and pull a 24 bay boat to their camp in Toledo Bend every other weekend
Too much shitty car. Not enough house.
Posted on 7/26/22 at 7:32 am to Fat and Happy
quote:
Just wait.
The house prices can’t sustain this for much longer.
Eventually you will be right. But we've heard that going on 6 or 7 years now.
BTW we could have a massive housing market meltdown and prices would probably still be higher than they were just 5 years ago.
Posted on 7/26/22 at 7:43 am to TitleistProV1X
quote:
What really gets confusing are the ones with expensive houses, brand new $70k+ cars, multiple kids in private school, expensive vacations every other months and all on one single income
Sounds like they're still getting help from mom and dad.
Posted on 7/26/22 at 7:44 am to Gaggle
quote:
You don't have to afford things. You have to afford jungled around interest payments. After some years you could get that sweet sweet equity on your home which means you own part of the home you own and you can use the part you own to get another loan to help with the interest on the first loan to pay off to own the part you still don't yet own. Equity is the shite baby.
HUH???
Posted on 7/26/22 at 7:45 am to texag7
quote:
How are people affording homes these days?
quote:
I am single and do well.
This thread says otherwise....
Posted on 7/26/22 at 7:48 am to Leon Spinks
quote:
Bought land in a town that will be growing exponentially in the next 10 years.
California City alert
Posted on 7/26/22 at 7:52 am to texag7
quote:
I make around 200k a year pre tax
Ha, no you don't.
That would actually you in the top 1% at your age and that salary
Posted on 7/26/22 at 7:57 am to GreatLakesTiger24
quote:
not wrong, but when you look at the % of american households making over 100k/150k/200k/etc., it's hard to reconcile everything. at least to me.
one of the things though is people run in certain circles and tend to develop a jaded view because of this.
so for example i run in pretty much 2 circles...i have my old friends and they cant understand how i afford things, then my other friend group are all really wealthy and they dont understnad how I cant afford to just take weeks on end off and jet set around the country or go offshore for a couple days randomly witha days notice.
Also i think people way underestimate how much BAW types are making. Operators, Construction Supervisors, all the guys owning plumbing, electrical, etc business. Way underestimated on income.
Posted on 7/26/22 at 7:58 am to texag7
quote:and can’t afford a 30yr mortgage payment on half a million dollar home
I make around 200k a year pre tax
Posted on 7/26/22 at 8:00 am to PrimeTime Money
It's called inflation and why Fed is going to take rates to 6% and crush the economy. Price stability is gone.
Posted on 7/26/22 at 8:00 am to Leon Spinks
quote:gross
45 minutes from downtown Houston
Posted on 7/26/22 at 8:01 am to texag7
Property in general in overinflated right now because of the low interest rates we enjoyed
As demand subsides prices will drop, but not as much and not quickly in texas because of the huge influx of out of state refugees. It will take time
As demand subsides prices will drop, but not as much and not quickly in texas because of the huge influx of out of state refugees. It will take time
Posted on 7/26/22 at 8:05 am to GreatLakesTiger24
quote:
not wrong, but when you look at the % of american households making over 100k/150k/200k/etc., it's hard to reconcile everything. at least to me.
Geographic locality adjustments aside, few households making over $200k. The reality is that most Americans live by the skin of their teeth, and couldn’t sustain six months without employment.
The housing is one thing, but the cars, the toys, the trips—few middle and upper middle class are saving and investing. People making $200k by 35 should be millionaires by 40, but few of them are.
Posted on 7/26/22 at 8:05 am to texag7
This is utter BS. Single 200K and you can't afford a home? First, I do not believe your income if you are just a few years out of school. Second, you are not looking for a home properly. Third, live within your means. What you are wanting to do requires planning, and you are failing at life miserably if you make that much and can't afford a home.
1. Houston has thousands of homes under 400K
2. Get a realtor
3. Buy within your means
4. Quit trying to be a baller, you are not. Learn how to budget your life
5. Stop lying on the internets
6. There are people out here that have home far north of your price range, with families, kids in college, nice new cars, nice things, vacations, and vacation homes that are doing great casuse they busted their arse for years and spent years saving and living within their means and now have the good life. And no debt. ;)
Just realized you are an aggy. It all makes sense now.
1. Houston has thousands of homes under 400K
2. Get a realtor
3. Buy within your means
4. Quit trying to be a baller, you are not. Learn how to budget your life
5. Stop lying on the internets
6. There are people out here that have home far north of your price range, with families, kids in college, nice new cars, nice things, vacations, and vacation homes that are doing great casuse they busted their arse for years and spent years saving and living within their means and now have the good life. And no debt. ;)
Just realized you are an aggy. It all makes sense now.
This post was edited on 7/26/22 at 8:11 am
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