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re: How much was your house worth 20 years ago?
Posted on 8/30/22 at 12:02 pm to Mingo Was His NameO
Posted on 8/30/22 at 12:02 pm to Mingo Was His NameO
quote:$1,743 a month, bro
That's like $1,2000/month with escrow bruh
1
Posted on 8/30/22 at 12:04 pm to Joshjrn
Yea the land is the kicker. Those old started homes are being bought just to bulldoze. The mud is the only thing worth a shite.
Base price in my part is 600k/acre just for the dirt. People put in offers(cash) and dont even go look at the homes because theyre bulldozing them. Its absurd.
On the other hand, there are 250k homes in the area that are perfectly fine and not anywhere near the ghetto. Youre just going to be buying an older home than you might want. 30 to 40 years old
Base price in my part is 600k/acre just for the dirt. People put in offers(cash) and dont even go look at the homes because theyre bulldozing them. Its absurd.
On the other hand, there are 250k homes in the area that are perfectly fine and not anywhere near the ghetto. Youre just going to be buying an older home than you might want. 30 to 40 years old
Posted on 8/30/22 at 12:12 pm to PeteRose
Based on what I can gather from the land records looks like my house sold for 325k in 2003.
It was not 325k when I bought it this year
It was not 325k when I bought it this year
Posted on 8/30/22 at 12:12 pm to Deactived
quote:
Yea the land is the kicker. Those old started homes are being bought just to bulldoze. The mud is the only thing worth a shite. Base price in my part is 600k/acre just for the dirt. People put in offers(cash) and dont even go look at the homes because theyre bulldozing them. Its absurd. On the other hand, there are 250k homes in the area that are perfectly fine and not anywhere near the ghetto. Youre just going to be buying an older home than you might want. 30 to 40 years old
I can’t speak for other markets, but in Baton Rouge proper, $250k doesn’t get you a 30-40 year old house in a decent (not good, decent) area. It gets you a small 60+ year old house in a decent area, if you’re lucky. And $250k is basically the floor. If you try to buy something for $200k or less, you’re going to be making massive concessions on multiple fronts and I would be buying something that no one could claim as a “cute little starter home” with anything resembling a straight face.
Posted on 8/30/22 at 12:16 pm to Saint Alfonzo
quote:
I have no idea what the house we live in now was worth twenty years ago, we haven't been here that long. The house I owned twenty years ago I bought for $88,000 in 1998 and sold for $218,000 in 2005.
Look up your old house on Zillow. I think the average person would be surprised.
Posted on 8/30/22 at 12:18 pm to PeteRose
We bought the house we live in now in 2002, 2620 LA, paid 187K, worth minimum of 375K now. We have probably spent 50- 60K in renovations during the last 20 years.
Posted on 8/30/22 at 12:19 pm to cable
quote:
$40 an hour working for Amazon delivering stuff
:bullshitflag:
Posted on 8/30/22 at 12:20 pm to Joshjrn
You can buy a cookie cutter starter home in the Jones Creek area for 250k. It'll be built by one of the big national builders and have no yard and right on top of each other though
This post was edited on 8/30/22 at 12:23 pm
Posted on 8/30/22 at 12:22 pm to Joshjrn
quote:
Look up your old house on Zillow. I think the average person would be surprised.
Zillow says $329,800.
Posted on 8/30/22 at 12:29 pm to PeteRose
My dad built his house in 1998 for 175K. Worth probably 475K today.
Posted on 8/30/22 at 12:36 pm to fallguy_1978
quote:And that isn’t even close to being affordable for a working class young couple
You can buy a cookie cutter starter home in the Jones Creek area for 250k.
250k is fine for a couple that are two degreed college grads in decent fields
But for someone young that didn’t go to college? That’s far too expensive
This post was edited on 8/30/22 at 12:37 pm
Posted on 8/30/22 at 12:39 pm to Saint Alfonzo
quote:
Zillow says $329,800.
So the $88k you paid in 1998 adjusted for inflation is $160k today. Today it's worth roughly $330k.
Now here's the real zinger: that house is now 25 years older than it was when you bought it. A house isn't a diamond or a gold coin. It's objectively worse, simply from aging and wear and tear, being a quarter century older today than it was when you bought it. And yet, someone would have to pay double what you paid (adjusted for inflation) for a house a quarter century older than the one you bought.
That's the crux of the issue.
Posted on 8/30/22 at 12:40 pm to PeteRose
Our house sold in 2002 for $259,900 so $156 a square foot. We bought in 2012 for $485,000 so $291 a square foot, now the house, according to Zillow is worth $1,029,500.
And we could get it due to our location two blocks from the ocean
And we could get it due to our location two blocks from the ocean
This post was edited on 8/30/22 at 12:42 pm
Posted on 8/30/22 at 12:41 pm to lsupride87
quote:
$1,743 a month, bro
Did you put 0% down and pay like $300/month for insurance?
Posted on 8/30/22 at 12:41 pm to lsupride87
quote:
But for someone young that didn’t go to college? That’s far too expensive
3.5% down payment with an FHA loan is only $8750
Let’s say at a decent rate the mortgage payment is no more than $1700 a month with taxes and insurance
A couple with a combined income of $70,000, college or no college could easily afford it.
Posted on 8/30/22 at 12:43 pm to Paul Allen
quote:Agree to disagree. Especially if said couple wants kids or cars
A couple with a combined income of $70,000, college or no college could easily afford it.
Without kids or any other debt it’s possible, but nothing easy about it. You would be house poor
This post was edited on 8/30/22 at 12:46 pm
Posted on 8/30/22 at 12:44 pm to Paul Allen
quote:
3.5% down payment with an FHA loan is only $8750
Let’s say at a decent rate the mortgage payment is no more than $1700 a month with taxes and insurance
A couple with a combined income of $70,000, college or no college could easily afford it.
You'd be house poor but you could do it
Posted on 8/30/22 at 12:48 pm to Paul Allen
quote:
A couple with a combined income of $70,000,
quote:
$1700 a month
quote:lol idk about that
easily afford it.
Posted on 8/30/22 at 12:48 pm to fallguy_1978
quote:
You can buy a cookie cutter starter home in the Jones Creek area for 250k. It'll be built by one of the big national builders and have no yard and right on top of each other though
Never understood people paying a high price for the houses in Green Trails which is in Shenandoah where the original houses are 50 years old and a lot of them are not kept up.
Posted on 8/30/22 at 12:49 pm to Paul Allen
quote:
3.5% down payment with an FHA loan is only $8750
Let’s say at a decent rate the mortgage payment is no more than $1700 a month with taxes and insurance
A couple with a combined income of $70,000, college or no college could easily afford it.
28% of $70,000 gross comes out to $1,633/mo. So even by your numbers, according to general budgeting wisdom, said $70,000 family has overspent on housing if they are paying $1,700/mo.
ETA. And reminder that the median household income in Louisiana hovers right around $50k.
This post was edited on 8/30/22 at 12:52 pm
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