re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home

This is what 152K will get you in Knoxville, and I can promise you 175K will not get you much better:

830 sq ft house built in 1930 in the most dangerous part of town








And for kicks, some one was recently murdered about a block or two away

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MikeyWM97

Exactly, I see it all the time. These kids want the same house their parents live in, but have no idea the years of work it took to get there.

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Some of yall are so out of touch. My wife (no pics) turned 30 today and is about to finish her fourth year of med school and then go into residency. She graduated from UAB and also got a masters in biology. This summer she completed her MBA, all while teaching college classes on the side while also studying for multiple board exams and working long hours at the hospital every day. There is a strong chance she has already out worked both of your parents. We are living off my salary as a photographer/videographer/public relations for a small municipality with contracted work on the side and her student loans. Once she starts residency, she will only be making around 60k, which when divided by the amount of hours she will be working, comes out to almost nothing.

I bought my first house five years ago. It was only 667 sq ft and I got it for 92k. I sold it earlier this year for 155k...for a house under 700 sq ft. We had to move in to an apartment that ran for 1500 a month. We were displaced from that apartment last winter when the complex's external fire sprinklers burst and flooded our unit. We were given two weeks to move out and ended in an apartment 300 sq ft smaller and $500 more a month. The next week after we signed the lease, they raised rent by $500.

Some of yall have zero understanding of what this market is like. I can assure you people out here aren't trying to live luxurious lifestyles above their means. We just want a house that's not falling apart in the roughest parts of town. I don't even have a car note or student loans or credit card debt, just her student loan debt, yet we would probably be priced out of our current apartment if we had to resign the lease. This area is a hotbed of the California/New York migration and it has completely priced residents out of their rentals and more. People are struggling, and it's not laziness and extravagant living.

At this point you can’t buy a decent trailer on a small piece of land an hour from downtown Dallas (without traffic) for under 200k.

This statement is how I know you’re out of touch. 130k in a city isn’t what you remember it to be

I’m right here. I can’t afford my house but my wife makes over 600k so she helps

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People are struggling, and it's not laziness and extravagant living.

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What is the reasoning by boomers even arguing this? Wouldn’t it be a far more productive take for them to say:

“Yeah back in my day before the government got so indebted and in bed with private companies, the economy was much better for the middle class.”

Instead they make an argument that pushes young people to become more left wing.

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I’m right here. I can’t afford my house but my wife makes over 600k so she helps

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Can you explain the dynamics here?

You bought a house you couldn't afford at 300k then get married to a woman making 600k so now you can afford it because she helps you pay it?

No we bought it after we got engaged. My comment is if I was single I wouldn’t be able to afford it. The down payment alone with closing was close to 300k

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That is $308,912.32 in todays dollar

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not many golf course country club homes for 300k these days

How much do you think 300k really is?

After taxes my take home is roughly 180k

I live in HCOL area and a 1 bedroom is 3500 a month
Car is 700 a month
Insurance is 150
Phone is 100
Random misc services and bills is 300
Student loans is 1500 a month

That’s before food and other random expenses let’s say is 1500 a month

That’s roughly 7k a month which is 84k a year. Not counting emergency funds, retirement, etc.

In order for a single person like me to be able to afford a median house near me, I have to live like Buddha for 3 years assuming I made 300k (which I didn’t till recently)