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Started By
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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/18/23 at 1:42 pm to Chicken
Posted on 10/18/23 at 1:42 pm to Chicken
34 and 30, and that is a possibility we have discussed. Problem is, rent has gone up $1000 from when we first started renting and we even moved into a smaller place.
0
Posted on 10/18/23 at 1:44 pm to Deactived
I’m w2 simple tax I got nothing
Posted on 10/18/23 at 1:46 pm to stout
quote:
Here is one for $389K in Graywood
Damn, I really like that house. I just don’t know what I’d do with that much space
Posted on 10/18/23 at 1:46 pm to JohnnyKilroy
quote:
Bro you are arguing with a babytac clone
this
Posted on 10/18/23 at 1:46 pm to JohnnyKilroy
quote:I was 26, dual income household...house was roughly $200,000 but wasn't in a shithole area. Mortgage rate was about 6.5%.
Didn't you buy a 5 bedroom 3k+ sqft house in a shithot dallas suburb in your 20's?
All my friends rented in the more hip area of Dallas at the time. Most of them ended up buying homes around my area about 5 years later (when they were 30ish).
I get that home prices are up, but is rent so high that it is causing people not to be able to rent in areas they want to live in? Honest question.
Posted on 10/18/23 at 1:47 pm to fareplay
She is interested in rural, but she is about to go into the matching process and you don't have a ton of control of where you end up. Even after 5+ years of residency, we have to go somewhere with a VA hospital, where she will work for four years to fulfill her VA scholarship, which has been a blessing because it has covered all her med school tuition costs, we will just have to pay back all her undergrad and masters costs. It will, God willing, take care of itself someday, just trying to paint a picture of what is happening out here.
Posted on 10/18/23 at 1:51 pm to KILGUS
Oh yeah if she is VA then you’re looking at sub 100k for next 8 years. Pro tip, just accept the bum frick middle of nowhere offer for a few years and ride it out. The financial freedom is amazing. Remember to use the CME and pick a hospital that does some minor academic work else her second job will be tough
This post was edited on 10/18/23 at 1:53 pm
Posted on 10/18/23 at 1:57 pm to Chicken
quote:
I was 26, dual income household...house was roughly $200,000 but wasn't in a shithole area. Mortgage rate was about 6.5%.
And here is the disconnect.
If someone in their mid 20s said that he and his wife both had good jobs but complained about not being able to buy a 5 bedroom 3k sqft new build in a hot surburb you would probably think they were insanely spoiled, entitled and delsuional.
But that's what people your age did.
That same 200k house is probably 650k or more now.
quote:
I get that home prices are up, but is rent so high that it is causing people not to be able to rent in areas they want to live in? Honest question.
I haven't rented in a long time but I would guess rents in desirable areas with jobs are a larger percentage of people's income vs before. It's pretty widely published that rents have far outpaced wages over the last 30 years.
This post was edited on 10/18/23 at 1:59 pm
Posted on 10/18/23 at 1:58 pm to Chicken
quote:
but is rent so high that it is causing people not to be able to rent in areas they want to live in? Honest question.
I own my house. But I keep an eye on rental prices. Right now, rent for a house comparable to mine is higher than my mortgage payment.
Posted on 10/18/23 at 2:00 pm to Chicken
quote:
I get that home prices are up, but is rent so high that it is causing people not to be able to rent in areas they want to live in? Honest question.
i am going to guess Houston has the cheapest rent for top 10 population-size cities. You are going to still be looking at ~1k for a 1 bedroom that isn't in the hood.
dual income or roommates make your situation way easier.
new york, boston, maimi, ect you are going to get bent over for 2x-3x that
Posted on 10/18/23 at 2:01 pm to Chicken
quote:
I get that home prices are up, but is rent so high that it is causing people not to be able to rent in areas they want to live in? Honest question.
At the beginning of COVID when we moved our rent, in a nice area, was going up about $400 a month (was going to put us close to $1800 for a 2 bedroom/2 bath). That is still higher than our mortgage even after the increase in property tax, homeowners, etc.
We have some apartments being built down the road from us that are $2500 a month for a 2 bedroom. It’s nuts.
Posted on 10/18/23 at 2:03 pm to Dire Wolf
quote:
new york, boston, maimi, ect you are going to get bent over for 2x-3x that
I have no idea about those other cities but every now and then some real estate bro from nyc will pop up on my ig feed where he's showing off a studio apartment that is about the size of my guest bedroom and it's 4500 a month
Like even being a big law associate in nyc making 250-300k a year means you probably live in a small closet or a slightly larger closet that you share with 1 or 2 others.
Posted on 10/18/23 at 2:07 pm to JohnnyKilroy
quote:
I have no idea about those other cities but every now and then some real estate bro from nyc will pop up on my ig feed where he's showing off a studio apartment that is about the size of my guest bedroom and it's 4500 a month
i used to look at rents in other markets monthly just to make myself feel better about pissing money away.
Houston is a bad example to compare to because they've built so many apartments here in the last decade+
Posted on 10/18/23 at 2:07 pm to BigBinBR
quote:
Depends on where you are. Around me, these homes get purchased within a day or two by investment companies - all cash offer and they pay the closing.
And this is the problem. It should be illegal for corporate entities to purchase single family homes as investment properties.
Posted on 10/18/23 at 2:08 pm to CollegeFBRules
Every non-dumbass landlord has their rental properties in an LLC.
Posted on 10/18/23 at 2:09 pm to deltaland
quote:
Build nice affordable homes in safe areas for people making between 50-100k and they’ll sell like wildfire
The land and development cost make it impossible to build spec homes in the range that is truly needed.
Before 2008 I built 4 subdivisions (well one was just some acreage with road frontage I chopped up and never filed a plat for back when you could do that) and my specialty was 1300 to 1400 sq ft living vinyl siding houses with a one-car garage.
This is one of the first ones I built in the first 13 acres I developed. It's in foreclosure now and needs some TLC but it has sold 3 or 4 times since I built it in 2005.
LINK
They would sell fast and I made good money on them. Building that and making a profit is impossible nowadays though it is badly needed.
This post was edited on 10/18/23 at 2:12 pm
Posted on 10/18/23 at 2:11 pm to JohnnyKilroy
quote:I would think that they should be patient and continue to rent until they could afford to buy the house they want...it's just basic economics.
And here is the disconnect.
If someone in their mid 20s said that he and his wife both had good jobs but complained about not being able to buy a 5 bedroom 3k sqft new build in a hot surburb you would probably think they were insanely spoiled, entitled and delsuional.
quote:no, a lot of people my age waited until their 30's to buy...or whenever they could buy what they wanted.
But that's what people your age did.
What is your issue with renting in this situation?
Posted on 10/18/23 at 2:12 pm to OSqueal
If you live in Arkansas, that makes sense it is one of the poorest states in the nation, behind Mississippi, Louisiana, and New Mexico
Posted on 10/18/23 at 2:13 pm to MikeyWM97
quote:
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.
They also want trendy cool locations and think they are entitled to that. This is on the parents for babying them and not teaching them the value of work and money.
Posted on 10/18/23 at 2:15 pm to Chicken
You think salaries are keeping up with rent?
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