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Message
re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/18/23 at 6:11 pm to Chicken
Posted on 10/18/23 at 6:11 pm to Chicken
I was born in 87’. I’m classified as a millennial. I hit the work force during the last recession due to the housing market. And by workforce I mean my ex-girlfriends dad company. Manual labor for $8.50 an hour with no benefits. No where was hiring back then. Those who had jobs saw small if any wage increases. Essentially a 4-5 year period where everyone was just struggling to hang on. I’m fully aboard the don’t buy dumb shite and live below your means train, but a lot of folks had to overcome that situation. I couldn’t save a single penny as everything I had was going to survive. So my ability to save didn’t really start until 2011-2012. Thats without student loans and living in one of the worse but safe-ish areas close to me. Even then it was scraps, and I was single without kids. If I had a family no way I could have got ahead. Ever. I started behind the eight ball. If I would not have completely lucked up I wouldn’t be able to afford my current lifestyle. Getting a substantially higher paying job basically changed the course of my life. Shocker.
1
Posted on 10/18/23 at 6:19 pm to stout
I bought my house for $180K 6 years ago and my current interest rate is 2%. There's a similar house next door for sale at $340K. I couldn't imagine buying that house and being stuck with an 8% mortgage. It had over 1000 views in it's first week of people wanting to buy it. 
This post was edited on 10/18/23 at 6:20 pm
Posted on 10/18/23 at 6:31 pm to JohnnyKilroy
quote:yes, you are right…
Well it’s not really 66% of millennials. It’s 66% of millennial renters.
I do think that real estate market corrects itself in the next year and those seeking homeownership and in the right place financially could realistically get their chance...
Posted on 10/18/23 at 7:28 pm to BrianFantana
quote:
You're telling me that you make $130,000 a year as a single man and can't figure out how to buy a decent house?
Well, since I'm not a dumbass, I don't want to spend more than 25% of my net on a mortgage payment which is surprisingly difficult with these insane rates. I ended up finding a nice place with my gf/fiance (have a stone, working on a ring) for around 450k. Even with us being aggressive as hell, it'll take us around 10 years to pay off.
Posted on 10/18/23 at 7:31 pm to Chicken
Once shtt I'd love to scoop up one of the Airbnb foreclosures in Orleans Parish
Posted on 10/18/23 at 8:51 pm to SuperSaint
There are 0 homes listed outside of west, north, and east Birmingham that are under 200k. And the ones in those areas are typical to have burglar bars on the windows, and occasional gunfire.
Posted on 10/18/23 at 9:03 pm to GAFF
What do you make now?
Posted on 10/18/23 at 10:03 pm to stout
That bubble will pop soon enough.
Posted on 10/19/23 at 4:07 am to Dire Wolf
quote:
no one is saying that every individual should be able to afford a nice house.
Then who should? I make $90k and can't afford shite in Atlanta.
For perspective, new townhomes near me are going for $600k.. and were $500k when I moved to the area in 2020.
Condos? You can find some built in the 50-60's but all come with a $500-$700+ monthly HOA fee.
These are the housing options <$250k. Honestly not sure how people are supposed to get ahead.
This post was edited on 10/19/23 at 5:04 am
Posted on 10/19/23 at 4:17 am to 777Tiger
quote:
Maybe true if you have zero equity in your current home or are financing the maximum.
Come on, 7’s. Where do you find a $175k house near us? Even the crappy areas laugh at that number here. And 1st time homeowners don’t have equity in a previous home to roll over and almost always finance the max amount.
Posted on 10/19/23 at 5:43 am to stout
I’ve mentioned here before that the law firm in an attorney at does real estate closings. Back in 2020-2021 things were booming when it comes to closings. We were seeing a lot of young, first time homebuyers. Now it is incredibly slow when it comes to residential purchases with a mortgage. Fortunately for us we close a lot of investment properties and raw land purchases, but that’s the bulk of what we’re doing right now.
Posted on 10/19/23 at 5:51 am to GeorgeReymond
How long have you lived in Georgia?
Because you don't seem to know the market at all.
Because you don't seem to know the market at all.
Posted on 10/19/23 at 6:00 am to meansonny
Mid 2017. Please tell me where I’m wrong
Posted on 10/19/23 at 6:01 am to GeorgeReymond
quote:
Honestly not sure how people are supposed to get ahead.
I think that’s what’s scary to so many people on the outside looking in - is that not getting ahead is the new normal.
I have been a homeowner since 2009. I “lucked up” and was in the market for my first house right after the 08’ bubble popped and there were tons of incentives to instill buyer confidence and re-stimulate the market. So my wife and I got a modest house in a decent area for a price we could afford and a rate we could afford.
We owned the house for nearly 10 years and put a decent amount of money into it - and when we sold it as our family outgrew it - we basically got back all that we put into the house in equity.
Again, I feel like we were extremely lucky because we got into a larger house before COVID blew everything up.
So now we are in a larger house in a decent area with a decent price and a rate we can afford.
When I see what future homebuyers are facing - it makes me feel very fortunate how we didn’t or haven’t had to face that challenge and it also makes me sad because I know how important homeownership is to building wealth for the middle class.
I don’t make a ton of money but I try to live within my means. I worry for my kids and what they will face when he hits the real world.
Posted on 10/19/23 at 6:12 am to GeorgeReymond
You don't buy a starter home in a central business district.
Hell... back in the 80s and 90s, people were buying starter homes outside the perimeter. Atlanta was the business district.
In the 2000s that had been pushed towards the outskirts of Lawrenceville and into counties like Barrow.
Today... Lawrenceville is the central business district (and it is further than your map shows).
You have to push out further.
Do you know what a central business district is?
Hell... back in the 80s and 90s, people were buying starter homes outside the perimeter. Atlanta was the business district.
In the 2000s that had been pushed towards the outskirts of Lawrenceville and into counties like Barrow.
Today... Lawrenceville is the central business district (and it is further than your map shows).
You have to push out further.
Do you know what a central business district is?
Posted on 10/19/23 at 6:14 am to Jimbojambojumbo
Yeah it’s a scary thought but good for you. That’s how it should be
LINK
quote:
Median home prices have increased at four times the rate of household incomes since 1960, leading to imbalanced price-to-income ratios in most major metropolitan areas. Nationwide rents have increased at twice the rate of household incomes since 1960, making saving for a down payment increasingly difficult.
LINK
Posted on 10/19/23 at 6:31 am to blue_morrison
quote:
There are 0 homes listed outside of west, north, and east Birmingham that are under 200k. And the ones in those areas are typical to have burglar bars on the windows, and occasional gunfire.
The 2 bed 2 bath 1400 sqft townhouse in Pelham I bought in 2012 for 90k is now listed for 225k
Posted on 10/19/23 at 6:36 am to BoogaBear
It's all in the plan, people. You will own nothing, and like it.
Posted on 10/19/23 at 6:39 am to Crawdaddy
quote:No, that’s the whole problem. Five years ago you could get a nice small home in areas like Arkansas and Louisiana for under $175k and now that number is closer to $250k. .
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
Posted on 10/19/23 at 6:42 am to stout
I hate when people purposefully mix median and average to affect statistics...
Not you stout, the fricking article.
Not you stout, the fricking article.
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