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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 10:26 am to MikeyWM97
Posted on 10/18/23 at 10:26 am 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.
Anything under about $200k here in Louisville is going to be in a high crime area. For instance, Longfield (not far from Churchill Downs) has long been considered the most dangerous street in Louisville. This house there is $122,000.
It shouldn’t be an unreasonable expectation for a family to live in an area of town where it’s at least moderately safe. You’re spending at least $250 to $300 to be able to do that. And most young families are not going to be able to afford that.
This post was edited on 10/18/23 at 10:30 am
0
Posted on 10/18/23 at 10:26 am to Crawdaddy
There really aren't. I'm in Dallas, if you want a home for 175k you're looking at a 1/1 shack an hour outside of town on 1/8 of an acre.
Posted on 10/18/23 at 10:27 am to stout
quote:
a homebuyer must now earn an average salary of $115,627 in order to qualify for a mortgage on a typical American home
quote:
typical U.S. home sold for about $420,000
quote:
The typical U.S. homebuyer’s monthly mortgage payment is $2,866, an all-time high. This number is up 20% from the $2,395 recorded at the same time last year. In August 2020, for instance, the typical monthly payment was $1,581, based on that month’s average mortgage rate of 2.94% and median home price of $329,000. At that time, a homebuyer would have needed to earn $75,000 per year to afford the typical home.
These are some bullshite arse numbers, or the people in these salary ranges buying these typical houses are living check to check and barely making it.
Posted on 10/18/23 at 10:27 am to MikeyWM97
quote:fify
Exactly, I see it all the time. These kids want the same house their boomer parents live in, but have no idea the years of work kicking the proverbial can down the road it took to get there.
Posted on 10/18/23 at 10:29 am to Crawdaddy
quote:
There are plenty of 175K homes out there
Sure, if you want to live in the hood.
Posted on 10/18/23 at 10:29 am to Crawdaddy
quote:
There are plenty of 175K homes out there
sure i can buy a 200k house in the most violent corners of the Houston metro
This post was edited on 10/18/23 at 10:30 am
Posted on 10/18/23 at 10:29 am to stout
quote:just wanted to say that I actually enjoy reading your daily real estate threads. Much better than when you were on the daily tranny kick
stout
Posted on 10/18/23 at 10:30 am to Crawdaddy
quote:
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
My home is 2,000.00 square feet and appraised at $380k. You are living in a fantasy world.
Posted on 10/18/23 at 10:30 am to Crawdaddy
quote:
There are plenty of 175K homes out there
Maybe in North Chalmette, but not where I live.
Posted on 10/18/23 at 10:30 am to MikeyWM97
quote:
These kids want the same house their parents live in, but have no idea the years of work it took to get there.
Muh lazy generation argument is lazy.
Posted on 10/18/23 at 10:30 am to stout
Yeah these numbers are not accurate when put into context. It’s the same thing when the low end workers complain they can’t afford an apartment working 40 hours a week, it’s about where they live not what they make. The prices of big cities/high end suburbs distort these numbers. You can move to rural areas, small towns and even medium size cities and it would literally take half of these salaries to own a house. And I mean 3-4 bedroom homes that’s arent rundown at all. Location is the key. It isn’t just where you live in the rural/ urban divide either it’s certain states. You might just not be able to afford to live in California, New York, Oregon etc just because you grew up there. You don’t get to live wherever you want and ignore he economic reality of that area
This post was edited on 10/18/23 at 10:34 am
Posted on 10/18/23 at 10:31 am to stout
There are plenty of smaller, affordable homes in 2nd and 3rd tier cities all over the country. They are just in dangerous neighborhoods where there are no consequences for criminal activity.
If we can fix the crime in those areas, we can help address the housing crisis without developing new communities.
If we can fix the crime in those areas, we can help address the housing crisis without developing new communities.
Posted on 10/18/23 at 10:32 am to Gifman
Nope, I found my 2000 sqft on 6 acres in the middle of the pandemic for 200k. It just depends on where you're looking.
Posted on 10/18/23 at 10:33 am to SuperSaint
quote:
These kids want the same house their boomer parents live in
My parents bought a home bigger then mine for 110k back in 1986. In a nice neighborhood with a golf course, a river, tennis courts, and a baseball field.
Wish we had opportunities like that these days.
Posted on 10/18/23 at 10:34 am to FightingTigers138
Houses on the northshore under 200k
But again, everyone wants to keep up with the Jones these days.
But again, everyone wants to keep up with the Jones these days.
Posted on 10/18/23 at 10:34 am to stout
What's the prognosis for the future? What's the fallout?
Posted on 10/18/23 at 10:34 am to EarlyCuyler3
quote:
Muh lazy generation argument is lazy.
My Dad does the same shite. Brags about how he doesn’t have a car payment or mortgage payment. That folks just need to “pull themselves up by their bootstraps” or “live within their means”.
He lives in the 850 sq ft, 3 bedroom house they bought in 1975 for like 30k and was built in the 50s. While getting 4K a month from his railroad pension from a job he was able to get right out of high school.
Posted on 10/18/23 at 10:34 am to Crawdaddy
Where? A non-renovated shack in the 9th Ward costs almost $200,000...
Posted on 10/18/23 at 10:34 am to OGtigerfan87
quote:
You can move to rural areas, small towns and even medium size cities and it would literally take half of these salaries to own a house.
And then work where?
That's the problem.
Posted on 10/18/23 at 10:35 am to member12
quote:
If we can fix the crime in those areas, we can help address the housing crisis without developing new communities.
inb4, "Just stop drinking starbucks".
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