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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/19/23 at 11:23 am to JohnnyKilroy
Posted on 10/19/23 at 11:23 am to JohnnyKilroy
quote:
yall took home around 8.5k a month in income.
I don't know him. But the median "household" income was about $35k in 1995.
Takehome was probably $2100/month.
2
Posted on 10/19/23 at 11:31 am to meansonny
He posted that he and his wife made 160k, which is about 300k in 2023 dollars.
This post was edited on 10/19/23 at 11:35 am
Posted on 10/19/23 at 11:31 am to meansonny
What needs to be said that hasn’t really in this thread is that millennials need to feel stability in their lives to justify dropping what it costs for a house, and they’re by and large not feeling it in their love lives, in their jobs, and in their politics.
Until they know they’ll keep their girlfriend and make her a wife in the age of tinder where there’s always someone richer, taller, and with a bigger dick than them, until they know they’ll keep their job in the age of globalization and AI, until they feel like home somewhere and not want to move because the wrong governor or president gets in unlike some, they’re better off renting
Until they know they’ll keep their girlfriend and make her a wife in the age of tinder where there’s always someone richer, taller, and with a bigger dick than them, until they know they’ll keep their job in the age of globalization and AI, until they feel like home somewhere and not want to move because the wrong governor or president gets in unlike some, they’re better off renting
This post was edited on 10/19/23 at 11:36 am
Posted on 10/19/23 at 11:38 am to JohnnyKilroy
quote:
He posted that he and his wife made 160k, which was about 300k in 2023 dollars.
Was it commission income?
I made about $55k in 2001.
But several months in a row would be averaging $1k/month.
Throw in 2 big months and a year end bonus, and I could see him not living the life of a $300k/yr household.
My first home purchase, I made sure that I could afford the payment with what we would earn waiting tables. Larger down-payment can do that.
We did the same for our 2nd home purchase (but using the appreciation and savings for downpayment).
Our household income on the 2nd purchase was about $200k. But good thing we kept the budget low because the 2008 was just 2 years later and we needed the relief.
Posted on 10/19/23 at 11:44 am to fareplay
quote:
fareplay
quote:
I’m w2 simple tax I got nothing
You are lying about your take-home pay. lmao.
Posted on 10/19/23 at 11:55 am to Scruffy
quote:
Scruffy
Found the millennial buying too many frickin taquitos.
How much death debt are you in? Have you gone to therapy yet?
Posted on 10/19/23 at 12:10 pm to jclem11
quote:
Found the millennial
quote:
Is he? Regardless, it is Dr. Scruffy to you.
This post was edited on 10/19/23 at 12:38 pm
Posted on 10/19/23 at 12:30 pm to jclem11
quote:
Found the millennial buying too many frickin taquitos.
How much death debt are you in? Have you gone to therapy yet?
That's an impressive amount of stupid in one post.
Posted on 10/19/23 at 12:43 pm to stout
Mobile home sales about to go through the roof.
Posted on 10/19/23 at 12:46 pm to DarthRebel
Why does this topic have so many strong opinions? It’s about a salary needed to buy a home these days.
You’d think by these opinions that it would be something of substance or politically related and not about income to buy a house.
You’d think by these opinions that it would be something of substance or politically related and not about income to buy a house.
Posted on 10/19/23 at 1:11 pm to Paul Allen
quote:
Why does this topic have so many strong opinions?
Probably because Stout brought one of his typical doom and gloom posts here, yet again. He dropped off a national statistic to a message board of regional population. Every "SEC" state has an average home price lower than national average, therefore the salary requirement would be less. Florida is the only one in the ball park, but if you remove the South Florida wealth bubble would line up with rest of SEC.
Then the Millennials moved in with their whining about not being able to afford to live "uptown" and commuting is beneath them. It takes away from their Yoga and video games. There is no way they can save $500/month for a few years. Of course they have not had to pay Student Loans for 3 years, but YOLO. You should see their "Gram" stuff with the vacations they could afford by not paying their student loans.
Posted on 10/19/23 at 1:18 pm to DarthRebel
You forgot the part where old men like you come in and talk about how the new generation is soft and say “back in my day I commuted an hour to work up hill both days” while leaving out the fact that was back when a one household income was actually feasible and college wasn’t 100k and a reliable used car wasn’t 35k.
Posted on 10/19/23 at 1:20 pm to DarthRebel
quote:
Every "SEC" state has an average home price lower than national average, therefore the salary requirement would be less. Florida is the only one in the ball park, but if you remove the South Florida wealth bubble would line up with rest of SEC.
That cuts both ways. The SEC towns with actual jobs are way more expensive than the state's average
For instance
quote:
In May 2022, the median sale price of a home in Baton Rouge was $261,480, up 3.6% from the previous year. The median list price of homes in Baton Rouge was $299,900 in September 2023, compared to $285,000 in 2022
Posted on 10/19/23 at 1:23 pm to stout
I love Atlanta, but at this point I have completely given up on buying a house here. I have no desire to have to live paycheck to paycheck just to be able to own a home.
My attention has shifted towards transitioning into a career where I can wfh full-time permanently, and my wife is doing the same thing. At that point, we will pick a point anywhere on the map where it's cheap col and relatively safe.
Who knows, I may just find myself in bumfrick Wyoming. Oh well.
My attention has shifted towards transitioning into a career where I can wfh full-time permanently, and my wife is doing the same thing. At that point, we will pick a point anywhere on the map where it's cheap col and relatively safe.
Who knows, I may just find myself in bumfrick Wyoming. Oh well.
This post was edited on 10/19/23 at 1:27 pm
Posted on 10/19/23 at 1:26 pm to DarthRebel
quote:
Of course they have not had to pay Student Loans for 3 years, but YOLO. You should see their "Gram" stuff with the vacations they could afford by not paying their student loans.
Even if this was true, you've highlighted yet another difference from your generation. Guess who drove up the cost of college and pushed for debt to do it? Boomers. Guess who didn't have to take on debt to go to college? Yup, same people.
Posted on 10/19/23 at 1:29 pm to jclem11
You think w2 don’t make money?
My base is 250, sign was roughly 25k (I don’t count that as real money since if I leave I give it back), stock was 50k and bonus is 25k (again don’t count as real money)
Stupid image site crop my photos
My base is 250, sign was roughly 25k (I don’t count that as real money since if I leave I give it back), stock was 50k and bonus is 25k (again don’t count as real money)
Stupid image site crop my photos
This post was edited on 10/19/23 at 1:35 pm
Posted on 10/19/23 at 1:31 pm to QJenk
quote:
My attention has shifted towards transitioning into a career where I can wfh full-time permanently, and my wife is doing the same thing. At that point, we will pick a point anywhere on the map where it's cheap col and relatively safe.
Be careful with this vision. In the next ten years many WFH jobs are going to be replaced by AI and offshoring. It's already happening.
Posted on 10/19/23 at 1:31 pm to Bayou_Tiger_225
quote:
You forgot the part where old men like you come in and talk about how the new generation is soft and say “back in my day I commuted an hour to work up hill both days” while leaving out the fact that was back when a one household income was actually feasible and college wasn’t 100k and a reliable used car wasn’t 35k.
This was late 90s, not that old.
I drove a 12 year old Jeep Wrangler, no working AC and half the gauges did not work. I drove that for 3 years post college until I could afford something better.
I slept on an air mattress for 1.5 years post college until I could afford furniture for my apartment.
Made my lunch to take to office and actually did live off some ramen noodles.
Did not get cable television again until 1 year after college. Bunny ears on my 20" CRT.
Did not get a house until after marriage and 6 years post graduation. I traveled mostly to different cities, but my wife had a 30-45 min commute to office.
I was pretty poor for some time after college.
Posted on 10/19/23 at 1:33 pm to Crawdaddy
quote:
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
Did you miss the part where they were discussing going to LCOL areas? I think this is mostly discussing HCOL areas and cities.
Posted on 10/19/23 at 1:34 pm to EarlyCuyler3
Another common trope that is used in these discussions is that millennials “want the house they grew up in without the grind their parents put in before they were around”
Most millennials are in their mid to late 30s. They have school aged children. Older millennials have kids that are about to start high school.
For some reason older people still characterize millennials as fresh college grads just starting their careers. The vast majority of millennials have over a decade of post-college experience.
Most millennials are in their mid to late 30s. They have school aged children. Older millennials have kids that are about to start high school.
For some reason older people still characterize millennials as fresh college grads just starting their careers. The vast majority of millennials have over a decade of post-college experience.
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