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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 10/19/23 at 7:12 pm to Powerman
Posted on 10/19/23 at 7:12 pm to Powerman
1. I’m overpaid
2. I’m good at my job relative to you at yours
3. My industry is just more lucrative (go to 1)
4. I work harder than you
2. I’m good at my job relative to you at yours
3. My industry is just more lucrative (go to 1)
4. I work harder than you
4
Posted on 10/19/23 at 7:37 pm to Powerman
quote:
If someone this ignorant can have a 300K income then a lot of us are under achieving.
For whatever reason this reminds me of the story about the recruiter for Meta (IIRC) who was hired at well over 200k and didn’t really do anything and was explicitly told that she wasn’t even expected to produce any candidates in her first year hahaha.
Like man I fricked up somewhere in my life.
Posted on 10/19/23 at 7:47 pm to Chicken
quote:you keep saying that, but respectfully, you have no clue that this is not relevant at all to the discussion. What’s relative is:
Young people aren't saving like they should
Are young people saving less relative to the young people in generations before? And the answer is no, they are in line with the savings of younger generations before them, however their cost of goods is far greater than the generations before them
Posted on 10/19/23 at 7:49 pm to stout
This is so false.
Typical American Home? So fake.
Typical American Home? So fake.
Posted on 10/19/23 at 7:49 pm to fareplay
quote:Holy
Idk what fica is but I take home roughly little over 15k which is 180k which means my tax is 120k
fricking
shite
People like you are a god send for CPAs like myself
Posted on 10/19/23 at 7:53 pm to fareplay
quote:
I work harder than you
Doubtful. I could probably run circles around you. And my income would be comparable to yours in your region.
Posted on 10/19/23 at 8:01 pm to Gifman
quote:
yeah, they look like this
I bought my 2 bedroom, 1500 sq ft home in 2020 for $180k.
Posted on 10/19/23 at 8:13 pm to stout
Better try hard to get in now before values explode even more when rates drop
Posted on 10/19/23 at 8:15 pm to SDVTiger
quote:
Better try hard to get in now
Right. Really smart to buy at the worst possible time. Prices are slowly going down in my market and rates aren't going down significantly soon.
Posted on 10/19/23 at 8:18 pm to fareplay
This fareplay guy has been on quite the heater of larping online recently with all this fake stuff he posts.
This post was edited on 10/19/23 at 8:18 pm
Posted on 10/19/23 at 8:23 pm to Powerman
Wait for the crash they said. Prices will go down they said. Just wait 6 months they said.
Y’all keep waiting for everyone to list those homes with mortgages at 2.5% to get supply up so that prices drop, it’ll happen soon I’m sure.
Y’all keep waiting for everyone to list those homes with mortgages at 2.5% to get supply up so that prices drop, it’ll happen soon I’m sure.
Posted on 10/19/23 at 8:37 pm to questionable
It’s not crashing. I remember going to a wedding in the Dallas area in 2019 and discussing with the couple sitting next to me their run up in property value and wether it would hold. Clearly it only went up from there.
Posted on 10/19/23 at 8:43 pm to fareplay
quote:
4. I work harder than you
I don't work. I fish, hunt and occasionally experience an altered state of consciousness.
And still out-earn all but the OT ballers.
Why is working so hard such a big flex? I've worked hard for years at a time and taking er easy is much more enjoyable.
This post was edited on 10/19/23 at 8:46 pm
Posted on 10/19/23 at 9:17 pm to stout
Well we all know how this shite is going to end. Hopefully, I can sell my house before the bottom falls out and eventual crash, or do you guys thing suddenly the average salaries are going to go up enough to fix it.
What we really need is a fricking bank crash
What we really need is a fricking bank crash
Posted on 10/19/23 at 10:36 pm to TutHillTiger
The best time to buy real estate is 20 years ago.
The second best time is now.
The second best time is now.
Posted on 10/19/23 at 11:23 pm to Powerman
quote:
Right. Really smart to buy at the worst possible time. Prices are slowly going down in my market and rates aren't going down significantly soon.
Prices arent going down. If rates go down prices will go higher
Posted on 10/19/23 at 11:34 pm to TutHillTiger
quote:
What we really need is a fricking bank crash
When the commercial real estate market completely craters in the next 2 years you’ll get your wish.
People thinking this housing bubble will maintain are not capable of looking at the big picture. We are at an inflection point where cash will once again be proven to be king.
Posted on 10/20/23 at 9:44 am to Jimbojambojumbo
quote:I don't. Because as long as I'm alive, I'll advise them into a POS fixer upper in a semi crappy part of town. Luckily their father has fixed many old houses and will be retired so I'll have time. They just need to be willing to put in the sweat equity and I'll help them. Then longer term, they do like I did: turn it into a rental and then upgrade.
I worry for my kids and what they will face when he hits the real world.
Boomer checking in, lotsa boomer trashing in this thread.
Unlike some of my peers, I DO see how housing is much more expensive as a percentage of income these days compared to when I was younger, along with everything else.
But my kids will have the advantage of my experience and skills to help them (not necessarily financially).
Posted on 10/20/23 at 10:38 am to fareplay
quote:
80 household should be enough
80k household income leaves about $2450 for PITI.
I don't know what current rates are. But it is just a matter of saving enough down-payment to hit the $2450 PITI. The larger the down-payment, the better the mortgage terms (lower interest rate and better PMI).
I've been eying condos in North Atlanta between $175k to $225k. Saving money is hard. But prioritize the down-payment over retirement and the new car and it definitely comes.
And as the new home appreciates, that is equity to put down towards the next purchase.
Posted on 10/20/23 at 11:00 am to meansonny
Some generations didn’t have to choose is the issue we are having
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