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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 11:01 am to
Posted by deathvalleytiger10
Member since Sep 2009
7623 posts
Posted on 10/18/23 at 11:01 am to
select houses in home type and post that image.

The numbers drop dramatically along with what you would actually be able to get for under $200k. Lots of 2 bd 1 bath homes. Not exactly family homes.
Posted by The Pirate King
Pangu
Member since May 2014
57855 posts
Posted on 10/18/23 at 11:02 am to
quote:

No they aren’t they just aren’t modern enough for your taste.


I've driven through a lot of small American towns across the country in the last few years and they're in bad shape. Abandoned buildings and closed businesses everywhere. Even within close proximity to major cities.

The exceptions to this would be SOME resort towns or places where there's large concentrations of high net worth individuals.
Posted by EZE Tiger Fan
Member since Jul 2004
50434 posts
Posted on 10/18/23 at 11:02 am to
quote:

I feel like you would be broke as frick buying a 420k house on 115k salary


Not if you can finance it at a low rate.
Posted by S1C EM
Athens, GA
Member since Nov 2007
11585 posts
Posted on 10/18/23 at 11:02 am to
quote:

Salary of $115,627 needed in order to qualify for a mortgage on a typical American home


I don't think I believe it. I'm surrounded by $400k+ homes and there's no shortage of buyers. And by the looks of the buyers of many of these, they aren't hauling in that much. I don't know. I just don't think there's that many people out there handing out substantial gifts to get their kids and such into these houses, so where is it coming from?
Posted by 904
Forever under I-10
Member since Dec 2009
792 posts
Posted on 10/18/23 at 11:03 am to
quote:

Houses under 200k on the NS Again, everyone wants the latest and greatest from the start



LOL when "Home Type" is "House". Half of these hardly look livable.

This post was edited on 10/18/23 at 11:10 am
Posted by Raging Tiger
Teedy Town
Member since Jun 2023
543 posts
Posted on 10/18/23 at 11:03 am to
You’re forgetting how much college cost and the student loan repayments.
Posted by fareplay
Member since Nov 2012
4951 posts
Posted on 10/18/23 at 11:03 am to
You would be surprised. It’s either gifts, or a really bad financial decision.
Posted by Gifman
by the mountains
Member since Jan 2021
9596 posts
Posted on 10/18/23 at 11:04 am to
quote:

As a single man in his 30s, yes, city life is MUCH happier than rural/middle America life


Nice suburb life with good schools is where it's at
Posted by fareplay
Member since Nov 2012
4951 posts
Posted on 10/18/23 at 11:04 am to
The one on bottom right is a ghost house
Posted by VADawg
Wherever
Member since Nov 2011
45113 posts
Posted on 10/18/23 at 11:04 am to
quote:

Yes in “flyover states”. Not everybody gets to live in a major city/coastal area and never have. The entitlement to think 90% of the country isn’t good enough for you because it doesn’t have a Starbucks or pickle all


The problem here is that you think it's an entitlement issue when the real reason why younger college grads want to move to cities is because that's where the jobs are.
Posted by fareplay
Member since Nov 2012
4951 posts
Posted on 10/18/23 at 11:04 am to
Why would a single 30 year old male care about school districts
Posted by justaniceguy
Member since Sep 2020
5482 posts
Posted on 10/18/23 at 11:05 am to
There are plenty of jobs in small towns. Do an indeed search.

The real problem is that young people want to be close to bars, restaurants, concerts. I can’t fault them for this, but this is what they are paying for.

You can buy a $200k home in Corpus Christi or literally any small city in texas and there are tons of jobs. But it’s not fun. It’s hick. Whatever. Their loss
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35568 posts
Posted on 10/18/23 at 11:05 am to
quote:

Bro got to have his Starbucks


So I guess Starbucks is the new “cell phone” or “internet bill” around here? Lol
Posted by justaniceguy
Member since Sep 2020
5482 posts
Posted on 10/18/23 at 11:05 am to
I guess San Antonio isn’t a major metro
Posted by AwgustaDawg
CSRA
Member since Jan 2023
7349 posts
Posted on 10/18/23 at 11:06 am to
quote:

select houses in home type and post that image.

The numbers drop dramatically along with what you would actually be able to get for under $200k. Lots of 2 bd 1 bath homes. Not exactly family homes.




VERY Difficult to get a mortgage on a 2/1. The money available is far less than money available for 3/2s and above...
Posted by justaniceguy
Member since Sep 2020
5482 posts
Posted on 10/18/23 at 11:06 am to
Maybe you should move then.
Posted by fareplay
Member since Nov 2012
4951 posts
Posted on 10/18/23 at 11:06 am to
Sir the median income in Corpus Christi is 28k while average house is 318k.

We’re talking the average American. If you’re rich then none of this matters
This post was edited on 10/18/23 at 11:07 am
Posted by Drop4Loss
Birds Eye Of Deaf Valley
Member since Oct 2007
3885 posts
Posted on 10/18/23 at 11:07 am to
Without knowing the search parameters they used, and outlier pricing, those numbers dont mean shite as far as avg pricing goes.

Are 20+ mill, NY, CA and FL sales included in their info ?

BR is not a pricey, nor a cheap market, but the avg sales price in the BR area, $75,000 - $900,000 range the past 12 months is $279,000.
Posted by fareplay
Member since Nov 2012
4951 posts
Posted on 10/18/23 at 11:09 am to
Median income in BR is 24K. Household assuming married is 44K.
Posted by justaniceguy
Member since Sep 2020
5482 posts
Posted on 10/18/23 at 11:09 am to
Maybe he meant Jacksonville, NC
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