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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 11:12 am to fareplay
Posted on 10/18/23 at 11:12 am to fareplay
quote:
You would be surprised. It’s either gifts, or a really bad financial decision.
I'm sure I would be. We have one I've seen in this development across from us (where the plan is for about 400 homes) that's a sheriff's deputy and I'm not sure if the spouse even works. House was a hair under $400k I'm sure at 6%+. We make over the supposed salary needed for buying and I don't think we could have bought that house at that rate. We'd definitely be house-poor.
1
Posted on 10/18/23 at 11:12 am to Crawdaddy
quote:
There are plenty of 175K homes out there
This is what we paid for our house in Broussard in 2008. The houses in my neighborhood are selling for 220,000 ish now. Granted that is low compared to all the cookie cutter neighborhoods popping up all over lafayette parish. But our neighborhood is all 30+ year old houses.
Posted on 10/18/23 at 11:12 am to OGtigerfan87
quote:
Bro got to have his Starbucks and chipotle lol
Pahahaha, if I never went to either ever again, it wouldn’t be long enough.
No, some people, like myself, like the opportunity to go do things on the weekend and maybe meet new people
Posted on 10/18/23 at 11:13 am to Crawdaddy
quote:
There are plenty of 175K homes out there
Really? Where?
Posted on 10/18/23 at 11:14 am to Gifman
quote:
Nice suburb life with good schools is where it's at
Single with no kids. Schools mean nothing to me at this time
Posted on 10/18/23 at 11:14 am to rowbear1922
quote:
the opportunity to go do things on the weekend and maybe meet new people
Sounds like liberal bullshite to me. You must be a woman.
Posted on 10/18/23 at 11:15 am to rowbear1922
quote:
Single with no kids. Schools mean nothing to me at this time
now would be the perfect time to start investing in real estate, and maybe in those areas
Posted on 10/18/23 at 11:16 am to JohnnyKilroy
Not everyone lives in the small crappy town they were born in. If you’re in a new place you need opportunity to meet new people and not jimmy from down the block you knew since grade school.
The amount of boomers or deluded gen x is amazing. Like look at your kids
The amount of boomers or deluded gen x is amazing. Like look at your kids
This post was edited on 10/18/23 at 11:17 am
Posted on 10/18/23 at 11:18 am to Dire Wolf
Gentrification!!!!
Posted on 10/18/23 at 11:19 am to rowbear1922
quote:
Single with no kids. Schools mean nothing to me at this time
Married with no kids (yet). Our school district in Austin is ok but we'll be moving to Eanes ISD (Westlake) once our future kids get to be school age.
Posted on 10/18/23 at 11:20 am to fareplay
quote:
Why would a single 30 year old male care about school districts
I didn't know we were exclusively talking about single, 30-year old males with no kids
Posted on 10/18/23 at 11:20 am to fareplay
The median income is 28k cause there’s a bunch of trash. If you can’t make 50k there (which is nothing) and buy a 200k house then you shouldn’t be complaining because you won’t be able to make it work anywhere. There are lots of jobs and they do pay a little less than they would in a bigger city but there’s a reason why.
Posted on 10/18/23 at 11:21 am to Gifman
You responded to him
Posted on 10/18/23 at 11:21 am to fareplay
You can make more than 44k married if you both work at Popeyes. These numbers are a joke.
Posted on 10/18/23 at 11:21 am to JohnnyKilroy
quote:
Sounds like liberal bullshite to me. You must be a woman
Wrong on both. Rural or suburban life simply is not appealing.
I move around often for work (currently working 6-9 months in Houston). Unlike finding a central location so I can explore the city when I have time
Posted on 10/18/23 at 11:21 am to Crawdaddy
quote:
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
The other problem is homes that should be listed at max $200k-$250k are the houses listed at $300k - $400k.
We will be looking to buy in the Houston suburbs next year and although we can easily put down a 20% downpayment, the monthly notes are where we are having to downsize what we can buy by $100k or more. The house size we bought in 2018 at $180k is now going for $300k.
This post was edited on 10/18/23 at 11:24 am
Posted on 10/18/23 at 11:21 am to rowbear1922
And you need to own a home to do this?
Posted on 10/18/23 at 11:22 am to S1C EM
We bought a home in a development in a military community in 2020. At that time the lowest priced home in the development was $420. That house sold just a few months ago for $635 and was on the market for about 15 days. Almost everyone in the neighborhood is active duty or recently separated and a couple of years into a post military career either as a fed or a federal contractor. If both spouses are working they probably have around $180K in income. They live LARGE. 2 new cars. Most likely a camper and a boat. They have parties regularly. The amazon boxes on trash days nearly block the streets and the furniture and appliance delivery trucks make it impossible to navigate the streets at times. They live large. They also get divorced on the regular, they sell those houses regularly (the one we have was finished in late 2017 and we bought in November of 2020 and were the third owners). My daughter, 13, has a different group of friends every 90 days or so because her friends parents either get reassigned (typical of military communities) or their parents are getting divorced and they are moving to more affordable digs. The prices increase steadily because its a military community and the military does not ebb and flow with the economy like many industries do...but those folks in their 30's and 40's are struggling to live in that neighborhood. By choice no doubt but they are making the choice because there is no real alternative...the area is typical of everything in the area and their family and peers would have a lower opinion of them if they lived further out and in less a home. They cab manage the latter somewhat but no matter where they live they are going to pay too much....
Posted on 10/18/23 at 11:23 am to justaniceguy
Assume Popeyes pays $12 an hour. They don’t hire full time so let’s say 35 hours a week and you don’t take any vacations ever so work all 52 weeks. That’s 21.8K. Two people working at Popeyes does NOT make more
Posted on 10/18/23 at 11:26 am to stout
Am not arguing that the housing market is not screwed up, but this type of picking and choosing stats to sell a point irritates me.
Define typical.
Why do they jump from median (middle point) to average. Did using both averages or both as median not get their point across?
quote:
must now earn an average salary of $115,627 in order to qualify for a mortgage on a typical American home
The typical U.S. home sold for about $420,000
The typical U.S. homebuyer’s monthly mortgage payment is $2,866,
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
Define typical.
Why do they jump from median (middle point) to average. Did using both averages or both as median not get their point across?
This post was edited on 10/18/23 at 11:27 am
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