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Started By
Message
re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/18/23 at 11:27 am to justaniceguy
Posted on 10/18/23 at 11:27 am to justaniceguy
quote:
And you need to own a home to do this?
Well for my one weekend a month “home visit”, I’d like to actually own the place.
0
Posted on 10/18/23 at 11:27 am to stout
So a married couple making $60k apiece? That’s not too hard.
Or are we still on this “I’m single, 25 with my first job so I should be able to afford a house” kick?
Or are we still on this “I’m single, 25 with my first job so I should be able to afford a house” kick?
Posted on 10/18/23 at 11:29 am to Crawdaddy
Houses around us were mostly sub 200k pre Covid. Now they’re all around 500k. It’s depressing seeing that they cost half of less only 3 years ago.
Posted on 10/18/23 at 11:29 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.
Brother, our parents houses cost like $100k
Posted on 10/18/23 at 11:30 am to justaniceguy
quote:
Maybe you should move then.
Huh, why didn't I think of that? You're a genius.
Posted on 10/18/23 at 11:30 am to msutiger
quote:
Yeah but some of that 50% increase is made up for by the fact we save 16 cents per year on our Fourth of July BBQ.
It will only take 361,334 years to make up that $57,813 increase.
I agree with the sentiment, but a 50% increase to 115k means the starting number was at 76k, meaning an increase of 39k since pre pandemic, not 57k. We'll call it 3 years, so an average of 13k per year increase. 15k increase year over year for 2023 is only slightly above average for the trailing 3 years.
a 57k increase from 57k would be a 100% increase, which would be MUCH more worrisome
Posted on 10/18/23 at 11:31 am to fareplay
quote:
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
I am a Gen Xer and have a millenial son and whatever the next generation is called daughter. I worry sick about them being able to afford to live in the United States. He has a decent job for his age and experience. He did the right thing, got a degree, has stayed out of trouble, has not knocked anyone up, has not gone to jail...and he only has about $12K in student loan debt. He is SO far ahead of most of his peers it is stunning...and yet his owning a home is so far down the road that it scary.
I owned a home at 21. I was EXTREMELY FORTUNATE. I also owned a new truck, or me and the loan company did. I also worked full time and as much OT as I could and went to school 4 nigts a week taking a full load at a vo-tech and Southern Tech in an engineering program. Vo-tech to learn a trade, college to go beyond that. I paid for college out of pocket, trade school was paid for by my signature on a letter of indenture. That path to career and home ownership no longer exists and was almost a thing of the past when I finally earned a degree....a kid would have to earn $100K a year to do what I did today. Most peoople my age do not realize this...and have done their kids and their grandkids a GRAVE disservice. I don't know how they manage....
Posted on 10/18/23 at 11:33 am to SquatchDawg
quote:
Or are we still on this “I’m single, 25 with my first job so I should be able to afford a house” kick?
No one will ever be that fortunate again. Boomers had the world handed to them on a silver platter and still have the gall to look down on younger generations.
Posted on 10/18/23 at 11:35 am to AwgustaDawg
I have bad news for you. I went from 70k to 300k in span of 8 years and the cost of living still outpaced me. If it wasn’t for my wife I wouldn’t be able to afford my home.
If your kid makes 100k now , by the time he saves up 200k, houses will go up another 50%
If your kid makes 100k now , by the time he saves up 200k, houses will go up another 50%
This post was edited on 10/18/23 at 11:36 am
Posted on 10/18/23 at 11:39 am to MikeyWM97
quote:
quote:
Problem is these young kids want a 300-400K home
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.
I have an idea. Let's Gaza everyone over 65 and it would solve the housing crisis among lots of other issues.
Posted on 10/18/23 at 11:46 am to Crawdaddy
quote:oh really? Where?
There are plenty of 175K homes out there
Posted on 10/18/23 at 11:47 am to GetCocky11
quote:
A $175,000 home doesn't exist where I live. If I see $175,000 on Zillow, it is either land or a tear-down.
A 2/2 condo down the street from me is listed for over $300,000.
Same here.
Posted on 10/18/23 at 11:49 am to fareplay
quote:am I not one? I lived in a trailer for 6 years. I couldn't afford house mortgage until my 2nd child was born.
Now imagine a normal American
You claim to live frugally, but look down your nose at a mobile home. You clearly expect too much for your income.
Posted on 10/18/23 at 11:49 am to fareplay
quote:
I have bad news for you. I went from 70k to 300k in span of 8 years and the cost of living still outpaced me. If it wasn’t for my wife I wouldn’t be able to afford my home.
If your kid makes 100k now , by the time he saves up 200k, houses will go up another 50%
You are spot on. My wife and I are approaching 60. Our household income puts us in the top 5% in the US. Our take home Salari every month is almost 130% of my sons annual income before taxes. If someone had told me when I was 21 that I would have the income I have today at 58 I would have thought they were insane and I would have wondered which island in the Bahamas I would have bought already. As it is we lead a pretty frugal life style and are probably 6 months out of one us losing our salary before we got into serious financial trouble. We save a lot for retirement but we also spend a fortune just living.
Posted on 10/18/23 at 11:53 am to Asharad
quote:
am I not one? I lived in a trailer for 6 years. I couldn't afford house mortgage until my 2nd child was born.
You claim to live frugally, but look down your nose at a mobile home. You clearly expect too much for your income.
Mobile homes are only a marginally viable option. Most counties restrict them severely making them unaffordable and if you put one in a park your lot rent is going to sky rocket after the first 12 month lease forcing you to sell at a loss. Rvs are quickly going the same route.
Posted on 10/18/23 at 11:53 am to fareplay
quote:
I went from 70k to 300k in span of 8 years and the cost of living still outpaced me. If it wasn’t for my wife I wouldn’t be able to afford my home
How much is your home that you can't afford while making 300k per year?
Posted on 10/18/23 at 11:54 am to 904
Options in Jeff Parish look a little better. A lot of duds in there, but the pics on a few of them look like they have some potential. *Filter for Houses 
Posted on 10/18/23 at 11:55 am to pankReb
quote:
quote:
A $175,000 home doesn't exist where I live. If I see $175,000 on Zillow, it is either land or a tear-down.
A 2/2 condo down the street from me is listed for over $300,000.
Same here.
A fixer upper is a horrible idea for about 95% of experienced home owners. It would be the rare individual indeed who could make a go of one as a first time home owner. I did it in 1988 but I had been in the trades for 5 years and grew up on construction sites. And even then it cost me more than I could have bought the finished product for....it is not a viable solution for most folks.
Posted on 10/18/23 at 11:56 am to Crawdaddy
quote:
Problem is these young kids want a 300-400K home. There are plenty of 175K homes out there
This keeps getting vomited out, no there's no in safe, desirable places to live.
Posted on 10/18/23 at 11:56 am to OGtigerfan87
"You really think city life is that much happier than rural/ Middle America life? Man some of y’all are soft"
I can't find my turn-key dream house within walking distance of the craft brewery. Boomers have destroyed the economy!
I can't find my turn-key dream house within walking distance of the craft brewery. Boomers have destroyed the economy!
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