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re: "Starter home" will cost >$1 million in 237 cities.
Posted on 7/25/24 at 3:26 pm to Slippy
Posted on 7/25/24 at 3:26 pm to Slippy
Our neighbors bought their house in 2020. They paid roughly $850K for a 3/2, about 1200 square feet. Went to make some minor changes/updates and found that the house had some foundation damage and also some non-permitted work done.
Ended up having to take it down to the studs, replace the foundation and completely rebuild the house.
We live in L.A. but nowhere near the fancy areas. I’m assuming they have greater than $1.5M sunk into their starter home.
Ended up having to take it down to the studs, replace the foundation and completely rebuild the house.
We live in L.A. but nowhere near the fancy areas. I’m assuming they have greater than $1.5M sunk into their starter home.
1
Posted on 7/25/24 at 3:29 pm to WG_Dawg
quote:
Yes, and going 15 miles outside of town is often times still going to save money compared to a pricey condo in the heart of downtown.
10-15 miles outside of a midsized southern city, such as Chattanooga, is just as expensive as the desirable in-town neighborhoods. Starter homes are running around 350-400k.
Wages here don't support that, either.
Posted on 7/25/24 at 3:30 pm to WG_Dawg
quote:
It's almost like there are other places to live than Texas.
Some people can’t just up and move. My sister makes the money. She works in aerospace industry for a great company. No way she can pick up and move and keep the same salary or her tenure in the company. Not to mention her in-laws are here and her FIL is not doing well. My BIL owns his own business and not easy to up and move and restart.
Posted on 7/25/24 at 3:31 pm to Chucktown_Badger
quote:
No. Just telling you entitled millennials you don't just get what you want for whatever you want to pay for it. Consider this a life lesson your parents should've taught you a long time ago.
We have beat this topic to death on the OT and by and large the boomers reuse to accept the data that shows housing prices are historically unaffordable and we are in a neo-gilded age.
I am not affected by this discussion as I am a high-earner, I own a home (at a low interest rate and relatively low (to current) price).
I am self-aware to realize it is tough out there and I actually acknowledge the data. All you do is seethe and whine about the kids these days.
Posted on 7/25/24 at 3:32 pm to JasonDBlaha
quote:
A median home price of $1 million is still fricking insane. To be able to buy it in straight cash, you would need to have at least several million dollars worth of disposable assets so that it doesn’t put you in a financial hole. To be able to afford the down payment, you would need to make between $200,000 and $250,000 yearly.
Great, sustainable economy.
Posted on 7/25/24 at 3:35 pm to NoHoTiger
quote:
No way she can pick up and move and keep the same salary or her tenure in the company.
Does she need to earn that much if she’s not paying darn near $1 million for 1200/ sq ft?
quote:
Not to mention her in-laws are here and her FIL is not doing well. My BIL owns his own business and not easy to up and move and restart.
OK that’s fair I suppose.
Posted on 7/25/24 at 3:37 pm to MC5601
quote:
In Dallas it's about $500k for a starter home in a safe area within 30 minute commute of downtown. I make a little over 6 figures and cannot afford to buy a home here. It's very disheartening
But as a single dude in Dallas, do you need to buy a 3/2 starter home?
My suggestion is to go further out for that 3/2 or buy a 2/1 condo.
I'm 45min from downtown Austin so I get it, but I think you can reset expectations and it's not that bad.
Posted on 7/25/24 at 3:37 pm to Violent Hip Swivel
Italy
New Zealand
Iceland
Slovenia
Portugal
Those are better than the USA in many categories that matter.
New Zealand
Iceland
Slovenia
Portugal
Those are better than the USA in many categories that matter.
Posted on 7/25/24 at 3:39 pm to MC5601
quote:
In Dallas it's about $500k for a starter home in a safe area within 30 minute commute of downtown. I make a little over 6 figures and cannot afford to buy a home here. It's very disheartening
I purchased my starter home 7 years ago for ~$350k in Franklin, TN (~30 min south of Nashville). The comps now on my home are double that. My household income is in excess of $200k. With 2 kids and the current interest rates, I would struggle to buy my house at it's current value and couldn't imagine needing to buy a home as a first time home owner. In my situation specifically, we have since added 2 children to our family since we purchased (no kids at the time) and really need a larger home but we're making due with what we have because we'd need over a million in my area to buy what we really need.
This post was edited on 7/25/24 at 4:01 pm
Posted on 7/25/24 at 3:41 pm to jclem11
quote:
We have beat this topic to death on the OT and by and large the boomers reuse to accept the data that shows housing prices are historically unaffordable and we are in a neo-gilded age.
Because the people who start these threads will always pick the most expensive areas, and then use that to claim that all housing in all areas of the country is unattainable. It's disingenuous at best.
Just for fun I looked up 3/2 homes in Louisville under $300k. 317 results. Indianapolis, 658. That doesn't even go outside the city limits.
So spare me.
This post was edited on 7/25/24 at 3:44 pm
Posted on 7/25/24 at 3:42 pm to BabyTac
quote:
You’re not entitled to live in these cities. Live somewhere you can afford.
move to a cheaper area, homes get cheaper, but the wages also decrease significantly. Doesn't make it easier to afford a starter home, especially with current interest rates where they are
Posted on 7/25/24 at 3:43 pm to GeneralLee
quote:
GeneralLee
Just rip the mask off and own that you are a racist. Don't be a coward.
Posted on 7/25/24 at 3:43 pm to Ace Midnight
quote:
want to move
Simple…don’t. Don’t move if you can’t afford it.
Posted on 7/25/24 at 3:44 pm to GeneralLee
quote:then why are you still here?
Those are better than the USA in many categories that matter.
I’m old enough to remember what a “starter home” actually meant to a young adult on an entry level salary, and it was not a 3/2 home in a major metro suburban neighborhood LOL.
Posted on 7/25/24 at 3:45 pm to Chucktown_Badger
quote:
Because the people who start these threads will always pick the most expensive areas, and then use that to claim that all housing in all areas of the country is unattainable. It's disingenuous at best.
IMO:
Truth No. 1: It's absolutely true that it's no longer attainable to own a decent home for a pretty big swath of the country in desirable metro areas, including areas where it used to be viable to do just that for the same group.
Truth No. 2: It's true that many of the loudest people complaining about this would never explore viable home ownership in places they find backwards or unrefined (even if those places are safe/good communities). If you're a banker or a corporate lawyer and you're tethered to a city, I get that. But most people probably have more flexibility and many of them aren't willing to go to where the options are.
Posted on 7/25/24 at 3:45 pm to Chucktown_Badger
quote:
Because the people who start these threads will always pick the most expensive areas, and then use that to claim that all housing in all areas of the country is unattainable. It's disingenuous at best.
So you have a frick you, I got mine attitude.
What a disgusting, foul lot the boomers are.
Where do you expect to work in the restaurants, coffee shops, etc to live? They should have to suck it up and commute 2 hours each way to serve your entitled, arrogant arse?
The houses are in the areas where there are no jobs and limited opportunities. Who do we thank for that? The retarded boomers who offshored all the jobs to enrich themselves.
Posted on 7/25/24 at 3:47 pm to Pettifogger
that’s a completely fair analysis.
the last time i had to move I bought in Hammond though my business is in BR. It’s what I had to do to be able to afford what I wanted. Now, nearing retirement, Im happy I did that
the last time i had to move I bought in Hammond though my business is in BR. It’s what I had to do to be able to afford what I wanted. Now, nearing retirement, Im happy I did that
Posted on 7/25/24 at 3:48 pm to Dadren
quote:
Does she need to earn that much if she’s not paying darn near $1 million for 1200/ sq ft?
They own their house outright. Property taxes about $5000 a year. But car insurance is ridiculous, gas is $5+ gallon. Food prices are beyond outrageous.
Even if they sold their house, they would be hard pressed to get into something comparable with no mortgage. Property taxes are 1.5% just for information.
It’s expensive as hell to live out here. Oh and she commutes 40 miles each way to work. My BIL is all over SoCal for his job.
Posted on 7/25/24 at 3:48 pm to Limitlesstigers
quote:
boomer that tells them to go live in a BFE town with zero job prospects.
Same boomer better not be your old school boss, cause your arse ain’t WFH. You’ll pay 1 million for his recently retired co-workers house he paid 100k for 30 years ago, and you’ll have your arse in the desk M-F, 9-5.
Posted on 7/25/24 at 3:49 pm to Violent Hip Swivel
quote:
A Top 5 List of other countries where you would rather live would be fascinating.
Feels pretty obvious that was a shot at Cali
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