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Message
re: The math for buying a home no longer works, per WSJ
Posted on 12/21/23 at 8:18 am to CountryVolFan
Posted on 12/21/23 at 8:18 am to CountryVolFan
It’s laughable someone thinks adding a middle man makes your life cheaper. It absolutely doesn’t. How is having someone else own your home that you pay to handle everything for you cheaper? It’s not, it never has been, and it never will unless it’s short term when a mortgage expense and resell adds up.
Living somewhere 5+ years and buying within your means is not expensive. People love to compare a shitty rental home to something they would buy, a rental in a neighborhood you can buy is often close to 2x the cost of a mortgage.
Living somewhere 5+ years and buying within your means is not expensive. People love to compare a shitty rental home to something they would buy, a rental in a neighborhood you can buy is often close to 2x the cost of a mortgage.
0
Posted on 12/21/23 at 8:19 am to CountryVolFan
quote:
But when the median income can't afford HALF of the median home price, there is an issue.
$75k per year income ($6250/month) can't afford $2250/month mortgage?
Posted on 12/21/23 at 8:21 am to meansonny
quote:
$75k per year income ($6250/month) can't afford $2250/month mortgage?
Are you familiar with tax withholdings?
Posted on 12/21/23 at 8:26 am to meansonny
quote:seems like a bad idea to me. i'm sure you could get the loan though.
$75k per year income ($6250/month) can't afford $2250/month mortgage?
Posted on 12/21/23 at 8:28 am to meansonny
quote:
$75k per year income ($6250/month) can't afford $2250/month mortgage?
You don’t take home 6250 if you make 75k
Posted on 12/21/23 at 8:30 am to GreatLakesTiger24
quote:
$75k per year income ($6250/month) can't afford $2250/month mortgage?
quote:
seems like a bad idea to me. i'm sure you could get the loan though.
A better idea would be to find a home that’s within your means to afford. I know it sounds crazy to many here. But you don’t have to start out with a $2,000 mortgage right off the bat.
Posted on 12/21/23 at 8:37 am to Darth_Vader
quote:
A better idea would be to find a home that’s within your means to afford. I know it sounds crazy to many here. But you don’t have to start out with a $2,000 mortgage right off the bat.
I know you think we should all be living in single wides out in the woods to start, but assuming something like 3.5% down (we're talking about a FTHB here), something like $1,700-$2,000 is about right for a monthly once you factor in insurance, pmi, etc. for a basic home.
I just looked at the starter home I had about a decade ago. Real basic, not in a rich area, carpet throughout, that fake tile stuff, property crime was pretty standard in that ZIP code. The Zestimate is now $190,000. Assuming 3.5% down, the monthly would be about $1,800.
This post was edited on 12/21/23 at 8:42 am
Posted on 12/21/23 at 8:40 am to meansonny
quote:
People today do not want to hear about the sacrifices made in their teens and twenties by some.
Those sacrifices setup opportunity twenty years later.
Why do I hear Jack Nicholson's voice when I read this?
Did you order the code red?!?!
This post was edited on 12/21/23 at 8:41 am
Posted on 12/21/23 at 8:40 am to Scuttle But
quote:
quote:
$75k per year income ($6250/month) can't afford $2250/month mortgage?
Are you familiar with tax withholdings?
Yes.
Both tax withholdings and tax refunds.
Posted on 12/21/23 at 8:42 am to GreatLakesTiger24
quote:
seems like a bad idea to me. i'm sure you could get the loan though.
Several people within this thread claim that amount is the best rent available in their area.
Pay it to a landlord?
Or own something?
Posted on 12/21/23 at 8:42 am to Damone
quote:
Why are selfish boomers and their ilk so afraid to admit that younger generations have it harder than they did?
Probably because they're as soft as baby shite compared to the greatest generation, which endured actual struggle.
Posted on 12/21/23 at 8:48 am to GetCocky11
quote:
know you think we should all be living in single wides out in the woods to start, but assuming something like 3.5% down (we're talking about a FTHB here), something like $1,700-$2,000 is about right for a monthly once you factor in insurance, pmi, etc. for a basic home.
And they wouldn’t leave much left over for the latest iPhone, daily $5.00 coffee at Starbucks, eating out every night, and $300 tickets to every concert that comes to town would it? God forbid anyone has to take a bologna sandwich & a bag of chips to work for lunch instead of going out for sushi everyday.
Posted on 12/21/23 at 8:49 am to meansonny
quote:
$75k per year income ($6250/month) can't afford $2250/month mortgage?
jesus christ
Posted on 12/21/23 at 8:49 am to extremetigerfanatic
quote:
Why would a young person be looking at a 400,000 house in any normal market?
You need a 5 bedroom house? Or need to live on 2 acres?
Get a starter home and build equity. This acts like that’s not out there.
I just want to reiterate that I'm glad that I did not follow this advice when we bought our first house 6 years ago. We would've "wasted" historically low rates on a cheap house when we could've been building equity in a large home that we could grow into.
Posted on 12/21/23 at 8:53 am to Darth_Vader
quote:
And they wouldn’t leave much left over for the latest iPhone, daily $5.00 coffee at Starbucks, eating out every night, and $300 tickets to every concert that comes to town would it? God forbid anyone has to take a bologna sandwich & a bag of chips to work for lunch instead of going out for sushi everyday.
Ah yes, the standard response once backed into a corner. ThE iPhOnEs!!!!
Posted on 12/21/23 at 8:54 am to Epic Cajun
quote:
I just want to reiterate that I'm glad that I did not follow this advice when we bought our first house 6 years ago. We would've "wasted" historically low rates on a cheap house when we could've been building equity in a large home that we could grow into.
Well, as with all things, there’s two sides to that coin. I’ve seen some people go out and buy that nice house and end up what’s known as “house poor”. Basically they have that great house but can’t afford much else. You have to find a balance of what you can afford and still have money left for savings and living.
Posted on 12/21/23 at 8:55 am to GetCocky11
quote:
Ah yes, the standard response once backed into a corner. ThE iPhOnEs!!!!
I’m sorry if the truth hurts. There’s a shite ton of crap people today think they cannot live without, but in reality they can. They’re just too spoiled to realize it.
Posted on 12/21/23 at 8:56 am to meansonny
quote:we’ll I’m not claiming that so I don’t really care
Several people within this thread claim that amount is the best rent available in their area.
Posted on 12/21/23 at 8:58 am to GetCocky11
quote:they can’t help themselves baw
ThE iPhOnEs!!!!
Posted on 12/21/23 at 9:00 am to Epic Cajun
quote:
just want to reiterate that I'm glad that I did not follow this advice when we bought our first house 6 years ago. We would've "wasted" historically low rates on a cheap house when we could've been building equity in a large home that we could grow into.
I'm confused.
You bought a home that you couldn't afford?
Or you bought a home that you could afford?
Congrats on getting out of the renters rat race.
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