- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: The math for buying a home no longer works, per WSJ
Posted on 12/20/23 at 10:22 am to 904
Posted on 12/20/23 at 10:22 am to 904
quote:
Some of these responses are out of touch with reality.
It’s how these threads always go. The people saying it’s bad journalism or denying reality are older and haven’t bought homes in 15-30 years.
The market is totally out of whack. We were lucky and used the equity from my condo plus a physician mortgage to get our house in 2022. 0% down, no PMI, 3.25% interest…though we did a 10 year ARM because rate was lower and we know we will outgrow the house within 5 to 8 years.
1
Posted on 12/20/23 at 10:22 am to ApexHunterNetcode
~75k is the US household median income
Posted on 12/20/23 at 10:26 am to GreatLakesTiger24
1. Marry a doctor's daughter
2. Get Paw in law to put down payment on house
3. ????
4. Profit/ Have house
2. Get Paw in law to put down payment on house
3. ????
4. Profit/ Have house
Posted on 12/20/23 at 10:27 am to 904
quote:
Or you could buy a house with 0% (zero) down like we did
I bought a home with 0% down through the USDA rural program in 2013. It was pretty sweet.
I don't own a home now, and I don't really have much interest in getting back into home ownership. However, to deny that the barriers are extremely high for anybody trying to get into home ownership is just burying your head in the sand.
And lol at the people saying FTHBs should just buy a fixer upper in a high crime area.
This post was edited on 12/20/23 at 10:28 am
Posted on 12/20/23 at 10:31 am to GetCocky11
quote:
I bought a home with 0% down through the USDA rural program in 2013. It was pretty sweet.
I don't own a home now, and I don't really have much interest in getting back into home ownership. However, to deny that the barriers are extremely high for anybody trying to get into home ownership is just burying your head in the sand.
It was the only path to homeownership for us that wasn't in the ghetto (which presents it's own costs obviously). Found a mortgage product from Regions which lets you buy with 0% down and no PMI if you have a high credit score and make under a certain amount annually. Only downside is that the rate is like 0.3% higher than market, but we got in at 3.8%. No regrets.
The barriers are real.
This post was edited on 12/20/23 at 10:33 am
Posted on 12/20/23 at 10:32 am to CatfishJohn
250k in "houston"
Posted on 12/20/23 at 10:32 am to Jcorye1
quote:
I was sick of renting
The basis for many bad home buying decisions. Enjoy being underwater, high interest, paying 3x for the house all while probably living in a worse neighborhood and spending more on repairs than if you just waited it out.
Posted on 12/20/23 at 10:37 am to Upperdecker
I hope people are starting to understand that for this regime this is a feature, not a bug. Private ownership of property is not something they’re looking to promote.
Posted on 12/20/23 at 10:38 am to nola tiger lsu
quote:
The basis for many bad home buying decisions. Enjoy being underwater, high interest, paying 3x for the house all while probably living in a worse neighborhood and spending more on repairs than if you just waited it out.
Rent has/is going up as well. It's entirely possible now to rent until your late 30s / early 40s and still not have saved up enough for a traditional down payment if you have an average income and aren't a hermit who spends no money on life.
Posted on 12/20/23 at 10:47 am to 904
quote:
Rent has/is going up as well.
Yeah it is hard, but at least it makes safe areas more accessible. And it really can be nice to not have to worry about maintenance.
Posted on 12/20/23 at 10:48 am to Epic Cajun
quote:
but don't feel like they can afford (or just don't want to afford) to buy something larger in this current market.
That’s entirely the current insane interest rate increases. It’s a unique circumstance. In a regular market, they’d probably scale up into a new house
Posted on 12/20/23 at 10:50 am to idlewatcher
quote:
The average hope price is 400+k Median income *now* isn't able to support buying at the average house price
To be technical, median and average (mean) are two different measures of central tendency. The OP mentions median income and median home prices, not “average.”
In a normal distribution, median, mode, and mean are the same number, while they are different in a skewed distribution.
Unnecessary post is unnecessary. Hahaha.
Posted on 12/20/23 at 10:50 am to 904
quote:
Rent has/is going up as well. It's entirely possible now to rent until your late 30s / early 40s and still not have saved up enough for a traditional down payment
Yes, I rented until late 30s and took a lot of hell for it but worked for me. I have no regrets.
Posted on 12/20/23 at 10:54 am to nola tiger lsu
I could and probably "should" buy a house now, I just don't want to deal it.
I'm single/no kids and work A LOT. I'm not trying to spend my precious free time working on some POS house in a suburb I don't care for.
I'm single/no kids and work A LOT. I'm not trying to spend my precious free time working on some POS house in a suburb I don't care for.
Posted on 12/20/23 at 10:54 am to Upperdecker
quote:
That’s entirely the current insane interest rate increases. It’s a unique circumstance. In a regular market, they’d probably scale up into a new house
You’re also ignoring the 5 figures in transaction costs that come from buying, selling and then buying again.
Buying a “cheap” starter home that you can’t grow into is almost always going to be a massive financial mistake.
Posted on 12/20/23 at 10:55 am to GreatLakesTiger24
quote:
I could and probably "should" buy a house now, I just don't want to deal it. I'm single/no kids and work A LOT. I'm not trying to spend my precious free time working on some POS house in a suburb I don't care for.
I’ll rent you a pod baw
Posted on 12/20/23 at 10:55 am to jordan21210
quote:
The people saying it’s bad journalism or denying reality are older and haven’t bought homes in 15-30 years.
Comparing median income to median home prices is a fools tale.
As I said, there are 50,000,000 rental units available in the US.
To equate median income to median price when there are 50,000,000 rental units available shows intellectual dishonesty.
It is as simple as that.
Comparing apples and oranges.
Posted on 12/20/23 at 10:56 am to GreatLakesTiger24
quote:
house in a suburb I don't care for.
The beauty of the proliferation of remote work from home jobs is that one doesn’t have to necessarily be in the city or the suburbs. They can live wherever they want to.
Posted on 12/20/23 at 10:57 am to GreatLakesTiger24
quote:
I'm not trying to spend my precious free time working on some POS house in a suburb I don't care for.
Thanks to the 3x income requirement for a lease, my complex is full of working aged people up to retired. No real significant amount of young people and everybody has jobs (based on the empty parking lot during the day). It's a nice place to live in. My dishwasher is about to crap out, but I don't have to worry about it at all. I used that dishwasher money towards travel instead
Posted on 12/20/23 at 10:59 am to GreatLakesTiger24
Your boy is over here with $165K in equity with a $1000 mortgage payment. 
Page 5 of 32
Popular
Back to top
Follow TigerDroppings for LSU Football News