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re: So all I need to do to afford a $750,000 house
Posted on 3/17/25 at 4:14 pm to SlowFlowPro
Posted on 3/17/25 at 4:14 pm to SlowFlowPro
quote:
There is a very, very small % of people making 3+ hours round trip daily commutes
Well I’m not disagreeing, I don’t know the percentages. Most people I know who moved to work in major cities back in the early 90s lived an hour or so away. I only know a handful but even in New Orleans with their firefighters, the ones I know drive an hour or so to work.granted I’m mostly meaning major cities, not New Orleans
1
Posted on 3/17/25 at 4:19 pm to wallowinit
quote:
The point is there are things you can do. There are things everyone can do to cut cost and in some cases drastically in order to make things like a house more affordable.
Median home price right now is $419200
Lets say we have a 21 year old that is a real go getter. He was one of the lucky few that got a nice salary job out of college. He makes $70k in a state with income(well use AL). After all taxes he brings in $54,481
Hes very frugal and cooks every meal. Never goes out or gets takeout. His daily meal budget id $15 which is $450/mth
His modest car payment and insurance is $375/mth
He got a pretty far apartment from work so his gas costs/car maintenance is $320/mth
His 1br apartment is $1000/month and utilities $200/month
He saves $2200 every month for a house by never doing anything but work. No vacations, no avacado toast, no girlfriend, no eating out.
He decides that he wants to buy a house 100k UNDER median home value at $319k.
It takes him 2.5 years to finally get the money to buy the house....but his house payment is now $2250 and his utilities, home maintenance, insurance and property taxes are now $700
His monthly expenses doing the absolute bare minimum are $4200...he brings in $4500
This is for a totally unrealistic scenario of a young person making $70k...which is probably 10% of those under 25.
Posted on 3/17/25 at 4:24 pm to scottydoesntknow
The numbers don’t add up for a healthy or sustainable real estate market. Lots of studies showing that the majority of Americans can’t afford an emergency or have no retirement but the average house in most metros (where jobs are) requires a down payment north of $50,000.
Posted on 3/17/25 at 4:24 pm to scottydoesntknow
quote:
This is for a totally unrealistic scenario of a young person making $70k...which is probably 10% of those under 25.
Wouldn't shock me if that was sub-20% for those 25-30, given the median salary in the US (especially for non-college graduates).
But thank you for showing work. I was hoping someone would take me up on a similar thought experiment when they were talking about how we pay for more stuff every month today (a fact I'm not disputing, but it's largely irrelevant in the big picture).
Posted on 3/17/25 at 4:29 pm to scottydoesntknow
quote:
He decides that he wants to buy a house 100k UNDER median home value at $319k.
Why would anyone put 20% down anymore. Such boomer mentality
A 300k mortgage payment is 2500 with taxes/insurance
Whats rent for that same house? 2k why wouldnt he buy
Posted on 3/17/25 at 4:31 pm to DownshiftAndFloorIt
quote:You kids have no clue what struggle is. Try living during the Carter years.
Old people don't understand the struggle.
Posted on 3/17/25 at 4:34 pm to goldennugget
quote:
Is to cancel my Netflix subscription and stop buying lattes and avocado toast?
Then I will be able to afford a house?
But what if I don't subscribe to Netflix, don't drink coffee, or eat avocado toast?
Also can you point me in the direction of those $500 beater cars that are always being talked about while you're at it?
lol @ this whiny BS again.
Who convinced Millennials that victimhood was the path to happiness and success?
Posted on 3/17/25 at 4:38 pm to scottydoesntknow
quote:Single people making that trying to buy a house is the unrealistic scenario. Pretty much any house.
This is for a totally unrealistic scenario of a young person making $70k...which is probably 10% of those under 25.
Married couple where both are making that how realistic does the scenario get? Wouldn’t be optimal, but suddenly looks possible. Especially after 5-8 years of marriage.
There’s a reason people used to wait about buying their first home until just before or after the birth of their first child.
Posted on 3/17/25 at 4:40 pm to Mushroom1968
In 1994 I bought my first home. I was making $16k a year. Home was $65k. I don’t remember what my interest rate was. I drove an 82 Chevy pickup. I have no idea how that translates to today’s time for young people. I’m by no means bashing younger folks, I have kids, one who is married and lives in Houston now.
Eta: It was a shitty house in the ghetto, but one of the “nicer” homes in the area
Eta: It was a shitty house in the ghetto, but one of the “nicer” homes in the area
This post was edited on 3/17/25 at 4:41 pm
Posted on 3/17/25 at 4:40 pm to RollTide4547
quote:
If you can't get what you want/need in your current location you have 2 choices. 1) Do without the thing you want/need 2) Search for it somewhere else. If you can't find a house that you can afford in the location you are at, either rent (option 1 do without owning a home) or move somewhere else and find a home (option 2).
Agreed. Hearing Boomers try to equate today’s finances like it’s still 1970 is funny though. Which I assume is the premise of the thread.
Posted on 3/17/25 at 4:41 pm to SlowFlowPro
quote:Whats a good salary when you are house broke
So move away from the areas with good salaries and jobs to be more poor and not be able to afford the $150k house in a depressing shithole with no future inBFE ?
congrats on that 150k job and the credit card debt you need to afford to live there
quote:You think 150k houses only are located in shithole towns? you truly are stupid.
$150k house in a depressing shithole with no future
There are towns all over the country that offer good jobs and affordable housing. You are just too stupid to realize it
Posted on 3/17/25 at 4:42 pm to DownshiftAndFloorIt
Old people remember when interest rates were 15%
Posted on 3/17/25 at 4:42 pm to Paytonisablowhard
See we got a couple people stuck on the att next plan lmao
Posted on 3/17/25 at 4:42 pm to AuburnTigers
Where are you located
Posted on 3/17/25 at 4:43 pm to AuburnTigers
quote:
You think 150k houses only are located in shithole towns? you truly are stupid.
You realize you're the one who made the "move" argument to avoid answering this question, right?
quote:
What will $150k get you in DTX Metro?
quote:
There are towns all over the country that offer good jobs and affordable housing. You are just too stupid to realize it
Why do you think this is personal to me?
Posted on 3/17/25 at 4:43 pm to NIH
quote:Mobile
Where are you located
Good paying jobs and affordable housing.
Posted on 3/17/25 at 4:44 pm to AuburnTigers
We probably have different definitions of good paying. At least you’re close to the beach
Posted on 3/17/25 at 4:46 pm to NIH
quote:
We probably have different definitions of good paying
Median income in Mobile appears to be around $55k
Median home sales price is like 192k. So it just barely lines up with the 28% rule.
This post was edited on 3/17/25 at 4:48 pm
Posted on 3/17/25 at 4:51 pm to goldennugget
Mate you can come and stay at mine. $85 per night cash you'll get your own bathroom and queen sizes tempurpedic knockoff
This post was edited on 3/17/25 at 4:52 pm
Posted on 3/17/25 at 4:52 pm to SlowFlowPro
quote:Do I give a shite about DTX Metro? No. If you cant afford to live there, MOVE.
What will $150k get you in DTX Metro?
You were clearly implying that you cant buy anything for 150k. I didnt avoid shite. I told you to fricking move to where you can afford to buy a home.
fricking A, i feel like im having to explain basic logic to a retard
quote:You are arguing on behalf of those that cant afford homes in areas you deem NON SHITHOLES with good paying jobs. Why are you so fricking obtuse?
Why do you think this is personal to me?
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