Are you making enough to make payments on a house????

[bleedinbrown58]

It really is location dependent. We sold my parents house in NY after my mother died last year…nothing fancy….3 bedroom house on a 1/4 acre for just under $600k (property taxes are 13k a year). I bought a similar size house on a bigger piece of property in Illinois a few years ago for under $140k.

 

[Over70irregs]

The early 90s in CA had a housing crash…

The WORST Housing Crash EVER | Reventure Consulting

How bad will the 2021 Housing Crash be? Find out by looking back in history at the WORST Housing Crashes of all-time.

reventureconsulting.com

“It then took another four years for prices to recover to their previous highs. Meaning that those who bought a home in Los Angeles in 1990 had to wait 10 YEARS – until 2000 – to recover their acquisition value. Note that similar home price declines also occurred in Orange County and Riverside.”

I sold two condos in Southern California

One in the Alisa Viejo in 2005, for $349,000 was bought in 1995 102k less than 1000 ft.².

Another in Costa Mesa that was purchased new in 1978 for $58,000, sold in 2012 for 380k about 1400 ft.²

Looking at Zillow, both of these condos are close to double those prices now.

No idea how normal people afford Such small living spaces for ridiculous prices.

They don’t that’s partly why we have tent people

 

[Steamer]

Paid cash for ours on a few acres. Built in 2002 with a a detached 2 car garage. Some states are cheaper with our incomes. No ocean view. But we can visit.

 

[DriverNerd]

Maybe not go to graduate school at 90k a pop, buying 90k cars/trucks on 84 month payments at 5%, $9 coffee every morning, while driving to your PT job at UPS and wonder why you can’t afford a house.

Personal responsibility, make it happen or stop making excuses. Please, tell ‘me how I’m fortunate, I worked two FT jobs before dropping one to work PT here for insurance.

While this is true, the housing market sucks for younger homebuyers. To buy my house today (vs when I did 9 years ago) with today's market value and today's mortgage rates would cost $1000 more per month. Besides the hit to the monthly bills it takes considerably more for a down payment.

 

[Brownslave688]

Median. Don't need those salaries for an entry level abode with a decent down payment.

Decent down payment gotta love the boomers.

 

[IVE GOTTA PACKAGE 4U]

While this is true, the housing market sucks for younger homebuyers. To buy my house today (vs when I did 9 years ago) with today's market value and today's mortgage rates would cost $1000 more per month. Besides the hit to the monthly bills it takes considerably more for a down payment.

When I bought my house I'm at 30 years ago the interest rate was 8%. And that was a good rate for people with good credit

 

[DriverNerd]

When I bought my house I'm at 30 years ago the interest rate was 8%. And that was a good rate for people with good credit

The rates wouldn't be so terrible if the price of houses hadn't skyrocketed so much in the last few years. The super low rates made those expensive houses semi-attainable. But with both together it makes the monthly payment really high.

 

[IVE GOTTA PACKAGE 4U]

The rates wouldn't be so terrible if the price of houses hadn't skyrocketed so much in the last few years. The super low rates made those expensive houses semi-attainable. But with both together it makes the monthly payment really high.

Houses are stupid money right now

 

[sailfish]

Decent down payment gotta love the boomers.

Just make a 100% down payment and you won't have to worry about any mortgage. I don't know what everyone's problem is.

 

[Thebrownblob]

Just make a 100% down payment and you won't have to worry about any mortgage. I don't know what everyone's problem is.

Normal down payment 20% for a $600,000 house it’s just 120K lol I’m sure all these millennial have that much saved

 

[JR Ewing]

Where is the list for a double wide trailer?

That payment is 863 in GA. Family member bought one.

 

[Over70irregs]

When I bought my house I'm at 30 years ago the interest rate was 8%. And that was a good rate for people with good credit

I was FHA

 

[PreTrippin’]

Normal down payment 20% for a $600,000 house it’s just 120K lol I’m sure all these millennial have that much saved

Hey we’re just waiting for a good interest rate ok?

 

[Over70irregs]

40yr mortgage incoming.

 

[Commercial Inside Release]

Back in the day, interest rates averaged around 6-9%, BUT...
Houses back then didn't cost $400-999k!

USA is kidding itself, if they think the public will pay $1300\mo for a vehicle, and $3500\mo for a house.

 

[DELACROIX]

Back in the day, interest rates averaged around 6-9%, BUT...
Houses back then didn't cost $400-999k!

USA is kidding itself, if they think the public will pay $1300\mo for a vehicle, and $3500\mo for a house.

The scary part of it is that somebody is actually purchasing those luxury homes and vehicles. Sure don’t run in that social circuit.

 

[DELACROIX]

40yr mortgage incoming.

I believe that Japan had generational mortgages..

 

[Brownslave688]

40yr mortgage incoming.

And the numbers are scary if you actually run them. For the average mortgage you’re talking about saving like 175 bucks a month while paying almost double the amount of interest over the life of the loan compared to 30 year.

 

[Thebrownblob]

And the numbers are scary if you actually run them. For the average mortgage you’re talking about saving like 175 bucks a month while paying almost double the amount of interest over the life of the loan compared to 30 year.

Absolute insanity

 

[anonymous23456]

We need to restrict foreigners (who do not at least have green card) from owning real estates in the USA. We also need to expand mobile home living space. That will reduce the demand. Think about this: do you own the land you live on? Want to find out? Don't pay property tax and see what happens. Why do we pay, pay, and pay all kind of taxes?