Current Events > How could anyone afford a fucking house these days

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Dark_Koopatrol
03/05/23 8:59:45 PM
#1:


nt
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gildedwings
03/05/23 9:00:48 PM
#2:


Just ask your dad for a million dollars

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Prismsblade
03/05/23 9:02:02 PM
#3:


I'll be owning mine soon. Took me years living with dependents to finally save the money but it's happening.

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R1masher
03/05/23 9:02:59 PM
#4:


Its killing me

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Turbam
03/05/23 9:03:16 PM
#5:


Generational wealth

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#6
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Dark_Koopatrol
03/05/23 9:12:08 PM
#7:


I make $5000/month after tax and the monthly payments for a low-middle class house is $4000-$4500/month. I could barely eat my food...
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nurleschka
03/05/23 9:28:10 PM
#8:


That's a crazy mortgage
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Homeless_Waifu
03/05/23 9:32:00 PM
#9:


Cheating the system

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#10
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#11
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daynlokki
03/05/23 9:36:56 PM
#12:


So a minimum loan of 900k?
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MrResetti
03/05/23 9:37:14 PM
#13:


I live in NC.

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Makeveli_lives
03/05/23 9:38:01 PM
#14:


Dark_Koopatrol posted...
I make $5000/month after tax and the monthly payments for a low-middle class house is $4000-$4500/month. I could barely eat my food...
I make 4k a month and my mortgage is 2k with 5 percent down in NJ, one of the most expensive states. Bought at 3.7 interest in 2021.

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whitelytning
03/05/23 9:40:46 PM
#15:


Makeveli_lives posted...
I make 4k a month and my mortgage is 2k with 5 percent down in NJ, one of the most expensive states. Bought at 3.7 interest in 2021.

So 50% of your income goes to a mortgage? Sounds sketchy.

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Gamingsince1989
03/05/23 9:41:09 PM
#16:


It depends on where you live and what options are available to you. I saved up money to buy a house in California but the houses I wanted were out of my price range and the ones I could afford were in really bad neighborhoods. I ended up moving out of state to find houses I wanted that I could afford.

I was also able to get a low interest loan through a program for teachers. They also gave me extra money for the down payment and closing costs, and I didn't have to pay that back as long as I lived in the house for 5 years.
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hyperskate65
03/05/23 9:41:13 PM
#17:


MrResetti posted...
I live in NC.

Same. Still can't, lol.

Well... I COULD, but not the initial payment to acquire said home for the affordable amount.

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MrResetti
03/05/23 9:43:36 PM
#18:


hyperskate65 posted...
Same. Still can't, lol.

Well... I COULD, but not the initial payment to acquire said home for the affordable amount.
I put 1k due diligence and used the first time home buyer loan of 8k and that's all I put down. My 3 bed 2 bath is $1100 a month and that's really only that high because too much is being escrowed and PMI from...well not putting enough down.

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Payzmaykr
03/05/23 9:48:57 PM
#19:


The issue is managing to save money while paying rent. If you can live with a family member for free or rent a place with three or four people, you can save up. Then once you have enough saved up, you can afford the down payment on a mortgage. I dont know what percentage it is, since Ive never bought a house, but I guarantee it would be six figures for a $500,000 house.

Going by what people in my area tell me, a mortgage isnt very much more expensive than rent. By that, I mean its roughly the average price to rent a house.

My brother and I are both in a situation where we can bankroll some money for a couple years and hopefully have enough for the down payment on a mortgage to share a house. Then we ask our parents to talk to their real estate guy and make sure we dont get screwed over. Then we pay a mortgage for several decades, but never have to worry about the landlord taking the property back for personal use again.

Backup plan: My parents downsize and make massive profit from their house, then buy a house for themselves and one for my brother and me. Then we pay them back, which would be less stressful than paying a bank. It would also help them keep some monthly income because theyre retired now.
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Makeveli_lives
03/06/23 7:23:07 AM
#20:


whitelytning posted...
So 50% of your income goes to a mortgage? Sounds sketchy.
It is what it is. I make 76-80k a year at my job before deductions and taxes. Its 50 percent of my take home pay going to my mortgage.

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Slaya4
03/06/23 7:26:46 AM
#21:


Moving out of state

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Jagr_68
03/06/23 8:14:55 AM
#22:


Illegally downloaded a house.

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g980
03/06/23 8:58:19 AM
#23:


time travel back to 2017 to buy a house

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SquantoZ
03/06/23 9:01:30 AM
#24:


Bought my house when the rates were close to an all time low in 2020. My mortgage is about the same as the average 2 bedroom apartment in Massachusetts. I also doubled my salary in that same year.

While I'm happy with how my circumstances turned out, a whole lot of luck played into it and not everyone will have similar scenarios

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Euripides
03/06/23 9:01:55 AM
#25:


Know that you're not going to be buying your dream house. Once you get your foot in the door and move from rent to mortgage, then "leveling up" your house becomes easier. It's the point of entry that is really tough.

Our first home purchase was a 2 bedroom apartment that had been converted from a rental to a condo. It wasn't very big, and it was definitely overpriced for the square footage, but it got us to where we are now.
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Fable
03/06/23 9:03:04 AM
#26:


My work moved me across the country and gave 40k in assistance and set us up with a really good real estate agent. Without that, I would not have been able to buy my house. We also got super lucky and found a nice house in our budget that didnt have anything wrong with it. The sellers just only wanted to sell to young couples and not someome that was going to flip it into an Air BNB or something like that.

That being said yeah unless you have 20k in the bank, basically no outstanding debt, and a good credit score, it's almost impossible to get a house in 2023...

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Glob
03/06/23 9:04:23 AM
#27:


I did own a house. I dont anymore but I could very easily. Doesnt seem worth the hassle.
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Southernfatman
03/06/23 9:05:04 AM
#28:


It's all part of the plan. Corporations will own almost every home and everyone will be a slave to landlords. The top people who run things want most people poor and desperate who would be afraid to buck the system and face eviction.

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Haejin
03/06/23 9:05:49 AM
#29:


It's messed up, no one wants to live in America anymore

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radical_rhino
03/06/23 9:09:44 AM
#30:


Me and my spouse both make 6 figures. We bought a suburban 4-bedroom. We save money very slowly between mortgage and daycare. Not west coast or NY.

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Turtlebread
03/06/23 9:17:35 AM
#31:


Just start your own business duh

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bluezero
03/06/23 9:18:36 AM
#32:


Just be a 25 year old white person, they get on TV for renovating or buying a house.

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Eramir
03/06/23 9:19:31 AM
#33:


gildedwings posted...
Just ask your dad for a million dollars


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Itachi157
03/06/23 10:47:21 AM
#34:


I just bought a house in California, the down payment was like 87k. I had been living with family the past several years in order to save that up. Like another poster said the issue is probably managing to save up for the down payment while likely also paying rent, etc.
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theAteam
03/06/23 10:50:05 AM
#35:


I moved from a high COL area to a medium COL area. The only way I was able to do this is having a remote job where I could take my high COL salary and move it to the medium COL area.

I have no idea how people in either area are doing it on local salaries, outside of like actual rich people.

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Payzmaykr
03/06/23 10:51:39 AM
#36:


Itachi157 posted...
I just bought a house in California, the down payment was like 87k. I had been living with family the past several years in order to save that up. Like another poster said the issue is probably managing to save up for the down payment while likely also paying rent, etc.
What was the price of the house itself, if you dont mind saying? You have no idea how much I want to move to California (these mountain winters are too much).
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TerraSeeker
03/06/23 12:05:19 PM
#37:


I hear truck drivers can make 6 figures.

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Itachi157
03/06/23 2:37:44 PM
#38:


Payzmaykr posted...
What was the price of the house itself, if you dont mind saying? You have no idea how much I want to move to California (these mountain winters are too much).

@Payzmaykr it was 425k. I live in one of the cheapest areas of SoCal and this was like the minimum to get a decent house in a decent neighborhood. You can get cheaper but you may end up with an older home in a not so nice neighborhood, etc.
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SHRIKE
03/06/23 2:39:25 PM
#39:


Its certainly difficult but doable for most people who moan about it in my experience.
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Supersex420
03/06/23 2:39:38 PM
#40:


I have the position to save a lot of money, but not the job. So I have to save a pittance...

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Vermander
03/06/23 2:40:30 PM
#41:


Were definitely in a housing bubble right now, its not the time to buy a home.

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Smackems
03/06/23 2:43:55 PM
#42:


Mine was given to me

Well I have to take care of the previous owner the rest of her life but yeah

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Makeveli_lives
03/06/23 2:46:22 PM
#43:


Smackems posted...
Mine was given to me

Well I have to take care of the previous owner the rest of her life but yeah
Fair trade for a house tbh.

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the_pika
03/06/23 2:47:16 PM
#44:


Dark_Koopatrol posted...
I make $5000/month after tax and the monthly payments for a low-middle class house is $4000-$4500/month. I could barely eat my food...

NYC?
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the_pika
03/06/23 2:49:05 PM
#45:


Southernfatman posted...
It's all part of the plan. Corporations will own almost every home and everyone will be a slave to landlords. The top people who run things want most people poor and desperate who would be afraid to buck the system and face eviction.

this. I have been ringing the alarm bell for years but nobody listens to me.

and by landlords they mean huge corporate ones, not a guy who saved all his life in order to have an extra property or two to rent

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TaylorHeinicke
03/06/23 3:00:02 PM
#46:


Dark_Koopatrol posted...
monthly payments for a low-middle class house is $4000-$4500/month
where the fuck are you looking at bro and can you work remote?

the_pika posted...
this. I have been ringing the alarm bell for years but nobody listens to me.
i dont think anyone disagrees with you. we've just acknowledged that nothing can or will ever be done to prevent this from happening.

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Dark_Koopatrol
03/06/23 8:52:21 PM
#47:


TaylorHeinicke posted...
where the fuck are you looking at bro and can you work remote?
Greater Seattle area.

One of many examples:
https://gamefaqs.gamespot.com/a/user_image/0/9/3/AAUGGfAAEP_t.jpg

Also, I don't buy condos or apartments. They're ugly.
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Payzmaykr
03/07/23 9:45:30 AM
#48:


Itachi157 posted...
@Payzmaykr it was 425k. I live in one of the cheapest areas of SoCal and this was like the minimum to get a decent house in a decent neighborhood. You can get cheaper but you may end up with an older home in a not so nice neighborhood, etc.
Thats not bad at all compared to what I expected. I could honestly do that if I buckle down.
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TaylorHeinicke
03/07/23 11:49:07 AM
#49:


I mean, it's seattle. You're competing with shit like this

https://gamefaqs.gamespot.com/a/user_image/5/5/3/AAeZUIAAEQG5.jpg

https://www.zillow.com/homedetails/303-NE-115th-St-Seattle-WA-98125/48837889_zpid/

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Enderknight17
03/07/23 12:21:40 PM
#50:


I got fortunate that my parents gave me an acre of land. My dad bought it as a foreclosure for under $2k. Had a well and septic system already. With all of the junk on the property he hauled off he made his money back just in scrap metal.

We were able to use the property as collateral so didn't have a down payment. Worked my ass off, though, in getting the site ready for our house. We decided on a modular and between my dad and myself we did so much damn work. Grading, foundation, waste plumbing, etc.

To pay for all of that me and my wife lived very frugally for a long time. Literally beans and rice every day. No going out to eat. Didn't buy anything that wasn't completely necessary.

We were lucky in a lot of ways but definitely made sacrifices to position ourselves to take advantage of the opportunity given to us.

Most of the time when I mention to people what we did they're automatically against the idea. Don't want to give up their smartphone, hobbies, eat as cheap as possible, stuff like that. It's possible but takes sacrifice.

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