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Forum » How do people afford to buy a house?
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Thread: How do people afford to buy a house?

post 1462055683 09-13-2016, 09:56 AM
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#1
  1. miscbrah44
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How do people afford to buy a house?

I work my a$$ off for 60k a year and most the houses in my city are 300k plus... Did housing sky rocket or am I just poverty
Lifting since 06'
post 1462056133 09-13-2016, 10:00 AM
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Housing bubbled with all the get rich quick flipper schemes. Pricing is still way above reality in a lot of locations.
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post 1462056443 09-13-2016, 10:02 AM
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-Marry someone making a 100k a yea
-buy a house
-focus on being a good husband
-divorce after 10 years
-keep house
-alimony payments for life (most states after 10 years will give you alimony for life or until remarried)
-profit
-wait women do this all the time.
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post 1462056603 09-13-2016, 10:04 AM
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Lmao 60K and can't buy a 300K house.

Try living in Toronto or Vancouver where houses are all 600k+
post 1462056803 09-13-2016, 10:06 AM
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  1. amenccm
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Welcome to the modern world.

Only option is to take out a mortgage and spend the rest of your life paying it off.
*Wish I was dead crew*
post 1462057003 09-13-2016, 10:08 AM
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  1. melDorado
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I am 43 and I bought my house in a cheap part of the city 17 years ago even though I am only a low earner, because houses were affordable then and pre-sub prime crisis you could actually get a mortgage

My kids will never be able to buy a house even if they do better than me salary wise....
retired from powerlifting, retired from the misc
post 1462057053 09-13-2016, 10:08 AM
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Interest rates are at record lows. This is a great time for a fixed rated mortgage
post 1462057403 09-13-2016, 10:12 AM
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#8
  1. melDorado
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Originally Posted By Tier0⏩
Interest rates are at record lows. This is a great time for a fixed rated mortgage
Yeh if you can get one...
I recently tried to remortgage to take advantage of this and was flat refused even though I have 45% equity and have paid my mortgage for 17 years regular and never defaulted on it. Wtf gives with that?
retired from powerlifting, retired from the misc
post 1462057533 09-13-2016, 10:13 AM
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no school debt / 5% down payment first time home buyers (canada ontario) / rent it out / good location and research
Finasteride or die crew
post 1462057813 09-13-2016, 10:15 AM
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Originally Posted By melDorado⏩
Yeh if you can get one...
I recently tried to remortgage to take advantage of this and was flat refused even though I have 45% equity and have paid my mortgage for 17 years regular and never defaulted on it. Wtf gives with that?
You're from the UK, and it's far easier in the USA. Sorry though :[.
post 1462057883 09-13-2016, 10:15 AM
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300k mortgage works out to about $1500 per month. A couple/family with a combined income of 100k can manage that. Of course they are basically enslaving themselves for the next 25+ years when you tack on property taxes, maintenance, utilities, and the fact that interest rates can only go up.
post 1462057903 09-13-2016, 10:16 AM
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#12
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Live with your parents till you're 40
Save 50k
Marry someone making 100k+

Do all of the above and your mortgage will be like $10/month (srs)
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post 1462058043 09-13-2016, 10:17 AM
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bought townhouse in 2004 with 80/20 loan, nothing down
re-fi'ed into conventional
sold in 2009, netting around $60K
bought first real house
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post 1462058383 09-13-2016, 10:20 AM
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Originally Posted By miscbrah44⏩
I work my a$$ off for 60k a year and most the houses in my city are 300k plus... Did housing sky rocket or am I just poverty
live like poverty and save sum money bro. Being financial responsible and saving money helps you get better women too srs.
post 1462058573 09-13-2016, 10:22 AM
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  1. engj
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I had a bunch of money saved in 2001 and was looking at places. I was making $60k/yr and nice houses were $175k or so. I used the money to go back to school instead, and when I came out I was making $75k and the same house was $300k.

I got in right after the 08 crash and leveraged to the tits, made extra mortgage payments and rode the bounce up. Now I make way more money and have some equity to play with so its got easier.

I don't know how anyone is starting now. Wages have stalled for 10 years and real estate keeps climbing.
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post 1462058603 09-13-2016, 10:22 AM
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sorry OP you need at least $100k a year to post here, but even then it is recommended you stay in teen misc
post 1462058813 09-13-2016, 10:23 AM
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http://forum.obnoxiousbrutes.com/showth...post1461330663
post 1462058943 09-13-2016, 10:24 AM
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  1. FriendOfFrank
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Develop skills and make connections to get into a job that pays better than 60k per year. There are plenty out there if you have skills that are in demand. Just "working you ass off" isn't enough if your effort isn't focused in the right direction.
post 1462058993 09-13-2016, 10:24 AM
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Don't live where it's so fukin expensive. I'm 24 and just bought my first house on a USDA loan and didn't pay a penny to get into it. More rural areas qualify for this type of loan. I got a 1400 sq/ft house and my mortgage is under 800/month. I'm 20 minutes from Bakersfield.
post 1462059063 09-13-2016, 10:25 AM
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  1. miscbrah44
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Considering just living in ghetto apt driving a nice car and investing in stocks
Lifting since 06'
post 1462059453 09-13-2016, 10:28 AM
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mortgage for the next 30+ years is the only way.
B: 242lbs
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D: 330lbs
post 1462059463 09-13-2016, 10:28 AM
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they get into debts they shouldn't get into
post 1462059823 09-13-2016, 10:31 AM
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Originally Posted By miscbrah44⏩
I work my a$$ off for 60k a year and most the houses in my city are 300k plus... Did housing sky rocket or am I just poverty
If you go with an FHA loan, you only need 6K downpayment for a 300K home.
Living a happy life
post 1462060163 09-13-2016, 10:33 AM
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lol at thinking that 300k for a house is expensive...300k for get me a 1 bedroom condominium in my area
it took me 6 years of full time work before i purchased my first house...
post 1462060173 09-13-2016, 10:33 AM
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By living at home with family, cutting as many expenses as possible and setting saving targets. I think that it's really important to own property, especially if you want financial freedom. My goal is to own three.
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post 1462060413 09-13-2016, 10:35 AM
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Don't live somewhere that's expensive. I always lol at people my age who "must" live in the Bay Area/NYC and then complain about rent/commutes. Live in flyover country (the south/midwest), be responsible with money (don't buy useless **** like luxury cars, etc. and invest in the stock market with safe ETFs), and you'll be on your way.
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post 1462060533 09-13-2016, 10:35 AM
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I'm not sure that people are actually affording it. Rule of thumb used to be maximum mortgage/rent would be 25% of net income. I would imagine if you asked a lot of new homeowners if their monthly housing payment was under 25% of net income they would either: 1. not know the answer or 2. the answer would be no.
post 1462060753 09-13-2016, 10:37 AM
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Hahaha it sucks if you live somewhere with crazy prices.

Brb in Pittsburgh I bought a house for 90k. Put about 10k into it...can easily sell for 130k. My mortgage is $780/month.

I'm 10 minutes from downtown Pittsburgh. AKA a $9 Uber ride.

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post 1462060823 09-13-2016, 10:37 AM
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I don't even see the point in buying a house if you're a young single guy. I'm just gonna rent and use my money for other things. I'll buy a house if I get married and my wife would help me pay it off
post 1462061563 09-13-2016, 10:42 AM
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Originally Posted By miscbrah44⏩
I work my a$$ off for 60k a year and most the houses in my city are 300k plus... Did housing sky rocket or am I just poverty
usually 2 incomes, man and woman or 2 *******s since its the (((current year))) making 120k+ or more. Almost impossible to survive on your own.
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