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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 1462075663 09-13-2016, 12:20 PM
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#61
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-Low interest rates.
-Marry a spouse with a career and good income.
-Live humbly and save/invest.
-Don't buy an expensive house.
-We're at the end of a record bull market in equities, you could have made lots of money investing in the market, even a conservative allocation of ETF's would have gotten you a very very nice return. SPX(VOO) is up 100% from the last 5 years. Your investment/IRA/401k would have doubled in that period.
-You have to pay for shelter whether it's rent or buy, might as well get some equity out of it. Rent in some places is comparable to a mortgage note, especially if you want to live in a decent place.

The economy is nickle and dimming us so it isn't easy, but it can be done.
post 1462076213 09-13-2016, 12:23 PM
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[QUOTE=Testifier post_id=1462075443]how mad are you to the fact that if I sold my property now, I'd be able to buy your entire poverty block?

[img]http://i.imgur.com/Q7iUrO9.jpg[/mg][/QUOTE]lol ok, average house here is 500-600k. Nice houses are 700k+. doubt you could buy more than 1 house.

Keep coping with your expensive closet you call an apartment. AHAHAHAHHA
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post 1462078133 09-13-2016, 12:37 PM
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Have to earn more, or look for something less expensive.

Agree w/PP that it isn't a good idea for couples to base a home purchase on dual incomes.

Old rule of thumb was 2.1 times gross annual salary.

Our house was actually about $10K under that. It is small (about 1,000 sq. ft.) and about 30 years old.

Moving to far from your job isn't helpful. Usually you should find the best housing solution you can within the least possible commute time.

Depending on your location you might check out modular/pre-fab. If you have your own land and won't be saddled with lot rent then it can be workable. There are builders now that sell homes which look just like any other; e.g. sheet rock walls, not panels w/seams.
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post 1462078993 09-13-2016, 12:43 PM
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I just bought a house for 627k in BC it is only on a 6500 Sq foot lot and the house is 2000 Sq feet. The house was built in the 70's.

Am I doing it right
post 1462079813 09-13-2016, 12:49 PM
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Originally Posted By _zman⏩
Gotta admit, I wouldn't be where I am today without using the perks of serving my country in wars we don't belong in...another topic.

Even better, I get $1400 a month for school and tuition is free.
bro-i was getting 3100 a month in hawaii. it was tough going full time and working full time but oh lawd that money was good while it lasted
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post 1462080013 09-13-2016, 12:50 PM
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I LOL hard when dudes try to act all hot when they say they own a home.

brb $150k home in the middle of kansas


but but but but I'm a homeowner!!

post 1462080233 09-13-2016, 12:52 PM
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Originally Posted By devin45k⏩
I cashed in some of my bodypoints to buy my house....no ragrets
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post 1462080993 09-13-2016, 12:57 PM
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Originally Posted By J1n⏩
cope harder. LMAO!

also my property is worth about 80k more than when i bought it (4 years ago). Also my property inst artificially inflated in price by the Chinese. You're the one that's gonna be with the property that's worth less than you bought when the Chinese stop buying in LA. Just LOL @ you.
This is a big, big problem in Canada. All fights and jabs aside, the Chinese are making it very difficult for Canadians to afford housing. They simply buy properties and hold them as bank accounts. Vancouver just recently introduced a new tax for foreign buyers. IMO, they need to go beyond that and put a freeze on all foreign property purchases for awhile till things stabilize. Then start some sound economic policies to prevent it from happening again.

I'm not saying people shouldn't be able to purchase properties in different countries, but we need to limit these types of "investments" or are kids will never afford to buy a home.
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post 1462081433 09-13-2016, 01:00 PM
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invest 10k in a time machine and go back a few years srs

dat dere 160k with only 68k left on the mortgage hehe
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post 1462082803 09-13-2016, 01:09 PM
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Does testifier ruin every thread he posts in?

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post 1462083033 09-13-2016, 01:11 PM
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1. Save up for a big down payment
2. Move somewhere where house prices aren't ridiculously inflated
3. Buy something that needs a little work. Save money + Acquire skills + make it your own = Profit


Obviously, you can't be working at some dead end job as well.
post 1462083083 09-13-2016, 01:11 PM
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Originally Posted By Testifier⏩
how mad are you to the fact that if I sold my property now, I'd be able to buy your entire poverty block?

How much do you owe the bank for your mortgage?
post 1462083563 09-13-2016, 01:14 PM
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I LOL hard when dudes try to act all hot when they say they save money living at home.


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post 1462083583 09-13-2016, 01:15 PM
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I just got a loan for a 313k house, at 3.50% I put 15% down, no mortgage insurance.


Cash, I had 20% (and then some) but decided to only give them 15 so I could finish the basement and keep reserves.


Cash is how you get a loan, it sucks, it's hard to save......cut the bull**** out of your life.....move back in with your parents.....do what you need to do to get the CASH first.
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post 1462083643 09-13-2016, 01:15 PM
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How do you live on 60k/yr let alone buy a house??
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post 1462084973 09-13-2016, 01:23 PM
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How expensive of a house do people that make 60k usually live in? I wouldn't think 300k is unobtainable for that salary since no one is actually straight up buying a 300k house lol. Put down 15% and your mortgage payment is like $1200/mo thats not anything crazy.
post 1462085013 09-13-2016, 01:24 PM
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Originally Posted By Testifier⏩
how does it feel knowing my 750sf condo is more expensive than 5 bedroom houses in ur poverty area?

HAHAHAAHHAHHAHHAHAHAHAHHAHA
why is that a good thing? that would piss me off, I hate seeing all these big ass house that go for the same or less then what I payed for mine
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post 1462085363 09-13-2016, 01:25 PM
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Originally Posted By 0p3rator⏩
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
This is one way to obtain a down payment.
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post 1462085583 09-13-2016, 01:26 PM
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Originally Posted By FFailed⏩
How expensive of a house do people that make 60k usually live in? I wouldn't think 300k is unobtainable for that salary since no one is actually straight up buying a 300k house lol. Put down 15% and your mortgage payment is like $1200/mo thats not anything crazy.
more like $1,800

Get a roommate and it's easy.....the 15% is the hard part that's 45k after closing costs and realtor fees, looking at like 50. Most people don't have 5k in their savings.
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post 1462085703 09-13-2016, 01:28 PM
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Originally Posted By Criollo⏩
why is that a good thing? that would piss me off, I hate seeing all these big ass house that go for the same or less then what I payed for mine
Why would anyone think their 750sqft condo being as much as a 5 br house is a good thing......you have to be retarded.

Just lol.....ok I'll buy my 5 bedroom house, you can keep your **** condo.
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post 1462085913 09-13-2016, 01:29 PM
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Originally Posted By LikeAMachine⏩
more like $1,800

Get a roommate and it's easy.....the 15% is the hard part that's 45k after closing costs and realtor fees, looking at like 50. Most people don't have 5k in their savings.
Ya its ~1800 for a 15yr and 1200 for a 30. I guess it depends on what youve been saving before you buy this house. Is he making 60k living at home or currently renting?
post 1462086773 09-13-2016, 01:35 PM
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Originally Posted By FFailed⏩
Ya its ~1800 for a 15yr and 1200 for a 30. I guess it depends on what youve been saving before you buy this house. Is he making 60k living at home or currently renting?
He is probably spending like he's making 120k and dumbfounded why he can't save money.



Also, Taxes, you're paying something so that 1,200 is more like 1500-1800
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post 1462091083 09-13-2016, 02:06 PM
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Originally Posted By LikeAMachine⏩
He is probably spending like he's making 120k and dumbfounded why he can't save money.



Also, Taxes, you're paying something so that 1,200 is more like 1500-1800
Ya my townhouse is worth ~250k and taxes for the year I think are going to be around $5000 fuk me (bought it from a church that was tax exempt so dont have past tax history but have seen the others in my neighborhood). Property taxes around here are a joke. I've been looking at places in seattle and even at almost 400k their property taxes are like half mine. Out there you would have to buy like a 800k house to get property taxes as high as mine it seems like. Its something people forget to factor into their mortgage payment when moving areas and you dont realize how big of an impact it has on your monthly payment.
post 1462091323 09-13-2016, 02:08 PM
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lmaooo wish places cost 300k here, I could buy in cash. Instead its all 800k for a decent house.
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post 1462091693 09-13-2016, 02:10 PM
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-buy property on dirt road for $30k
-park a $ 15,000 camper on it.
-save the rest.
post 1462092563 09-13-2016, 02:17 PM
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I used to bitch about the prices here until I started traveling for work. I go to LA, Seattle, and Portland all the time and the real estate Prices are ridiculous.
post 1462092773 09-13-2016, 02:18 PM
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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
You can do any or all of the following OP.

1. Get a higher paying job, or make more money somehow
2. Marry someone who has a decent salary
3. Save money every month for a decent down payment
4. Move to an area that has cheaper housing costs
5. Get rid of your debt
6. Lower you bills
7. Lower your spending
8. Sell your GI Joes and Transformers for $$$$
9. Die your hair a normal phucking color
10. Stop bitching and change what you're doing right now OP!
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post 1462093063 09-13-2016, 02:21 PM
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Depends where you live OP.


Where I live you can get a decent house for $100K per year.

When I bought my first house I paid $125k in 2008 and I only made around $45k/year.
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post 1462093973 09-13-2016, 02:27 PM
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Originally Posted By chaoserver⏩
lmaooo wish places cost 300k here, I could buy in cash. Instead its all 800k for a decent house.
How does it feel knowing you could pay cash for this house where I live?


http://www.zillow.com/community/esse...00163765_zpid/


And sip on sweet tea and have the best fried chicken in town? Southern living is where its at boyohs




Edit: Or if you could afford 15k a month in mortgage:
http://www.zillow.com/homedetails/61...19350351_zpid/
post 1462094173 09-13-2016, 02:28 PM
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Originally Posted By JPF82⏩
How does it feel knowing you could pay cash for this house where I live?


http://www.zillow.com/community/esse...00163765_zpid/


And sip on sweet tea and have the best fried chicken in town? Southern living is where its at boyohs
LAWL @ paying $350k for a house that neighbors are jammed up your azz.
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