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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 1462165323 09-14-2016, 12:24 AM
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#121
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post 1462166183 09-14-2016, 12:34 AM
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#122
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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
People save.

Money is the same as workouts and food - write it all down, and you'll soon see patterns. Buying coffee, takeout, restaurant meals, movies, cars, new tvs or phones, clothes, do you leave your heating/cooling on all the time, do you have incandescent or fluroescent lights, do you pay off your credit card before it comes due so you have 0 interest, and so on and so forth.

Most people fritter away their money on small things that are quickly consumed or broken. Write it all down, you'll soon see where your money is going. Nothing wrong with pissing away money on small stuff and having fun, just don't turn around ten years later and wonder why you don't own your own home.

My wife and I took 7 years while renting (she was a uni student for part of that, I was working low-income jobs) to save about $180k, bought a 2br unit for $320k. Paid that off in 3.5yr, now living in a 3br unit which cost $535k, 3yr on we owe $200k on it, that will be dealt with in 2-3yr. We also have 2 small children. BUT we rarely went out, we cooked all our meals from fresh ingredients, we had cheap couches, cheap tvs which we kept for years, prepaid capped mobile phone plans, made extra dinner and took it to work for lunch, wearing clothes from Target, and so on and so forth.

Party life OR own your home in 5-10yr, choose one. You can't have everything.

Write down your spending, this will tell you where your priorities are, and then you can decide if you want to change them.
post 1462166573 09-14-2016, 12:39 AM
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Originally Posted By Ted
you both make $100k and its still a stretch?
It's entirely possible they don't handle their money well. I know couples with joint income far higher than ours who are always complaining how tough it is, I ask, well how much do you spend on groceries? "I dunno." Imagine going to the gym and you have no idea how much weight or how many reps you did on each exercise last time, and having no idea how much protein and calories you're getting, then saying, "why don't I have teh sixpact bro?"

Numbers.
post 1462167293 09-14-2016, 12:48 AM
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#124
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Save money in big city
Move to south and buy a 2k sq ft home for $150k
Das it mane

My condo was $72k lol
I live like a peasant and save money so I can be a lonely old rich man
post 1462167443 09-14-2016, 12:50 AM
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Right babe
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post 1462167593 09-14-2016, 12:51 AM
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Originally Posted By CoolKnees⏩
Lmao 60K and can't buy a 300K house.

Try living in Toronto or Vancouver where houses are all 600k+
Vancouver brah checking in, try 1million+ per detached home srs
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post 1462214123 09-14-2016, 10:03 AM
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#127
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Originally Posted By Shin0bi⏩
Right babe
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post 1462214653 09-14-2016, 10:07 AM
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#128
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Originally Posted By CoolKnees⏩
Lmao 60K and can't buy a 300K house.

Try living in Toronto or Vancouver where houses are all 600k+
600k + thats it?
Originally Posted By jakobi78⏩
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...
LOL a one bed room condo in my area is 1mil

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post 1462215733 09-14-2016, 10:14 AM
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Originally Posted By Testifier⏩
LOL @ being brain-dead and not realizing owning property in one of the most expensive zip codes in the country is the greatest feeling in the world.

brb getting letters from *******s wanting to buy my property (have received 2 so far)
brb price of my property went up almost 70k in 5 months so far
brb haven't even taken into account my renovations
brb LOL @ ur dumbass buying in chitville and then getting pissed when you go sell it and realize its worth less than when you bought it.
brb tards gonna tard.
what is your zip code?

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post 1462215873 09-14-2016, 10:15 AM
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300k? hah

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post 1462216023 09-14-2016, 10:16 AM
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#131
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Originally Posted By MDJackson1337⏩
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.
And theres the catch.
post 1462219403 09-14-2016, 10:37 AM
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Originally Posted By AkaKuro⏩


sf crew
This is why I just chuckle @ Testy and his "more stuff to do" argument...as though life is about being entertained. Dat Hollywood vanity mentality.


Affordability, career options, access to networking options, is it business-friendly, what's the social dynamic/ethnic makeup like, is it a travel hub, do you have space to grow your own food if that's what you want, what's the quality of schools from pre-k all the way to university level, etc etc etc. All the flashy crap will get old quick, whether you get involved with someone else or not, and other things will take priority. Give yourself options. Find your balance.
post 1462221263 09-14-2016, 10:48 AM
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#133
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Nah, fukk that. I’m not doing that.
post 1462227853 09-14-2016, 11:27 AM
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#134
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Originally Posted By CoolKnees⏩
Lmao 60K and can't buy a 300K house.

Try living in Toronto or Vancouver where houses are all$1M+
Fixed.

Avg. dwelling in T.O. is now $700K.... with fully detached houses going for about $1.2M.


OP... if you're bishing about spending $300K on a house then you're in for a rude awakening. Unless you live in bumfuk nowhere.
post 1462228443 09-14-2016, 11:31 AM
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Originally Posted By MDJackson1337⏩
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.
Do we buy meth directly from you, or do we give you the money and meet a second guy in a rusty pickup truck around the corner?
Nah, fukk that. I’m not doing that.
post 1462230473 09-14-2016, 11:48 AM
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#136
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Get a housing loan. Itll be something like

1 - first payment is 20000$
2- A monthly payment installment of 1000$ or more for the next 15 years

Youll be in debt for a decade plus but after that youll own a house
Crepuscular
post 1462231503 09-14-2016, 11:56 AM
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#137
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Originally Posted By Beararms⏩
Sad what you gotta do to try and even own a house these days. You either learn young and become good at managing money or you learn way to late. Sadly the overwhelmingly majority of us learn to late and we gotta get married and pay a 30 yr loan just to say you own a place or make a rediculous amount of money to afford something comfortably. Right now Im fine on renting, I've never had the urge to own my own place.
sadly, majority will never be able to own a home. if you look at the rising housing prices, stagnant wages, owning a home is so far out of reach. add to the madness that many have mountains of debt to include student loans, which for some, is almost a mortgage in itself
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post 1462231893 09-14-2016, 11:59 AM
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#138
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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
It's often a case of moving to areas you can afford a house. It's dat simple OP. People do it all the time.
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post 1462232183 09-14-2016, 12:02 PM
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#139
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The South US is getting more expensive too boyos.

They're building downtown studios for $300k at <500sqft. In Durham, NC. DURHAM. Wtf mayne we Chicago prices now.
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post 1462232883 09-14-2016, 12:07 PM
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Originally Posted By inq⏩
The South US is getting more expensive too boyos.

They're building downtown studios for $300k at <500sqft. In Durham, NC. DURHAM. Wtf mayne we Chicago prices now.
Still less to places like Boston, NYC, etc. People are moving south and prices gonna rise. I went MA -> FL and saved a mess O $, not to mention lower taxes, better gun laws, etc.
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post 1462232893 09-14-2016, 12:07 PM
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$200k is the new $75k boyos, better start earning more!

post 1462243673 09-14-2016, 01:30 PM
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#142
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Originally Posted By Langerhans⏩
Does anyone think Dave Ramsey's advice on home ownership is right? Meaning, pay in cash. If not cash, 20% down and 15 year mortgage.
Dave Ramsey is a shill, he also advocates NO DEBT or credit cards which if you are a total idiot is ok advice I guess, but anyone with common sense should know that getting rewards on a credit card and paying it off every month is GOAT. Also why buy a 20k car when you can get a 2% auto loan and make 5 or 6 % on the money you would have bought the car for in cash? Dave Ramsey is for people that have ZERO financial sense whatsoever.
post 1462297443 09-14-2016, 07:59 PM
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Originally Posted By GainzMcgee⏩
Dave Ramsey is a shill, he also advocates NO DEBT or credit cards which if you are a total idiot is ok advice I guess, but anyone with common sense should know that getting rewards on a credit card and paying it off every month is GOAT. Also why buy a 20k car when you can get a 2% auto loan and make 5 or 6 % on the money you would have bought the car for in cash? Dave Ramsey is for people that have ZERO financial sense whatsoever.
Hes good. What you said is correct, but he knows that the average person is DUMB and thus his plans don't allow for critical thinking, because he knows people in the end on average will FCK up, so hes set up idiot proof systems and they have worked for thousands of people.
post 1462299463 09-14-2016, 08:14 PM
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#144
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Originally Posted By Testifier⏩
Location: Georgia, United States

Until you've lived in a real state and city, your opinion is invalid.
Fica tranquilo.You want to tell us your retire-to-Hawaii plan again?

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post 1463440641 09-22-2016, 03:42 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
Okay so you make 60k a year, which is $5000/month. After taxes and 401k and whatnot let's assume you're actually seeing about 70% of your paycheck, which is $3500.

You said the houses in your area are 300k plus, so let's look at an example mortgage for a 350k house:


This leaves you $1845 for all your other monthly expenses. If you can put $20k down on the house and only finance 330k then your monthly payments drop down to $1560, leaving you $1940 per month to spend on everything else. If you buy a 300k house and finance 20k then your payments are only $1324.

You'll also have to account for the associated costs of owning a house: insurance, taxes, maintenance, etc. However, with an extra $1900ish in the budget it's definitely doable. However, if you're married and can count on a second income from your wife it should be way more feasible.


How much do you currently pay in rent and how much are you able to save every month?
Originally Posted By GainzMcgee⏩
Dave Ramsey is a shill, he also advocates NO DEBT or credit cards which if you are a total idiot is ok advice I guess, but anyone with common sense should know that getting rewards on a credit card and paying it off every month is GOAT. Also why buy a 20k car when you can get a 2% auto loan and make 5 or 6 % on the money you would have bought the car for in cash? Dave Ramsey is for people that have ZERO financial sense whatsoever.
Strong this. He also advocates for that "debt snowball" payoff plan which is retarded because it completely ignores the interest you're paying. Instead of paying down whatever has the highest interest rate, he wants you to pay off whichever is the smallest debt. Makes no sense.
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post 1463441241 09-22-2016, 03:47 PM
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Marriage or earning 100k+ solo


But then why would you need a big house if you're single?




Unless you're a multi millionaire CEO then fuk it lol that's like making an impulse protein powder purchase or something
post 1463442011 09-22-2016, 03:53 PM
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earn 100k
post 1463443421 09-22-2016, 04:03 PM
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Originally Posted By MattyMiscer⏩
Okay so you make 60k a year, which is $5000/month. After taxes and 401k and whatnot let's assume you're actually seeing about 70% of your paycheck, which is $3500.

You said the houses in your area are 300k plus, so let's look at an example mortgage for a 350k house:


This leaves you $1845 for all your other monthly expenses. If you can put $20k down on the house and only finance 330k then your monthly payments drop down to $1560, leaving you $1940 per month to spend on everything else. If you buy a 300k house and finance 20k then your payments are only $1324.

You'll also have to account for the associated costs of owning a house: insurance, taxes, maintenance, etc. However, with an extra $1900ish in the budget it's definitely doable. However, if you're married and can count on a second income from your wife it should be way more feasible.


How much do you currently pay in rent and how much are you able to save every month?



That is a great breakdown. One thing I see is that people never factor in the other things like mentioned above. Utilities go up on top of all those extras.
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post 1463447661 09-22-2016, 04:39 PM
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#149
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Last year my wife and I bought a cheap foreclosed townhouse that we didn't intend to live in but could rent at about 12% yearly of the total cost. Prices in that market have already risen giving us a bit more equity and look to maybe keep rising for a bit. Our original plan was to flip that after a few years to get our downpayment, so something like that is one option.

Option 2, now we're both making more money so we're just going to save until we can afford a downpayment, so consider looking at ways to maximize your income. But even then we're not planning on buying where we are now (metropolitan area of 5 million people, too expensive), so we're going to move to a cheaper up and coming city (option 3).

Or stretch for it at the current salary like described in the excellent breakdown above. Doable, better if you have a second income.

I have no idea how the next generation is going to manage. Prices in the bigger cities are absolutely ludicrous already and are only going to get worse.
post 1463448561 09-22-2016, 04:47 PM
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Originally Posted By Podunks⏩
Buy a duplex, live in one side, use property management company to rent out the other side. Use their rent to help pay off the house asap, then rent out both sides, buy another and do it again. After the second one is paid off, use the rent from all 4 doors to pay off a single family unit, and keep accumulating rental investments.

Profit?
Love this strategy, something I should look into.
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