Been looking at home homes in upper middle class neighborhoods and noticing that a lot of the people living there are house poor.

Have passed over multiple homes because the general disrepair is apparent from just looking around.

Have had offers accepted on two homes, but had to back out of both deals because both the roofs, attics, and crawlspaces were absolute trash. One of the houses needed 70k worth of work and the inspector said "nobody has maintained this house for a decade". Even the fooking air filters hadn't been changed in what looked like years.

Amazing how many people put 750k+ into a house and then just let it rot because they can't afford basic upkeep.

High end cars are always sitting in the driveway too. People's priorities are absolutely fooked.

in b4 750k is poverty. I'm in the south. 750k buys a mansion here, even in this market.

The fact you considered people in that situation to be rich kinda ruins your humble brag.

Yeah, this is very common

They callin me the lhun baba

celebs esp young atheletes always buy some giant mansion that requires like 100k a month in upkeep

that is retarded

No humble brag. I'm not rich, not close. I got lucky with a foreclosed property 10 years ago that's doubled in value. I'm selling and moving on up.

By "rich", I don't mean "wealthy". Two completely different things.

I consider "rich" people to live in upscale neighborhoods and be in the top 1-5% of earners. Wealthy is like top 0.1%.

I'm thinking that most people that live in these upscale neighborhoods are actually barely upper middle class, like maybe top 10% of earners, and struggle to make their mortgage every month.

That’s cuz they are. Lots of people prioritize house location over affordability to avoid areas they don’t like or for school district. Not even considering “wealth” I would only consider a few of my neighbors to actually be rich. This applies to most rich neighborhoods as well imo. 80/20 rule applies pretty soundly.

Another fool, comrades.




The whole planet is poor, bud and everybody else is just a fraud! They go around pretending everybody is rich!

The fook are you on about? Is this a pantiespending alt?

In the south, a 750,000 dollar house would be worth about 2 million in Cali.

Depends on what you consider "rich"

......but your cope seems pretty strong.

I know in LA just about everyone is living at or above their means in order to project an image of success.

Most of them never actually own anything. They lease their cars, house has a mortgage, constantly trying to show off the latest status statement accessories they can barely afford.

Most people are silly fakers

Definitely coping with the $1k I've spent in home inspections. Money well spent on avoiding houses that would have ruined me financially though.

I live in a well off neighborhood and a lot of people flex with home equity credit. They buy new cars, go on vacation, buy flashy stuff and pay the interest only and hope they have enough equity that they dont have to bring money to the table when they eventually sell their homes. When property values tanked, you could see the fakers because their credit lines got pulled.

One of our friends is a broker and I was interested in buying her listing (we know the sellers - VERY flashy couple - designer labels on EVERYTHING). I was talking to her about how low will they go because it was massively overpriced. During the pandemic it was obvious that money was super tight - she had to turn her Range Rover in for a Subaru, and he traded in his Discovery or D2 or whatever they call them now for a 4runner. She said they literally cant go any lover because they have equitymaxxxed and didn't have any cash to cover closing. Old habits die hard - 2 days after closing the wife as in a RS Q8 with temp tags.... Im sure hell have something equally ridiculous in a few weeks to overcompesate for driving a Toyota for the last year....

99% of the US population has a mortgage on their house. WTF are you even talking about like that is just an LA thing?

Point is they are making payments on everything, they don't actually own anything. They are constantly living at or above their means to project the success attributed to the things they are barely able to afford, which is why they can't afford to do things like proper maintenance.

This whole post sums up 90% of Socal srs

the fuk u need 100 bands to upkeep a house for lmao. do people on here just write just to seem like they know what they are talking about ? lol

water is wet

and you know this because many of people you hang out with are in LA and successful and all of them choose "you" a "miscer" what they really live like.. makes sense.
how would you know what most people in LA live like? one of my boys is 27 and his pops owns a fortune 500 company and he has his own jewelry store AP watches ****in Ferraris that are in his garage that dont be driven that have like 600 miles on them lol. people in LA that make money dont tell bums how they manage it.

750k will buy a mansion in bum phuck no where in the south. its not about the building you own but the location. but why would i want a mansion in the middle of no where ? just to say i have a mansion? lmao. your home doesnt mean chit. its all about location

I thought was like 60% tbh

Most rich fraud with saying their "self made".

who cares lol. they're rich

even if you can buy in cash with a purchase that big why would you not want to have more money out there making you more money rather than paying off a house and hoping the house market rises. only way that makes sense is if you're in real-estate.

This is the way to look at it. We had an offer in on a house earlier this year, had a LOT of red flags show up during inspection. Backed out of the deal. Last I heard the seller ended up completely repiping the house then relisting it, which still didn't fix the numerous foundation issues that we found. Sooooooo glad to have lost that $500 or so on inspection fees vs buying that money pit.

How many houses did you even look at opie? like two ? three?

Gonna redirect this thread- most of those issues are just from younger people owning and being too stupid to realize things need to be maintained. I ran into a lot of shyt like this the first year or 2 of home ownership lmao

Got interested in this idea. What defines "rich"? Is it income? Is it net worth?

Googled and saw several interesting articles that pretty much say $1.8-$2.1 million net worth is what it takes to finally be considered wealthy in USA.

Sample article:https://www.cnbc.com/2021/05/12/net-...ealth%20Survey.

So you can have a $2 million house, but also have a $2 million mortgage loan on it with no other assets or wealth. And this would make you fall into what the OP says: housepoor. That's a bad extreme and unrealistic example though.

Brings to the question, how much house should you buy? Apparently in a state with zero income taxes, you need to gross about $125k/yr, and have a down payment of about $150k (20% down), to properly afford a $750k house for a 30 years fixed rate. For a 15 years fixed rate, you'd need about $175k/yr gross to afford that same house with a down payment of $150k.

Got those numbers from just plugging values into a "how much house can I afford?" calculator for fun. For 30 years fixed the best way to look at it is to say, your house should be 5x your gross income, or less, to not be considered house poor. For 15 years fixed, you'd want the house to be 4x of your gross income, or less, for it to be affordable for you.