How do people afford to buy a house?

[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.

[JPF82]

LAWL @ paying $350k for a house that neighbors are jammed up your azz.

lulz @ not realizing this is the south and you want to know your neighbors and they let you borrow things and have HBB college students and invite you over for cookouts


Don't know what poverty state you're in, but welcome to Charleston, voted friendliest city in the world and 3rd best city to shop in.

[gixxer0.6g]

I don't know how anyone is starting now. Wages have stalled for 10 years and real estate keeps climbing.

This.
Step 1: Have good credit
Step 2: Get yourself a dual income, a low down payment loan fixxer upper.
Step 3: Live in the ghetto but popular growing area.
Step 4: Survive for a few years w/o getting shot.
Step 5: Fix up house and try to sell w/o a realtor.
Step 6: Hopefully make enough to put 10-20% down on a house closer to what you really want.

By that time you'll be in your 30s and just might be able to afford a kid. But then you can kiss your dual income goodbye and start all over being poor again.

[inq]

What's annoying AF is that gentrification hit my hometown hard. Raleigh Durham was one of the few places in the country that never really saw a crash, and with more and more people coming for the great weather, lifestyle, schools, jobs, etc. - Durham is exploding. They're building condos that are $300k for a studio <500sqft. Like fugging Chicago prices in the south. In areas that less than a decade ago were ghetto and had murders every week srs.

I'm already priced out with most of these projects. Can't even get in early. And yet these are the places that would skyrocket in value in the coming years.

[engj]

This.
Step 1: Have good credit
Step 2: Get yourself a dual income, a low down payment loan fixxer upper.
Step 3: Live in the ghetto but popular growing area.
Step 4: Survive for a few years w/o getting shot.
Step 5: Fix up house and try to sell w/o a realtor.
Step 6: Hopefully make enough to put 10-20% down on a house closer to what you really want.

By that time you'll be in your 30s and just might be able to afford a kid. But then you can kiss your dual income goodbye and start all over being poor again.

I remember 2 incomes

[chaoserver]

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/

Lmao, that first house would legit be 850k here.

[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.

[gixxer0.6g]

I remember 2 incomes
[img]http://mashable.com/wp-content/uploads/2013/07/Love-and-Other-Drugs.gif[img]

One more week and it's gone again for who knows how long. Along with my social life, gym, sleep and sanity.

[Ted Nugent]

damn this thread is depressing

[Hella Toof]

I make ~70-80k a year. I lived at home for 6 years making that amount. Put 100k down.

[Nastradoomus]

Las Vegas isn't even expensive for housing. Ya it's not LA, but it's not bumfuk either. BRB 20k down on 150k on some good property with low taxes.

[1hardgainer]

Las Vegas isn't even expensive for housing. Ya it's not LA, but it's not bumfuk either. BRB 20k down on 150k on some good property with low taxes.

But what good is getting a nice house for cheap if the area may not have water in the next 10 years?

[Nastradoomus]

But what good is getting a nice house for cheap if the area may not have water in the next 10 years?

Absolutely Harambe.

[Mack4545]

To OP. I'm 22 years old. And I am in same boat as you. I make 61500k /yr. Really would like to get a house.

But **** it. Right now I'm going to focus on rapid self growth and increasing my earnings. Will re-eval in some time.

[Link815]

It's not that hard. I think I'd just turned 24 when I bought my first house. Started at 60k out of college (and got married right after, and my wife didn't work and I paid her way through school)in South Carolina, low cost of living, then put down the minimum on an FHA on a 150k house. Had I known better, I wouldn't have done an FHA, save up a little more and get a real mortgage. My pay was up to a little over 100k the next couple years so I saved up 30 or 40k or so before I moved to Illinois outside Chicago. Rented a crappier house for twice as much money, because property taxes here are stupid. Then I put down 30k on a 280k house. My house payment is about 2k a month with taxes and insurance, and my take home pay after taxes/401k/insurance/etc is a little over 6k. Plenty left so the wife can stay home with the kids and we can pretty much do what we want. Moral of the story: get an engineering degree and don't live in NYC or San Fran.

[jubjubrsx]

multiple incomes, bout the only way...or go back to college make more money...


so many first time buyer incentives, and city programs out there, heck my city gave me a 80k 0% loan thats defferable until I sell the house just for moving into the city, even paid my closing costs.

[taf1968]

damn this thread is depressing

Yes . . . it is.

Having flashbacks to that time of my life. Was definitely stressful as hell. Barely qualified for the house we bought when we first got married. Even with 2 incomes, it was a rough ride through the first 10 years or so with the mortgage, going to single income when the kids came along, etc. But then we decided to move to a bigger place and made about $100k from that first house appreciating. Enabled a nice down payment on the new house. And then by that time, we were both making pretty good money together. Paid off the mortgage last year (about 9 years after we bought it) and it's a huge relief having that handled.

Dual income obviously helps a ton . . . or if you are single, CEO $10k/day. But a lot of times, it comes down to luck in the timing and circumstances. If you live (or can move to) a place where the housing prices aren't as potato, you can obviously have an easier time of it. Sometimes you have to start where you can in a place that might not be exactly what you'd prefer so you can leverage that down the road (provided the market cooperates) and scrape by for the first few years until circumstances are better. But when you live in an area that it just nuts for housing prices . . . it can seem like it would be impossible.

Hang in there, young bros!

[BostonRockets]

300k house?

notsureifsrs brah

people in many places would die for that. that's fuking cheap srs

[IsthisreaLife]

Marry a women who works, that's how a lot of couples do it

[BigBlueCouch]

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

This. Should you need to move (as in get fired from your job for no reason and yes it does happen) you have flexibility. Better to pay off debt and invest and save then get a house when you are young if you are single.

[BAMF11]

1: Be an absolute retard
2: Take all of your money
3: Lever it up 5-25x
4: Put it into a absolutely illiquid investment
5: Hope said property outperforms a similar investment (REIT, Small-Cap Stocks, etc.)
6: Cuck yourself

[Turbomunkey]

Yes . . . it is.

Having flashbacks to that time of my life. Was definitely stressful as hell. Barely qualified for the house we bought when we first got married. Even with 2 incomes, it was a rough ride through the first 10 years or so with the mortgage, going to single income when the kids came along, etc. But then we decided to move to a bigger place and made about $100k from that first house appreciating. Enabled a nice down payment on the new house. And then by that time, we were both making pretty good money together. Paid off the mortgage last year (about 9 years after we bought it) and it's a huge relief having that handled.

Dual income obviously helps a ton . . . or if you are single, CEO $10k/day. But a lot of times, it comes down to luck in the timing and circumstances. If you live (or can move to) a place where the housing prices aren't as potato, you can obviously have an easier time of it. Sometimes you have to start where you can in a place that might not be exactly what you'd prefer so you can leverage that down the road (provided the market cooperates) and scrape by for the first few years until circumstances are better. But when you live in an area that it just nuts for housing prices . . . it can seem like it would be impossible.

Hang in there, young bros!

TFW when youre planning your life around a projected single income.... because youre FA

[BigBlueCouch]

TFW when youre planning your life around a projected single income.... because youre FA

On the plus side, no one is ever going to rip your guts out either.

[LaCosaNostra90]

Interest rates are at record lows. This is a great time for a fixed rated mortgage

The maximum amount of time you can lock in at a fixed interest in Canada is 5 years. BRB totally fuked in 5 years

[Mangino]

I live in a relatively low cost of living area (Kansas City) but even here I wonder how people afford houses.

There is a guy that lives behind me whose wife doesn't work and they have a little kid, and his job is he just became an insurance agent. Before this him and his wife worked at a bar or something. He paid like 240k for his house, no idea how he can afford this.

I think a lot of younger people that are buying houses are getting some serious help from their parents.

[BigBlueCouch]

I live in a relatively low cost of living area (Kansas City) but even here I wonder how people afford houses.

There is a guy that lives behind me whose wife doesn't work and they have a little kid, and his job is he just became an insurance agent. Before this him and his wife worked at a bar or something. He paid like 240k for his house, no idea how he can afford this.

I think a lot of younger people that are buying houses are getting some serious help from their parents.

I think you are right. Wish I had rich parents. Ah well

[Bloodrushtiger]

Lol in Vancouver you need 100k a year job to afford one, in Toronto you need like a 70k salary job to get a 10 year mortgage and afford one.

Seriously tho its brutal, just work hard and one day you will get there......

[EboBebo]

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.

Dude you live in the middle of nowhere. And you better be wearing sunscreen everyday avoiding the sun.

[MDJackson1337]

Dude you live in the middle of nowhere. And you better be wearing sunscreen everyday avoiding the sun.

Lol@sunscreen. Rather live out here on the cheap than in the city with the rest of you cucks

[Nattyliftinglol]

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

having a partner who earns the same or more always helps