How do people afford to buy a house?

[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

[Kev1972]

Housing bubbled with all the get rich quick flipper schemes. Pricing is still way above reality in a lot of locations.

[thc sargon]

-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.

[CoolKnees]

Lmao 60K and can't buy a 300K house.

Try living in Toronto or Vancouver where houses are all 600k+

[amenccm]

Welcome to the modern world.

Only option is to take out a mortgage and spend the rest of your life paying it off.

[melDorado]

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....

[Tier0]

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

[melDorado]

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?

[Kojhab]

no school debt / 5% down payment first time home buyers (canada ontario) / rent it out / good location and research

[Tier0]

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 :[.

[XabstractX]

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.

[MareeWanna]

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)

[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

[mikenorwood961]

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.

[engj]

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.

[WHeitzman]

sorry OP you need at least $100k a year to post here, but even then it is recommended you stay in teen misc

[All-Star11]

http://forum.bodybuilding.com/showth...post1461330663

[FriendOfFrank]

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.

[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.

[miscbrah44]

Considering just living in ghetto apt driving a nice car and investing in stocks

[Peasantfighter]

mortgage for the next 30+ years is the only way.

[fj123]

they get into debts they shouldn't get into

[jwlee7ucla]

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.

[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...

[S0LID]

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.

[lloyd_blankfein]

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.

[turdburglar9021]

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.

[FreshStart12]

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.

LOCATION LOCATION LOCATION

[Omnivium]

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

[GainzMcgee]

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.