what's the salary needed to own a home in your city misc ?

[dogorman7]

most expensive metros




least expensive metros

[hoganrulz]

Brb everyone moving to Pittsburgh

[ErnieMccracken]

Seattle crew checking in. Hard to believe it's still half the price of SF or San Jose. Fukk the west coast, I'm out this bitch.

[snailsrus]

Well to get a mortgage, the mortgage can’t be more than 36% total bills, and no more the 28% net cash flow per month, the average home here is 400k so roughly 80k a year

[dogorman7]

Seattle crew checking in. Hard to believe it's still half the price of SF or San Jose. Fukk the west coast, I'm out this bitch.

can I take your spot ? im about 90% sure ill like the pnw much better than socal

[WABeast]

$106,000 will still probably get a pretty poverty house in Seattle.


In the suburbs you would be well off..

[ErnieMccracken]

can I take your spot ? if I get in at the electrician union up there I might be able to buy a semi not so dumpy two bedroom house on 54$hr take home pay, right ? or am I forced into a condo ? I heard there ibew was gonna really push for 60$ take home pay next negotiation because they still feel underpaid up there

socal sucks , the ocean gets old , all the jobs pay **** expect tech and the economy and taxes are back ass backwards. I think id like the pnw a lot more even with its cons.

lol my house is literally up for sale right now. It'll take you a couple years to save up a $40k+ down payment if you live like a hobo now. Dumpy little 2 bedroom places are ~$400k. You might time it just right as the market has been very slow and probably will be for a while.

[ErnieMccracken]

$106,000 will still probably get a pretty poverty house in Seattle.


In the suburbs you would be well off..

Where would you be well off? Maybe down south in Auburn or Kent? I live on the eastside in a pretty basic neighborhood and nothing is affordable for that income level.

[snailsrus]

lol my house is literally up for sale right now. It'll take you a couple years to save up a $40k+ down payment if you live like a hobo now. Dumpy little 2 bedroom places are ~$400k. You might time it just right as the market has been very slow and probably will be for a while.

you need more like 80k down payment for a 400,000 dollar home

[dogorman7]

lol my house is literally up for sale right now. It'll take you a couple years to save up a $40k+ down payment if you live like a hobo now. Dumpy little 2 bedroom places are ~$400k. You might time it just right as the market has been very slow and probably will be for a while.

kids my age aren't used to the cheaper costs that once where so I think most post millennials and gen Zs will probably never be able to afford a home or that American dream. socal has always been expensive since the late 80s early 90s but beautiful places like Washington , colorado , and Oregon use to be affordable for middle class people.

its only been in the last 10 years or so that metros like that have jumped in costs because of so many people being priced out of California and all the tech jobs. I want to say the tech companies do help the local economy to an extent because it helps with jobs like construction because someone has to build these new developments but once so many companies move somewhere and send all their employees over that's it. that creates a housing shortage and the whole city is ****ed. look at San Fran for ex.

am I on the right track on how all this happens ?

[ErnieMccracken]

you need more like 80k down payment for a 400,000 dollar home

Most first time home buyer's don't have 20% down here. Market is slow now, but property values have been skyrocketing faster than most can save. That $400k house could be a $600k house by the time you save up (BUBBLE). Lots just pay the PMI or take out a HELOC to cover the shortage.

[snailsrus]

Most first time home buyer's don't have 20% down here. Market is slow now, but property values have been skyrocketing faster than most can save. That $400k house could be a $600k house by the time you save up (BUBBLE). Lots just pay the PMI or take out a HELOC to cover the shortage.

ah wasn’t thinking first time home buyer because I am not one

[ErnieMccracken]

kids my age aren't used to the cheaper costs that once where so I think most post millennials and gen Zs will probably never be able to afford a home or that American dream. socal has always been expensive since the late 80s early 90s but beautiful places like Washington , colorado , and Oregon use to be affordable for middle class people.

its only been in the last 10 years or so that metros like that have jumped in costs because of so many people being priced out of California and all the tech jobs. I want to say the tech companies do help the local economy to an extent because it helps with jobs like construction because someone has to build these new developments but once so many companies move somewhere and send all their employees over that's it. that creates a housing shortage and the whole city is ****ed. look at San Fran for ex.

am I on the right track on how all this happens ?

Yeah downtown is nothing but cranes and construction crews building luxury condos right now. Bellevue is the same. Lots of work to be had.

The catch is traffic is a nightmare and finding anything affordable near the city is going to be tough. Pepper your angus for prices anywhere near amazon, microsoft, or boeing.

[ErnieMccracken]

ah wasn’t thinking first time home buyer because I am not one

The couple who just put an offer on my place (lawyer and nurse anesthetist, no kids) only want to put down 5% lol. You must live somewhere much cheaper?

[dogorman7]

Most first time home buyer's don't have 20% down here. Market is slow now, but property values have been skyrocketing faster than most can save. That $400k house could be a $600k house by the time you save up (BUBBLE). Lots just pay the PMI or take out a HELOC to cover the shortage.

I thought about that too. in a hot market like that its like chasing that little magical dragon in that video game in South Park. you can save and save and save but while you save housing will still continue to skyrocket so it really won't mean ****.

[ErnieMccracken]

I thought about that too. in a hot market like that its like chasing that little magical dragon in that video game in South Park. you can save and save and save but while you save housing will still continue to skyrocket so it really won't mean ****.

Well, "lucky" for you the market is cooling and most of us are waiting for a big ol' recession. It's inevitable and I'm surprised it hasn't kicked off yet. Now is a good time to wait it out and try to stay liquid.

[pantiespending]

Brb everyone moving to Pittsburgh

Would make a good place to put the things. For the employees that is

[VegasLifter26]

I thought about that too. in a hot market like that its like chasing that little magical dragon in that video game in South Park. you can save and save and save but while you save housing will still continue to skyrocket so it really won't mean ****.

exactly my thought. Its probably better to buy now instead of waiting around 15 -20 years for another recession...and long term real estate always goes up. Plus if you own you can rent out an extra bedroom or something and make money

[r32gojirra]

Probably a couple each on $100kpa

[FingerNailsBrah]

That’s why most first time home buyers get a non conventional loan. 3.5%

[BigB2019]

more than me or you can afford probably chief.

[andy0w]

most expensive metros




least expensive metros

So how much are these homes?
Do you buy the home, or is that the money needed to get a mortgage?

The cheapest homes sold around here (North England) are £30000 ~ £50000. But they are rare. You can also get some at £1.5million.

[Omnivium]

Its probably better to buy now instead of waiting around 15 -20 years for another recession

[TheCreature55]

More than you can afford pal

[bigcat3655]

Closest city to me is Colorado Springs, CO. Not quite as high as Denver, but close behind so probably 80k.

The rising cost of living is even spreading out to my area in rural CO. I bought my house in 2010 for 196k. Can sell it for about 325k now.

Brb having a $1300 monthly mortgage, taxes and insurance included, is a great feeling.

[coolbones]

Tokyo is thought of as being expensive, and it can be in the prime areas, but you can easily find decent sized modern apartments for 400 to 500K. If you qualify for Japanese financing then you can usually borrow 6 to 10 times your yearly salary. Rates can be lower than 1%, 10% down payment for 35 years. Just lol at not buying in this city if staying long term considering the loan terms might be the best in the world.

Edit: didn’t directly answer the question.
a 30,000 USD salary a year would be the reasonable minimum. Lower than that and it would tough to get financed.

[TappingTheZen]

I live in the South of England which is 'expensive', although still cheap compared to London and you could easily own a house on £40k/year lol

[smashdatpuss]

around 350

[Sandmang27]

Rank by Population Size City Average House Price Minimum Down Payment Required Household Income Required with Minimum Down Payment
1 Toronto, ON $800,900 $55,090 $165,000

This is in Canadian so $165,000 maple syrup dollars is about $125,000 average obesity rate of 30% dollars.

I'm pretty sure this is old data so the average price of a house is probably closer to $1mil in Toronto now.

[dogorman7]

hmm probably somewhere between 200-350k

hnnggg @ Zurich though