That's nice but you're still missing part of the problem. The housing costs and salary differences aren't directly proportinate. Getting PAID 20% MORE is nice, but if the houses cost 50% more, you're still fuct. Just shy of six figure household income and a decent house we can afford is hard to find. It's condo or house-poor.
-
We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.
Update3: Finally found one! *** Updated Rant: Stop wasting my time! *** Rant - Buying a house is impossible!
Page 2 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
That's nice but you're still missing part of the problem. The housing costs and salary differences aren't directly proportinate. Getting PAID 20% MORE is nice, but if the houses cost 50% more, you're still fuct. Just shy of six figure household income and a decent house we can afford is hard to find. It's condo or house-poor.
StageLeft
No Lifer
That's nice, but you too are missing part of the problem. Currently I spend a touch more than 20% of my take home on my mortgage payments. If my income was to increase by about 20% I could, in this manner, afford a house worth twice as much 🙂 So, income doesn't need to double to afford a house for twice as much, unless you spend all of your money on it.
Sorry I was tempted to agree with Skoorb, but I really shouldn't. A $186,500 house at 5% for 30 years will cost you $1000/month. Assume that's 20% of your income. So you take home $5000/month. Get a 20% raise to $6000/month and spend 20% on your mortgage. Now you've got $1200/month going to a mortgage. Suddenly you're buying a $373,000 house? Nope, you'll get about 20% more house.
CChao/Jzeros - Ooh, this threads a few day's old but I believe you guys are misinterpreting Skoorbie's logic a bit. Look at it a little differently. If you take home 5000, and 1000 is going towards mortgage, that means $4000 is going elsewhere. If he makes $6000 a month, he maintains the $4000 in "other" expenses (or savings) effectively giving him $2000 to spend on a mortgage. Am I right Skoorb?
Urban renewal is done by people with money. So don't expect to be able to fit into that group.
You can't afford it, look at other areas.
You can't afford it, look at other areas.
Siddhartha
Lifer
In the town where I work. the average price of a home is around $500,000. I would have to live at least a hour away before I could find a house I could afford.
Move to Northern NJ and you'll see how much more difficult it is to buy a house.
My friends would offer more than the asking price and still get outbid.
My old boss just sold his place and the first person to make a bid offered 15% over what he was asking no questions asked.
Its insane up here. My place has appreciated over 30% in the last year alone.
My friends would offer more than the asking price and still get outbid.
My old boss just sold his place and the first person to make a bid offered 15% over what he was asking no questions asked.
Its insane up here. My place has appreciated over 30% in the last year alone.
Both parents usually work. Say the husband makes $60,000(+) a year while the wife makes $40,000-50,000 a year. Combined that's $100,000(+). Not bad as a couple could easily afford a $350,000 house. IMO though people are geting themselves in some major debt. I know a young couple that just recently purchased a $350,000 Mc Mansion. I can't remember exactly what the payments are but it's outrageous. I believe their paying between $2,000-3000 a month @6% for 30 years. 30 years is an awefully long time. What happens if he loses his job or if the wife wants to have children and stop working? They would be in a world of hurt.
Really? I doubt it. Police officers and public school teachers in some North Jersey districts make close to $100,000 North Jersey is very expensive. I live in South Jersey and it's still reasonable. Houses tend to go for $180,000 and up in most areas.
thomsbrain
Lifer
multiply all your figures by 5 and there's have the same situation in my neighborhood. we have 50 year old tract houses selling for a cool million dollars. (but it has a pool and a remodeled kitchen! it must be worth it!)
man, the house price just keeps going up.
I bought my house last June for 325K. It's a beautiful end unit townhouse.
Last Nov, a similar house in my neighbor went for 335K, now a new one was sold and it's going for 350K. OMG, how much more expensive are houses going to get? The mortgage rate is going back up already.
I bought my house last June for 325K. It's a beautiful end unit townhouse.
Last Nov, a similar house in my neighbor went for 335K, now a new one was sold and it's going for 350K. OMG, how much more expensive are houses going to get? The mortgage rate is going back up already.
New rant:
We looked at a place on Saturday. Called today to put in an offer and it's been under contract for 4 days.
4 days ago was SATURDAY! They allowed us to look at the home even though they had already accepted an offer. What gives?
I am seriously considering taking the next seller who wastes my time to small claims court for nominal damages, just to "get them back." I don't mind being outbid (as in the rant below) but we had another place we put an offer on and basically the seller is just "price checking." They rejected our offer because they didn't actually have any intention of selling the house! That's ridiculous. We wasted an hour looking at the house and another hour on the paperwork to find out they just want to see what kind of offers they'd get???
We looked at a place on Saturday. Called today to put in an offer and it's been under contract for 4 days.
4 days ago was SATURDAY! They allowed us to look at the home even though they had already accepted an offer. What gives?
I am seriously considering taking the next seller who wastes my time to small claims court for nominal damages, just to "get them back." I don't mind being outbid (as in the rant below) but we had another place we put an offer on and basically the seller is just "price checking." They rejected our offer because they didn't actually have any intention of selling the house! That's ridiculous. We wasted an hour looking at the house and another hour on the paperwork to find out they just want to see what kind of offers they'd get???
Yea, bring them to court, EXCELLENT use of resources.
Jzero I wish you the best of luck, man! Fortunately it's not such a hot market where I live that a house is grabbed in a matter of days but it did take some months to find the one I wanted last Feb. Being a first time homeowner is the best feeling in the world. I hope you find what you're looking for and soon!
Time is money. My real estate agent is a single mother and has two kids to feed. Every hour that some fool wastes of her time is an hour that could have been spent working a potential ACTUAL sale. It's one thing for a sale to fall through, but it's a completely different when the selling agent has ACCEPTED an offer yet continues to allow people to see the house. We're not talking about a pending offer that could still be rejected, we're talking about a signed contract. That's just plain negligent, and it's hardly frivolous to seek compensation for that kind of nonsense, IMO. And this says nothing to the value of my time and resources wasted.
A new update!
Well, it's been almost a year, but we finally found one. We basically got a lucky condition where the seller didn't want to have any showings until 6/28 but we managed to convince him to show it to us on 6/25. He went away for the weekend so we were the only ones to see it all weekend. We got on offer on the table before anyone else could try to horn in and they took it, AND for less than the asking price (which is how it's SUPPOSED to work, dagnabbit).
It's a good price, good school district, low taxes, nice quiet neighborhood, and a pretty nice little place. Still have the home inspection to monkey things up, but otherwise it's a done deal.
BTW, the house in the original rant below sold for $6000 LESS than we offered. The seller took a lower offer on the off-chance that either our financing would fall through or the inspection went badly. Either she's an idiot, or there is more wrong with that house than we guessed. Obviously the developer that bought it waived inspection. He gutted it, btw. It will either be rented or resold by the end of the year, I bet.
Well, it's been almost a year, but we finally found one. We basically got a lucky condition where the seller didn't want to have any showings until 6/28 but we managed to convince him to show it to us on 6/25. He went away for the weekend so we were the only ones to see it all weekend. We got on offer on the table before anyone else could try to horn in and they took it, AND for less than the asking price (which is how it's SUPPOSED to work, dagnabbit).
It's a good price, good school district, low taxes, nice quiet neighborhood, and a pretty nice little place. Still have the home inspection to monkey things up, but otherwise it's a done deal.
BTW, the house in the original rant below sold for $6000 LESS than we offered. The seller took a lower offer on the off-chance that either our financing would fall through or the inspection went badly. Either she's an idiot, or there is more wrong with that house than we guessed. Obviously the developer that bought it waived inspection. He gutted it, btw. It will either be rented or resold by the end of the year, I bet.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 25K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 24K
-
-
