U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 07-27-2017, 03:49 PM
 
4,314 posts, read 2,690,267 times
Reputation: 2427

Advertisements

Quote:
Originally Posted by jm1982 View Post
And the classic part is im sure some will say that you "got lucky"
Being born early enough is definitely luck.

 
Old 07-27-2017, 04:22 PM
 
48 posts, read 28,385 times
Reputation: 42
Quote:
Originally Posted by Perma Bear View Post
Everyone failed since almost no one can save 1 million dollars in that time frame.
Because debt instruments have yet to be invented in 2017. Amirite?
 
Old 07-27-2017, 04:26 PM
 
4,314 posts, read 2,690,267 times
Reputation: 2427
Quote:
Originally Posted by TheMandarin View Post
Because debt instruments have yet to be invented in 2017. Amirite?
To afford a 1 million dollar mortgage you need to make about 200k, save 200k, and continue to pay 5-6k every month for 30 years. This is quite a stretch for 95% of the population.
 
Old 07-27-2017, 05:08 PM
 
Location: West Hollywood, CA
1,367 posts, read 1,757,526 times
Reputation: 1814
they could always sell their property and rack up that dough.

 
Old 07-27-2017, 05:17 PM
 
48 posts, read 28,385 times
Reputation: 42
Quote:
Originally Posted by Perma Bear View Post
To afford a 1 million dollar mortgage you need to make about 200k, save 200k, and continue to pay 5-6k every month for 30 years. This is quite a stretch for 95% of the population.
Derp. For a 1 million dollar mortgage you don't need to save 200k. In fact you don't have to save any money. Because that would be the debt amount, not the equity amount. For a 1 million dollar home, you would need to save 200k.

So for an 800k loan amortized over 30 years at 3.85% that would be a monthly payment of $3,750. This equates to an annual payment 45,000. Rule of thumb would be that a family with a salary of $135,000 would be financially secure paying this amount. For 2 white collar workers each making 70k that's perfectly normal.

I'm sorry you are poor. Life is going to be hard for you.
 
Old 07-27-2017, 05:32 PM
 
4,314 posts, read 2,690,267 times
Reputation: 2427
Quote:
Originally Posted by TheMandarin View Post
Derp. For a 1 million dollar mortgage you don't need to save 200k. In fact you don't have to save any money. Because that would be the debt amount, not the equity amount. For a 1 million dollar home, you would need to save 200k.

So for an 800k loan amortized over 30 years at 3.85% that would be a monthly payment of $3,750. This equates to an annual payment 45,000. Rule of thumb would be that a family with a salary of $135,000 would be financially secure paying this amount. For 2 white collar workers each making 70k that's perfectly normal.

I'm sorry you are poor. Life is going to be hard for you.
135k lol that's like a debt to income ratio of .5+ I think they're way poorer than I am. I have way more cash flow than that high income family living paycheck to paycheck.

Even at say 200k that family has very little free income after that mortgage.
 
Old 07-27-2017, 05:38 PM
 
48 posts, read 28,385 times
Reputation: 42
Quote:
Originally Posted by Perma Bear View Post
135k lol that's like a debt to income ratio of .5+ I think they're way poorer than I am. I have way more cash flow than that high income family living paycheck to paycheck.

Even at say 200k that family has very little free income after that mortgage.
Except they have a house. And you live in a basement.


Also, the DTI would be 0.33. I guess one of the reasons you can't buy a house is your financial acumen is nonexistent.
 
Old 07-27-2017, 05:51 PM
 
4,314 posts, read 2,690,267 times
Reputation: 2427
Quote:
Originally Posted by TheMandarin View Post
Except they have a house. And you live in a basement.


Also, the DTI would be 0.33. I guess one of the reasons you can't buy a house is your financial acumen is nonexistent.
must be cool living in a California without state tax. Also it would be higher, closer to .35 before taxes.

Last edited by Perma Bear; 07-27-2017 at 06:31 PM..
 
Old 07-27-2017, 06:28 PM
 
7,359 posts, read 4,468,223 times
Reputation: 9018
And, that's a wrap.
 
Old 07-27-2017, 06:43 PM
 
1,013 posts, read 1,273,084 times
Reputation: 1805
Quote:
Originally Posted by Perma Bear View Post
must be cool living in a California without state tax. Also it would be higher, closer to .35 before taxes.

DTI is measured pre-tax a tip for the uninformed.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 07:19 PM.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top