U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [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)
Reply Start New Thread
 
Old 07-01-2013, 02:40 PM
 
Location: Charlotte, NC
63 posts, read 118,698 times
Reputation: 46

Advertisements

My wife and I have been pre-house hunting (you know.. driving through neighborhoods). We're looking to buy next year and I realized that I have no idea how people afford some of these homes when you factor in student loans and other debts. My only conclusion is that people must have some really nice high paying jobs or be a two-income family that makes really good money.

I have a feeling we may qualify for something in the low 200's, but I am curious what jobs are here in Charlotte that help people to live in 599k-900k or even million dollar homes? I'd be happy to live in some of the homes I have seen that are near 300k, but I work for a non-profit and just don't make that kind of money to afford the house payment.

I'm in school and haven't yet declared what my major will be. So I wanted to ask what are the in-demand/high paying careers around here? I know banking is big. And I'm not going to pick my major based on what will make me the most $ but I would like to pick something that I enjoy and has good potential for making a good income instead of living close to paycheck to paycheck like I do now.
Reply With Quote Quick reply to this message

 
Old 07-01-2013, 06:06 PM
 
186 posts, read 371,513 times
Reputation: 209
A good rule of thumb for housing affordability is three times your combined annual income. This assumes you carry maybe a car payment or some other debt. Without debt, maybe a little higher. This ratio gets you approximately to a desirable 28/36 debt to income ratio. A combined household income of 150000 will support a 600,000 house, so two decent paying jobs like nurse and project manager, or one well paying job. Bank employees at the exec level typically clock in at a minimum of 150,000 at the low end, while more senior execs get over 200,000. I would surmise that doctors, lawyers, energy workers, and small business owners all fit the bill for people buying these houses. And yes, some people are just in debt up to their eyeballs or maybe saved or otherwise acquired a pile of cash for a big down payment (equity from a previous sold home).
Reply With Quote Quick reply to this message
 
Old 07-01-2013, 08:13 PM
 
3,185 posts, read 5,760,296 times
Reputation: 1818
Dont move here unless you have a job.......or you may regret it
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 06:16 AM
 
Location: Charlotte, NC
177 posts, read 387,831 times
Reputation: 158
There are always open positions for engineering (civil, mechanical, etc) and IT.
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 07:12 AM
 
Location: Waxhaw, NC
1,076 posts, read 1,994,261 times
Reputation: 1100
Quote:
Originally Posted by kby1108 View Post
A good rule of thumb for housing affordability is three times your combined annual income. This assumes you carry maybe a car payment or some other debt. Without debt, maybe a little higher. This ratio gets you approximately to a desirable 28/36 debt to income ratio. A combined household income of 150000 will support a 600,000 house, so two decent paying jobs like nurse and project manager, or one well paying job. Bank employees at the exec level typically clock in at a minimum of 150,000 at the low end, while more senior execs get over 200,000. I would surmise that doctors, lawyers, energy workers, and small business owners all fit the bill for people buying these houses. And yes, some people are just in debt up to their eyeballs or maybe saved or otherwise acquired a pile of cash for a big down payment (equity from a previous sold home).

This sounds like it would assume there aren't other debts acquired for quality of living? I could not afford a $600k home with my husband and my income, and we make just under that $150k mark. Between horses, and cars, and a few other toys, $300k would be at the top of our comfort budget. One big reason we bought smaller was to continue with our quality of life.
With that said, to the OP- I have had the same thoughts driving through parts of town. To hear that my husband and I should be able to afford that seems far fetched for us but would imagine achievable for some others. IT, nursing, banking, auto mechanic/body combined with another income from a spouse could probably get you something nice. I hope there will be some really good suggestions on here for you, and good luck with your move!
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 07:22 AM
 
1,117 posts, read 2,452,785 times
Reputation: 1051
Quote:
Originally Posted by kby1108 View Post
A good rule of thumb for housing affordability is three times your combined annual income....A combined household income of 150000 will support a 600,000 house
The real reason for the housing crisis??
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 08:55 AM
 
569 posts, read 1,221,539 times
Reputation: 543
150K supports a 600K house? Maybe by the old Beazer Homes mortgage standards.
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 09:19 AM
 
7 posts, read 11,794 times
Reputation: 23
Median income in US is ~50K. Median home price ~230K.

I am not sure why people getting a 600K house with a 150K income is mindboggling.

I sure would not do it. But most people seem to have no issue goign 4-5 times their income when buying homes.
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 09:48 AM
 
106 posts, read 152,089 times
Reputation: 138
Quote:
Originally Posted by biba8163 View Post
Median income in US is ~50K. Median home price ~230K.
If you are saying the the occupant of a median price home has an income of $50K, then you have made a logical fallacy. There is no mathematical relationship between the two statements.

The question is not what people have done. We all know where that has been. The question is what should someone do. IMO, people, especially young people, are committing a lifelong financial mistake by attempting to purchase a home based on the maximum payment they can afford with as little down.

The objective should be to purchase a home that can be fully paid for by the time that someone is in their mid-40s.
Reply With Quote Quick reply to this message
 
Old 07-02-2013, 11:17 AM
 
Location: Charlotte NC
11,721 posts, read 9,345,072 times
Reputation: 5230
Quote:
Originally Posted by Megax View Post
The real reason for the housing crisis??
haha... yeah, those numbers are a little off. Buy what you can afford. No reason to have a big house you will struggle to furnish, heat, cool, etc..
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



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 > North Carolina > Charlotte
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 11:26 AM.

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