U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Connecticut
 [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 05-14-2010, 09:51 AM
 
112 posts, read 207,495 times
Reputation: 59

Advertisements

Quote:
Originally Posted by JViello View Post
If you search this forum, this subject as already been discussed at length, very recently. I outlined an approach. However, people these days simply want it given to them if they think it'll take more than a few months.

You save, you scrimp that's how. I put more than 20% down on my home and it took me 7 years to save it. I lived in a rental in Meriden.



I think you need to do two things.

1. Get the idea of starter to larger home out of your head. That whole concept is new and has aged and thankfully is starting to go to the wayside. I could easily sell my home and move into a larger home with the equity...However, we are comfortable here and if the original owner could raise 4 kids in this house and live here till his end...what makes us so special to think we NEED that much more? I'd rather have the home paid off in 10 years then move into a larger house and have another mortgage to pay off for 30 years. (BTW the word Mortgage literally means "death grip" in it's latin root.)

2. Lower your expectations of what you call a "starter" home. You can get a nice house here in Manchester for $175K. And/or you may have to purchase something that needs TLC. Basically you are walking into a restaurant broke and asking for a fat steak. You can't have it both ways, so you've got to find other ways to make it work. Earn more money, build sweat equity etc.

Or you can look to Obama for a handout, just know that those handouts are not free and I'm not comfortable with the government holding my house note.



Yea right...that's why so many people in those areas are in forclosure when they could just go to work for McDonalds and live large.

Good luck with that...I hope the landing isn't too harsh.



Who do you think FHA is? It's the government! Do you people not realize what's happening right before your eyes? The government is taking control of everything; food, housing, banks, manufacturing. Remember the borrower is SLAVE to the lender.

What percentage of mortgages do you think the government controls right now?

20%?


30%?

35%?

.
.
.
.
.
How about over 90%! Yes, that much. I can't remember if it was 93 or 96% in total but it's one of the two figures.

Freddie and Fannie alone hold over 50% of the outstanding mortgage debt right now and that was "nationalized" in 2008.

Maybe you can't afford things BECAUSE of the government. Just something to think about.
I believe I started that post you are referring to about how to buy a house these days. LOL I think I'm the main person who brings up the COL issues here. I have been saving for quite some time now but with everything in this state continuing to rise it seems I am paddeling upstream with one ore. And yes, I know..I'm just starting out and believe me I don't want anything quick (which generally equates to trouble in the end...ex the housing crisis) and I have done enough research to know not to get over my head in what I cannot afford. Yet it seems everyday in CT I'm sinking lower and lower into what is soon going to be a debt. I don't live large by any means...have an older car, don't splurge, etc. I live pretty low key and don't need much to get by.

Honestly as a single person with one income I know I could never afford a $175k house; mortgage payments only...yeah...but factor in everything else and I would be in over my head. And I don't want to rely on anyone else to help me pay for it (roomates, boyfriend, etc). I've busted my rear to make it on my own and would not give that freedom up for anything.

I've done plenty of research and yes, I could live comfortably on $9/hr and like I've said...would it be in an area like CT? Nope but when you are struggling and living paycheck to paycheck its gets very frustrating. I know a lot of people on this forum defend CT and don't get me wrong there ARE things to do, things to see, the ocean, beautiful scenery..but when you have no money to afford those things (esp now with gas over $3.00/gallon and the state parks doubling fees this year) how can you really appreciate it if you cant DO anything here. In my personal opinion, I would rather live somewhere a little more rural, with less to do, in order to be able to have a life. And the housing crisis you referred to...it's exactly because people wanted to live large while making a low salary and the mortgage lenders gave people WAAAY too much money than they could ever afford. People jumped in without thinking of the consequenses..right or wrong..who am I to judge but essentially that's what happened.

I know what FHA is and I'm glad that the program exists. It has helped a lot of people I know who can afford the mortgage but didn't have a down payment, get homes. These people aren't in forclosure because they took a loan they could afford and thought it through first. Not everyone can afford a down payment. Like you said the borrower is a slave to the lender...regardless if it's the govenment or a private lender. Personally, in the situation many of the people I know are in, it really doesn't matter.

I could never know what it is like or ever was like in your shoes, and you can't do that with me or anyone else. Everyone has their own experiences and circumstances that they are dealing with. Before people start saying "you can do it...it's easy" maybe they need to stop thinking of things from their point of reference and imagine what it may be like for other people.
Reply With Quote Quick reply to this message

 
Old 05-14-2010, 12:18 PM
 
Location: New England
8,155 posts, read 18,211,767 times
Reputation: 3279
Quote:
Originally Posted by tryingtomakeitinCT View Post
I Before people start saying "you can do it...it's easy" maybe they need to stop thinking of things from their point of reference and imagine what it may be like for other people.
No one said it was easy. I havn't seen that at all.

You think you are the only one who struggles in this state or are the only one who had to save money and live on the cheap? Holy crap! You think a move will make it all disappear? I think you are being delusional.

I HAVE lived in other areas of the country for 7 years of my life...right through my 20's. I had a friend in el cheapo FL who moved from LA. (Not the city). He cleaned carpets for a living making about $10.00 per hour, and his wife worked into a manger position at Wendy's. They had two kids, lived in a cheap apartment and were dead assed broke. This was way back in 1992 when the sun still shined and everything was so cheap.

Good luck with whatever you want to do. CT is expensive, but doable. I think you are in for the shock of your life if you move...but that's just one man's opinion.

P.S. Why not go for your MBA and do something for yourself? Just a thought.
Reply With Quote Quick reply to this message
 
Old 05-14-2010, 12:35 PM
 
Location: Connecticut
24,616 posts, read 40,196,269 times
Reputation: 6984
These posts remind of my fathers friend who said things were always difficult for those starting out when I use to complain about things. Sure housing was cheaper but then again so were wages. He noted that when he was younger food took up a large part of his income and he was not talking about going out to dinner (you just did not go out to eat at all). He was talking about basics like milk, meats and vegitables. I struggled when I was young and made it. So can you. And it is not just here in Connecticut, it is everywhere. Jay
Reply With Quote Quick reply to this message
 
Old 05-14-2010, 01:01 PM
 
Location: Coastal Northeast
15,743 posts, read 22,020,076 times
Reputation: 5279
Quote:
Originally Posted by JayCT View Post
I struggled when I was young and made it. So can you. And it is not just here in Connecticut, it is everywhere. Jay
I would love to buy you a beer sometime and have a healthy debate about starting out in CT in 2010.
Reply With Quote Quick reply to this message
 
Old 05-14-2010, 03:32 PM
 
Location: Connecticut
24,616 posts, read 40,196,269 times
Reputation: 6984
Name the time and place. I'll go anywhere for a free beer (well, not really - anywhere in CT). Jay
Reply With Quote Quick reply to this message
 
Old 05-14-2010, 04:15 PM
 
Location: New England
8,155 posts, read 18,211,767 times
Reputation: 3279
Quote:
Originally Posted by kidyankee764 View Post
I would love to buy you a beer sometime and have a healthy debate about starting out in CT in 2010.
I agree, that it's gotten harder over the years. JayCT Sounds like my in-laws who "just bought land built and flipped houses from 1984 to 1998 - it was easy!" LOL (No offense Jay ) They fail to mention that land was WAAAAAY cheaper back then by comparison.

Then again, it's a national trend too. I don't know what kind of country my kids will find.
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:


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 > Connecticut
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

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