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Old 10-09-2015, 02:27 PM
 
3,104 posts, read 2,822,055 times
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Quote:
Originally Posted by emm74 View Post
Maybe growing their wealth is not everyone's goal in life? I put money into retirement, I put money into savings. And I live in a house that I feel I can comfortably afford. However, I could have easily bought something for less money, although not too realistically in my location (Stapleton).

I put a value on my location and in particular, the excellent public schools that made it worth it to me to spend more money for a better quality of life now, rather than to live in a manner and place that is less desirable to me in order to "grow wealth." Some people are only focused on now, some people are (IMO) obsessed with the future and retirement at the cost of their current lifestyle. I tried to find a balance that works for me.
Nothing wrong with a house you can comfortably afford. It's wanting a 400-600K house on the average house hold income that congers up the double face palm.
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Old 10-09-2015, 02:29 PM
 
2,409 posts, read 2,620,445 times
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Quote:
Originally Posted by davebarnes View Post
Stapleton
Reunion
Ha! Yeah Stapleton comes pretty close to 1.25%.
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Old 10-09-2015, 02:30 PM
 
2,409 posts, read 2,620,445 times
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Quote:
Originally Posted by Indigo Cardinal View Post
*shrug* All kinds of ways, really.

Myself, I don't make six figures, and some were surprised at the price tag on the house that I'm in the process of buying (it's less than $300K, but most of my family are in areas of the country where housing is cheaper, so to them, the price I'm paying is huge), until you consider:

1.) I've been in my current house for 15 years--so a lot of equity built up.

2.) I sold said house for $50K more than what I paid for it.

3.) I got a 3.75 rate and a VA loan.

4.) I don't have a lot of debt.


My mortgage is going to go up, no doubt, but it falls well within my budget.
This doesn't come even close to people making average income buying a 600k house which is the largely fictitious scenario in the OP.
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Old 10-09-2015, 02:44 PM
 
Location: Denver
9,223 posts, read 15,877,726 times
Reputation: 5486
I asked this same thing in the Southern California forum, but it was 1 million.

There are a lot of dual upper income, low debt, high cash buyers.
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Old 10-09-2015, 02:54 PM
 
5,444 posts, read 4,789,968 times
Reputation: 15010
Quote:
Originally Posted by AmFest View Post
Where in Denver is property tax 1.25%?
How do you get 10% down payment with no PMI?
I don't know about the property tax, but with a VA loan, you can put 0% down with no PMI.
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Old 10-09-2015, 02:58 PM
 
5,444 posts, read 4,789,968 times
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Quote:
Originally Posted by Timmyy View Post
Exactly. My neighbors have three kids. I don't think they save for retirement at all right now.
I chuckled at this because I see it as well. My thought is that when they wanted to retire, they would sell one of the kids off into the black market and then retire.
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Old 10-09-2015, 03:04 PM
 
Location: Gilbert, AZ
3,112 posts, read 1,912,431 times
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Quote:
Originally Posted by AmFest View Post
You're assuming that falling prices somehow lead to someone losing their jobs, which is a huge logical jump.
These two often go hand in hand. Poor economy leads to job losses, which leads to less demand for houses, which puts downward pressure on home prices, which leads to more job losses.... etc.

Quote:
Originally Posted by AmFest View Post
And when a house is under water and the owner is forced to sell it, the most common solution is default, not bankruptcy.
The rules in the U.S. encourage speculation in housing. Buy a bigger house than really necessary. If prices go up we "win", and if prices go down we just hand it back to the bank. Not saying it's right, or that I have done this... but it is a pretty common practice.
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Old 10-09-2015, 03:31 PM
 
Location: Colorado Springs
3,037 posts, read 2,056,189 times
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Quote:
Originally Posted by headingtoDenver View Post
I chuckled at this because I see it as well. My thought is that when they wanted to retire, they would sell one of the kids off into the black market and then retire.
Nahhh, when you retire, you spend 5-8 years with each kid until you **** em off and they unload you to their sibling or you croak.
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Old 10-09-2015, 03:54 PM
 
2,071 posts, read 1,800,154 times
Reputation: 1945
Quote:
Originally Posted by willc86 View Post
That is right, I am getting there, and like most people, curious
anyways, I am just wondering how some people afford 500 600k homes if the average salary in CO is from 30 - 40k a year.

Even if one is to make 100k a year, most they can afford is a 300k home to live just fine.

Is there some trick, plan, tips for that kind of ownership? and I highly doubt there are over 200k + successful business owner...or are there?

as for me, im at the 100k range and only can afford 220k home (no debt, no cars) to live kind of freely. So I am a bit curious how families are jumping into 600k homes.

Oh, yeah! and sorry if my question offends you, but I am not going to random people and asking....hey, what do you do to afford this home.

So, thanks
Here is my story....

Put 30% down.
No debt except for the mortgage.
Income way above average.
No inheritance.
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Old 10-09-2015, 04:06 PM
 
Location: Denver CO
20,748 posts, read 11,510,404 times
Reputation: 31291
Quote:
Originally Posted by Colorado^ View Post
Nothing wrong with a house you can comfortably afford. It's wanting a 400-600K house on the average house hold income that congers up the double face palm.
I said comfortable to me, but it's about 4 times my income, which many people would consider uncomfortably high. We all prioritize things differently.

But I don't think anyone has provided an example of someone with a 60K income buying a 600K house or anything close to that extreme.

The reality is that particularly with 2 incomes, many households can afford a 600K house. Just not the ones with an average income.
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