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It's just like buying a facevalue playoff ticket to a professional sporting event. The franchise could charge more, but they sell it and the secondary market makes even more money because that's the real market rate.
The middlemen are overcrowding the house to create value that most landlords are not willing to risk.
Most landlords are not willing to rent a 3BR house to 10 people; there is a point (which varies among landlords) where risks associated with additional tenants exceed revenue associated with additional tenants. Enterprising middlemen are willing to pay the landlord's asking rent and stuff a few 'extra' people in the house to make money.
It's just me and my husband, no kids. Our household income is about $82k after taxes in an area with a relatively low cost of living ($50k in household earnings for a family of four is considered to be good, if not more than good). We also underbought with our house, big-time, and don't have a mortgage payment....
So....what is it? Are they skipping out on the important stuff (maintenance on the things you own, health and dental care for themselves, etc) and blowing it on stupid crap? Are they just in debt to their eyeballs? Please help me understand lol....
$82k *after* taxes. That's around the 80%ile I'm very curious about where all your money goes... ? Are you even spending it?
I've lived on less than $5k/yr (no subsidies), and until recently never spent more than $15k/yr. Granted, no one would accuse me of being a big spender. I suspect that you are blowing through a lot of cash that you aren't conscious of, or you are saving a lot.
$82k *after* taxes. That's around the 80%ile I'm very curious about where all your money goes... ? Are you even spending it?
I've lived on less than $5k/yr (no subsidies), and until recently never spent more than $15k/yr. Granted, no one would accuse me of being a big spender. I suspect that you are blowing through a lot of cash that you aren't conscious of, or you are saving a lot.
I didn't read the whole thread but from what I've learned in life here's what I know. You never know what other people's situations are. In some cases they could-be in debt up to their eyeballs. In other cases some people paid off their house using an inheritance.
Once I knew a guy that had a decent job but seemed like he spent a lot of money. I asked my dad one day what the deal was. He told me the guy won $100k on a scratch ticket and paid his house off.
I think that depends on how you look at it. We gross less than half that per person in our household, and we live really well, including saving for retirement. This is in a pretty low cost of living area, but likely not as low as your location.
I don't see how anyone is going to "do well," including saving for retirement, on a sub $20k income. There is a floor to most costs you can't really get below.
When I lived on <$5k/yr I lived in my truck. On $15k/yr I saved up for a 20% down payment and bought a $160k house with my wife (15yr loan). We split expenses 50/50 so my share of that is around $600/mo including utilities, insurance, taxes, maintenance, etc.
When I lived on <$5k/yr I lived in my truck. On $15k/yr I saved up for a 20% down payment and bought a $160k house with my wife (15yr loan). We split expenses 50/50 so my share of that is around $600/mo including utilities, insurance, taxes, maintenance, etc.
Are you grossing $15k year? If so, that would take a little over two years to even save 20% down on the one income, not counting taxes or any other living expenses. People making $15k/yr are unlikely to be able to afford renting even a studio on their own. Living in a truck is not a viable or realistic option.
There might be more to your story about my story...
I *spent* less than $15k/yr. Probably averaged ~$13k/yr when I had a residence. When I was saving for a house I grossed a little over $20k. Then I got lazy and my income wasn't covering my expenses the last 3 years before I retired.
I think living in a vehicle is very viable and realistic. Many options. A couple years I worked at Bryce Canyon for 7 months and drew unemployment while I camped in the desert for the rest of the year. Made enough in those 2 years to last me about 8 years of not working at all.
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I'm very curious about where all your money goes... ? Are you even spending it? 
