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just a thought for you guys. When I was young and first married, my mom said all these same things, about how are the kids going to make it and buy houses here at 100,000. to 140,000. You see when they bought the houses cost 8 to 15 thousand. That figures like 10 times what they paid. on the other hand that 100,000 is like 400 now that is only 4 times what I paid. So the way I figure they have it a little easier than we did. sometimes math makes no sense.LOL
I do not think anyone can predict what will happen in 20 years, we can look at the past for some indication as things generally do run in cycles but who knows, 20 yrs ago people afforded to live on one salary, cars costs much less too ... technology changed a lot of this as did the unforuntate 9/11 so predicting if our kids can stay where we are in 20 years silly - we all hope and want the best for our kids and want to go somewhere, where we "think" they would be able to live and survive like our parents did for us
More than most kids out of college can afford, no?
The question was
Do you REALLY think your kids can swing a starter in GC on their own?
C
Depends on their career choice, how long they stay home, etc. Why, if they can't, should they be "graced" with buying an expensive house 1st time out. We did it, but we had rental income to help cover it, so I ended up paying less per month than a house about 1/2 the price. I also stayed at home until I got married at 25, wife did the same. I didn't **** my money away on rent b/c I had to leave at 21.
I know my parents didn't think my sister or I would be able to remain on the Island, but they were pleasantly surprised when we both bought homes in Huntington. (Although I'm sure they'd faint if they knew our overhead. )
Depends on their career choice, how long they stay home, etc. Why, if they can't, should they be "graced" with buying an expensive house 1st time out. We did it, but we had rental income to help cover it, so I ended up paying less per month than a house about 1/2 the price. I also stayed at home until I got married at 25, wife did the same. I didn't **** my money away on rent b/c I had to leave at 21.
If you dont mind my prying....how did you pull of a half million dollar starter home in 2000?
The most a bank would lend us back then was 250k and we were earning over 100k with little or no debt and good credit.
10% down would mean 50k cash.
Im really surpised you got bought?
Then again Im not lookng at our current Mortgage woes.
If you dont mind my prying....how did you pull of a half million dollar starter home in 2000?
The most a bank would lend us back then was 250k and we were earning over 100k with little or no debt and good credit.
10% down would mean 50k cash.
Im really surpised you got bought?
Then again Im not lookng at our current Mortgage woes.
Was the 2 family thing the clincher for the bank?
Thats a good move.
C
Maybe you weren't earning enough? We purchased our 1st home in 2001 for over 500k and had no problem getting a mortgage.
Damn....will somebody please pass the Grey Poupon!!!!!!!!
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(Although I'm sure they'd faint if they knew our overhead. 
)
We purchased our 1st home in 2001 for over 500k and had no problem getting a mortgage.
