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I was responding directly to your comment so it's not me off on the tangent. Currently I'd rather have less capital tied up in my house than a paid off mortgage
If you want to get back on point, how do you what these people on hgtv earn annually? How do you know how much they are mortgaging? It would appear assumptions are being made
If you want to get back on point, how do you what these people on hgtv earn annually? How do you know how much they are mortgaging? It would appear assumptions are being made
I agree that I made assumptions as I have no clue how they go about affording such houses. That is where I asked the question were a couple making less the $100K per year possibly afford such a house.
Do they get extended mortgages from the average 30 year loan? Interest only payment loans? Please educate me.
I'm from Texas. The average homes they would typically purchase on the west or east coast in these areas of the country that would typically be 2,500 sqft you could buy a 5,000+ sqft mansion style home with all the upgrades you can ever imagine for the same price or even much less in Texas.
I'm just wondering how a normal average couple afford these average priced homes in those high cost areas?
I agree that I made assumptions as I have no clue how they go about affording such houses. That is where I asked the question were a couple making less the $100K per year possibly afford such a house.
Do they get extended mortgages from the average 30 year loan? Interest only payment loans? Please educate me.
I'm from Texas. The average homes they would typically purchase on the west or east coast in these areas of the country that would typically be 2,500 sqft you could buy a 5,000+ sqft mansion style home with all the upgrades you can ever imagine for the same price or even much less in Texas.
I'm just wondering how a normal average couple afford these average priced homes in those high cost areas?
Why are you assuming the people buying 750-1mm houses are making 100k a year? That would be highly abnormal. If there mortgage was in the 750-1mm range they aren't getting anything passed 30 years and I don't think any banks would approve an IO with those numbers
How are people doing it? They make more than 100k, they put healthy down payments on the purchase or both
I sometimes watch a show or two on HGTV were couples all over the country look at different properties and choose the one that they want. I am amazed at the huge fluctuations in property prices. I would see couples looking to purchase houses in upwards of $750K to $1.5M. I have often wonder how they could possibly afford these houses. Mortgage payments at this amount would seem to be in upwards of over $6K to $10K per month. I just don't see how that's possible unless you taking home at least $300K a year. Some of the couples look like young first time homebuyers on the show just don't seem to being making a huge substantial amount of money to afford those types of houses.
Is there something I'm missing? How do those who make less than $100K able to purchase houses like that in those areas of the country?
It's a ploy. Think about this. Who benefits from those shows? The real estate industry, home improvement contractors, stores, etc. What are they selling? Dissatisfaction! The more they can get you to compare yourself to these "average americans" the more debt you are willing to go into to "keep up."
Ever notice how well put together these homes are? Do you ever see homes like the ones you toured last time you were in the market? Yeah, I didn't think so.
The shows that get me are the ones selling vacation homes on carribbean islands for excessive amounts of money. These people are going to visit the home once or twice a year!!
Enjoy those shows, but remember, it just "entertainment for a cause."
Why are you assuming the people buying 750-1mm houses are making 100k a year? That would be highly abnormal. If there mortgage was in the 750-1mm range they aren't getting anything passed 30 years and I don't think any banks would approve an IO with those numbers
How are people doing it? They make more than 100k, they put healthy down payments on the purchase or both
Is it that hard to fathom that some people just have money and/or do very well? and like others have mentioned what is it that makes you think they make less than $100k per year? What a dumb thread...
Is it that hard to fathom that some people just have money and/or do very well? and like others have mentioned what is it that makes you think they make less than $100k per year? What a dumb thread...
Grumpy ol' Man above stated he purchased a $800K house in SoCal and makes no more than $50K a year.
It's a ploy. Think about this. Who benefits from those shows? The real estate industry, home improvement contractors, stores, etc. What are they selling? Dissatisfaction! The more they can get you to compare yourself to these "average americans" the more debt you are willing to go into to "keep up."
Ever notice how well put together these homes are? Do you ever see homes like the ones you toured last time you were in the market? Yeah, I didn't think so.
The shows that get me are the ones selling vacation homes on carribbean islands for excessive amounts of money. These people are going to visit the home once or twice a year!!
Enjoy those shows, but remember, it just "entertainment for a cause."
I tried explaining this much earlier, but you did it best.
It'd be nice if they'd provide more info during those shows (down-payment, househole income), but I think what dmills said is the real reason you see it on those shows.
No one wants to watch a house-hunting show where people are looking at 80k 1970s ranch homes in some tiny town in the rust belt. The entire network is based around the housing and home improvement industries, so they want to show the granite counter tops, the more expensive houses. All those things get the middle-income family watching to start thinking they need granite counter tops and an exercise room, and if all these other people are buying 300k houses then they probably can too. That helps HGTVs advertisers and keeps the whole cycle going.
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