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I bought a house in 2019, I was lucky enough to get in a desirable area before everything escalated to the moon due to WFH as I live in a semi-rural township that is 35 minutes away from the city. There is no way I would pay the real estate prices as they are now, and probably wouldn't be able to buy another house in the zip code I live in ever again. Luckily, there are somewhat cheaper zip codes a few miles away once I profit from the sale of my house in 5-10 years.
Here in central FL I am living off around 35000 a year. How ? Living a very modest life style. No car or CC payments. Total expenses come to around $1100 monthly. That includes everything except edibles.Rent is about 22% of my gross monthly income. I rent from a private landlord who has not raised my rent in 3+ years. A nice manufactured house but it suits my needs. Just a matter of living within your financial means.
This describes a few of our friends who are still working
1. Roommates (2 roommates is becoming common).
2. Under 10 min commute to work
3. Shop thrift stores. People don't look as stylish as they used to
4. Perk their own coffee (many of the morning drive-thru coffee shops closed up)
9. Cook at work. My friends building comes with a kitchen so he "crockpots it" while at work to have
lunch to eat all week. Often it is cheap, but healthy, soups
10. Eat out less with co-workers
I agree with your total list. It's saves money, but it's all round better.
My kids each have a roommate. It working out well. In fact, when my vaxxed kids had covid, I was glad someone else was round.
I'm shopping thrift stores for all our new house accessories. I purchasing 1940's bathroom items like toilet paper holders, towel racks, soap dishes, guest towel rings, mirrors, etc. It's better to buy used and save something from a garage dump. New purchases are usually from China. It adds to our trade deficit and its not as well made.
My kids have fancy espresso makers which are cheaper and better than a cup of Starbucks.
Lunches from home are usually better than any store brought food.
With covid, few people want to eat out anymore.
While it's hard to live on $40,000 per year, it can be done! My kids are in Washington DC and Pittsburgh, PA. It's easier in Pittsburgh, but it's possible in DC with a roommate.
I feel it really depends on where you live...I live in Boston which is crazy expensive but I wouldnt be surprised if there are people in their 20's and beyond making 40k or not much more than that.
I was actually thinking yesterday that it feels like our society has become VERY money driven and it's kind of sad. Most people I know don't want a job that isn't going to make them somewhat wealthy. I know few people that become teachers or social workers anymore. Boston has very high salaries though so that's mainly what i'm exposed to. Seems like everyone around me has money falling out of their pockets.
Not bragging. Trying to show that the younger generation that is entering the workforce or looking for a starter home in my area now has to dish out 500k for a house that costed me 170 nearly 5 years ago.
It shows how the world and policies are making it more difficult for the next generation to obtain the middle class home ownership status.
Maybe in the Austin area but certainly not everywhere. People also don't have to buy a big "starter" home. Whatever happened to 1200 square foot starter homes? Smaller master baths? Kitchens that don't have huge center islands. Living areas without tall vaulted ceilings. That sort of thing.
A few months ago I bought a 2200 square foot house in my area (near Dallas but not in Dallas) for $265,000. It's not a starter home - I bought it mainly for the resale value long term and at my age (59) I have bought and sold many homes over the decades (my starter home was about 1300 square feet). I wasn't about to shell out $500K for a house. I sold my $500K home by the way, with a swimming pool and an acre sized lot and a nice shed and a pergola and all that, in a gated community, in three days. Glad to get rid of it and glad to get rid of such high utility bills and property taxes.
Maybe in the Austin area but certainly not everywhere. People also don't have to buy a big "starter" home. Whatever happened to 1200 square foot starter homes? Smaller master baths? Kitchens that don't have huge center islands. Living areas without tall vaulted ceilings. That sort of thing.
A few months ago I bought a 2200 square foot house in my area (near Dallas but not in Dallas) for $265,000. It's not a starter home - I bought it mainly for the resale value long term and at my age (59) I have bought and sold many homes over the decades (my starter home was about 1300 square feet). I wasn't about to shell out $500K for a house. I sold my $500K home by the way, with a swimming pool and an acre sized lot and a nice shed and a pergola and all that, in a gated community, in three days. Glad to get rid of it and glad to get rid of such high utility bills and property taxes.
Whatever happened to 1200 square foot starter homes...
LOL - still there after 20 years. Not going anywhere unless I finally get tired of PA weather some year.
Whatever happened to 1200 square foot starter homes...
LOL - still there after 20 years. Not going anywhere unless I finally get tired of PA weather some year.
I was looking for a smaller home myself when I found the one I ended up in, at a good price and all that. I think 1200 square feet is FINE for many people!
I'm in a 1500 sq/ft "starter home" built in 1977. Problem is, it's no longer at a starter home friendly price. I paid 162k in 2009 for mine and now Zillow has it over 400k. Prices are in line with comps and a few months ago a similar house up the street sold for 345k. It doesn't have a garage and has 1 less bath as mine.
Neighbor across the street paid 52k has a similar house and he's the original owner.
I do appreciate my smaller home. It's less utility costs, maintenance, and taxes. It's plenty big for my family of 5. When I did have my brother's family staying with us during the holidays, it definitely felt smaller but was manageable.
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First time I've heard of this.
