Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I usually hate sharing personal data, but this is an anonomous forum, and my name isn't even Mike.
Me and my wife are 35. I'm an engineer, she's a teacher. Combined income of around $170k/year. We bought a house last year at $450K, and put 20% down. Mortgage with all taxes, insurance, etc is right around $2200/month.
The 20% down and all closing costs were all funded by the sale of my prior home, which had gained considerable equity since I bought it during the 2009 downturn as a foreclosure. We didn't have to touch a dime of our savings to buy the current home.
Wow most people will never even be able to afford to fantasize a six figure income. It is an evil travesty when people making the median income for an area can barely even rent let alone buy. More than half of people will never even see a 60k salary in their life
You gotta be a one percenter or already bought in before it went up and sold high and bought a new house with a wad of cash. Thw direction we are heading is a nation of majority homeless.
Wow most people will never even be able to afford to fantasize a six figure income. It is an evil travesty when people making the median income for an area can barely even rent let alone buy. More than half of people will never even see a 60k salary in their life
You gotta be a one percenter or already bought in before it went up and sold high and bought a new house with a wad of cash. Thw direction we are heading is a nation of majority homeless.
Our first home cost about this much. We put 20% down. We had about 175k between us in salary. We were also able to buy a less expensive rental property which paid for itself and more besides. We sold both and bought three homes with the proceeds. We grew in our careers and had quite a bit more coming in with salaries. We sold three properties and bought four. And on and on for the last ten years.
$400k would be a bargain in my area for what we owned at the time. We didn't make six figures each then (we do now) but it was very comfortable on what we earned. Good credit and 20% down gets you a very doable monthly payment as long as you don't have a lot of other debt. Also we never spent money on things like a big wedding or other cash drains. We decided young that we wanted to make our investments work for us. It was a priority to get to a certain level of financial stability. Where there is a will there's a way...
The combined salary, savings, and emergency fund with the spouse supports the buying ability. We can't find a decent house in the the bay area for $200k. That's a pipe dream.
I hope you bought a house 7 years ago b/c you could have upwards of 500k in equity! There are single family homes for under a million now in the SF Bay area but the competition would be fierce or you'd have to listen to gunfire at night. 2 bed apartments in 70's buildings start at 600k in my Oakland hood.
Wow most people will never even be able to afford to fantasize a six figure income. It is an evil travesty when people making the median income for an area can barely even rent let alone buy. More than half of people will never even see a 60k salary in their life
You gotta be a one percenter or already bought in before it went up and sold high and bought a new house with a wad of cash. Thw direction we are heading is a nation of majority homeless.
That's not true everywhere. A six-figure income is not wealthy by any means in the NY/NJ region. It is not STRUGGLING, either, but to say they can't afford to fantasize a six-figure income is unrealistic.
That's not true everywhere. A six-figure income is not wealthy by any means in the NY/NJ region. It is not STRUGGLING, either, but to say they can't afford to fantasize a six-figure income is unrealistic.
Spiritbear is also not accounting for the reality that most home buyers are married. Two people each earning around 50k means a six-figure household income - and that's the income that matters when buying a house, not individual salaries.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
