How do middle class citizens afford to buy a house here? (Seattle: renter, HOA)

[branh0913]

Originally Posted by aaronkc

what does east coast have to do with it? i live in nyc/nj and been to philly and dc
down south is about 100 yrs behind the rest of the civilized world so if u feel comfortable living there, go head

How is the south 100 years behind? I'm waiting for an explanation. I've lived in the south and Seattle and ok currently in California. I don't see how Washington or Cali are that far ahead any southern city I've been to.

[aaronkc]

Originally Posted by branh0913

Tell me about this breakdown which makes Philly cheaper? You could live like a kind in Philly for 100k a year. Definitely not true for Seattle

i guess u mean "which makes philly NOT cheaper"
if u want comparable housing, esp new housing in a nice, comparable nhood in the philly area, u gon pay

[ctr88]

It all depends on your perspective. Seattle is not that expensive if you are coming from SF, LA, OC, Boston, NYC, DC, Hong Kong, Tokyo, London, Paris, etc.... I remember when I lived in the SF Bay, people asked for the last 25 years how middle class people could afford it there. Well, they don't. They either rent or commute massive distances. Seattle to me has some extremely affordable areas (compared to say SF Bay) in the north and south suburbs. Middle class people can afford to buy in places like Lynwood, Kent, Auburn, Burien, Everett, etc...

[Arushan]

Moderator cut: off topic, orphaned

Lower middle class people in Seattle often rent apartments while their Midwestern or Southern counterparts often own their homes. It's just how it is living in a desirable part of the country.

[Hemlock140]

Moderator cut: off topic, orphaned

Just as there are million dollar+ homes on the water in Seattle there are studio apartments that rent for $600. There are also "in law" apartments in homes, and roommates sharing rentals, and families with 2 or even 3 generations in the same home.
Not everyone has to buy, but even people considered lower middle class at $50,000 income manage to do it.

[aaronkc]

buyin a condo or a townhome is an obvious choice, once u have a family and two incomes-a home, people do it in way more expensive cities than seattle somehow so shouldnt be a problem here

[mkarch]

Originally Posted by aaronkc

buyin a condo or a townhome is an obvious choice, once u have a family and two incomes-a home, people do it in way more expensive cities than seattle somehow so shouldnt be a problem here

It'll be interesting to see it that works going forward. It *has* worked at certain points, but condos generally lost more value during the market crash, so people that bought one actually managed to get further away from buying a house. Additionally, the supply of condos and townhomes within the city is expanding, while the number of single family homes is declining. Because of that it's possible very few condos and/or townhomes will actually pace increases in home prices - IE: you're better off sacrificing to get into a home rather than deal with a middling condo and another set of transactions costs.

I will point out though, certain townhomes have held their value better than houses in certain neighborhoods, so it's highly location dependent.

[aaronkc]

Originally Posted by mkarch

It'll be interesting to see it that works going forward. It *has* worked at certain points, but condos generally lost more value during the market crash, so people that bought one actually managed to get further away from buying a house. Additionally, the supply of condos and townhomes within the city is expanding, while the number of single family homes is declining. Because of that it's possible very few condos and/or townhomes will actually pace increases in home prices - IE: you're better off sacrificing to get into a home rather than deal with a middling condo and another set of transactions costs.

I will point out though, certain townhomes have held their value better than houses in certain neighborhoods, so it's highly location dependent.

it all depends, condos are way cheaper and cheaper to maintain, not eryone can afford or even needs a home
im in northern nj and decent, average 1 bd condos round here cost 350k+ so many people here cant even afford that

[Arushan]

Another good thing about condos is that they could be rented out for income when the owner is ready to buy a single family home later on.

[Ruth4Truth]

Originally Posted by wlw2009

While that sounds like a good idea Ruth4Truth, I am not a big fan of roommates and would definitely not want one in my house.

I wasn't talking about roommates. I was talking about creating a separate rental unit. If they're in the basement, you hardly even notice they're there.