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Old 10-13-2018, 12:40 PM
 
16,626 posts, read 29,278,105 times
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Quote:
Originally Posted by joey86 View Post
You have friends who can’t afford what they want in these areas. There are two bedroom condos available for around $150 in Roswell.
Amen.
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Old 10-13-2018, 05:52 PM
 
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Quote:
Originally Posted by Citykid3785 View Post
Roswell is a great place, but I don't know that I'd put it on any sort of "affordable" list?
Perhaps for DINK couples
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Old 10-14-2018, 08:26 AM
 
2,289 posts, read 2,920,672 times
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Roswell is terrific for affordability. Sure, there are expensive houses, but a young couple could buy something like this for $299kish and have a $1500 payment including interest and taxes. They would live in a very safe family friendly area with great schools. Using standard ratios the buyers can comfortably afford this house with a gross income of as little as $65k.
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Old 10-14-2018, 10:04 AM
 
652 posts, read 518,662 times
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Quote:
Originally Posted by brown_dog_us View Post
Roswell is terrific for affordability. Sure, there are expensive houses, but a young couple could buy something like this for $299kish and have a $1500 payment including interest and taxes. They would live in a very safe family friendly area with great schools. Using standard ratios the buyers can comfortably afford this house with a gross income of as little as $65k.
Anything over 3x income is insane. The "standard" ratio is a complete joke pushed by industry insiders to promote people buying higher priced properties. Trying to buy $300 on $65k income is insane.
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Old 10-14-2018, 10:59 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,280 posts, read 8,435,178 times
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Quote:
Originally Posted by LTCM View Post
Anything over 3x income is insane. The "standard" ratio is a complete joke pushed by industry insiders to promote people buying higher priced properties. Trying to buy $300 on $65k income is insane.
Insane as in common sense to you or as in the numbers won't qualify the loan?
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Old 10-14-2018, 11:06 AM
 
2,289 posts, read 2,920,672 times
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Quote:
Originally Posted by LTCM View Post
Anything over 3x income is insane. The "standard" ratio is a complete joke pushed by industry insiders to promote people buying higher priced properties. Trying to buy $300 on $65k income is insane.
That's why I said "as little as $65k". It's not hard to imagine a dual income household having a gross income of a lot more than that.
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Old 10-14-2018, 01:11 PM
 
6,503 posts, read 3,383,623 times
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Quote:
Originally Posted by LTCM View Post
Anything over 3x income is insane. The "standard" ratio is a complete joke pushed by industry insiders to promote people buying higher priced properties. Trying to buy $300 on $65k income is insane.
Diamond = 2 months salary
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Old 10-14-2018, 02:01 PM
 
652 posts, read 518,662 times
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Quote:
Originally Posted by aslowdodge View Post
Insane as in common sense to you or as in the numbers won't qualify the loan?
As in common sense. The real estate industry, which makes more money when you buy a more expensive house, has no interest in reasonable home price to income ratios. Your agent, the seller's agent, the mortgage broker, the insurance agent, and the bank ALL make more money when you spend more money, with absolutely no more risk to themselves.

Quote:
Originally Posted by ddm2k View Post
Diamond = 2 months salary
Funny, also an insane ratio made up by the industry trying to take your hard earned dollars. Almost like a pattern....
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Old 10-14-2018, 04:58 PM
 
6,503 posts, read 3,383,623 times
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Quote:
Originally Posted by LTCM View Post
As in common sense. The real estate industry, which makes more money when you buy a more expensive house, has no interest in reasonable home price to income ratios. Your agent, the seller's agent, the mortgage broker, the insurance agent, and the bank ALL make more money when you spend more money, with absolutely no more risk to themselves.



Funny, also an insane ratio made up by the industry trying to take your hard earned dollars. Almost like a pattern....
Diamond =/= emergency fund.

Diamond =/= extra bedroom in your house.

Some people go crazy when buying, and I can't tell if it's showing off by proxy, or just being afraid to set limits. Probably happens most to the guys who take their girl with them shopping for a ring...
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Old 10-14-2018, 05:04 PM
 
6,503 posts, read 3,383,623 times
Reputation: 7903
Affordable suburb: Dallas, Hiram, Villa Rica
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