[nep321]

Some of you may know me, some of you don't. But, I want to express my frustration with not being able to afford a home in CT. Does anyone else share my feelings?

I am now 26 years old, single and earning a pretty good salary for my age ($65K), but I'm sick of renting apartments year after year. My job is located in Berlin, and there is NO affordable town within a half hour radius that also has low crime rates, which is important to me. I cringe at the thought of having to renew my lease for yet another year (just 4 months away from now).

I got mortgage preapproval for up to $220K. However, there is NOTHING good for under $220K in this region! Not even in the more affordable towns like Middletown, Vernon or Bristol. All I want is a small 1,000 sq ft ranch, small yard, built later than 1900, and in decent, liveable condition. I don't think that's asking for too much....but why can't i FIND anything that meets these criteria in this region? All the homes in that price range are either too old, need lots of work, or are located too close to noisy highways or commercial property. Ugh!

And, I hate condos or any shared living arrangements. I want my own yard and own rules for my property with no restrictions or association fees.

So, here are the options I am contemplating:

A. Hope and pray that I get a significant salary increase (at least 10%). This might increase my price range up to about $240K, but that might still not be good enough.

B. Continue to rent and hope that home prices fall (which doesn't seem likely in CT).

C. Move out of state to another area in the U.S. where living is more affordable and I can get more for my money. But, I'm very close to my family, which lives here, and it would break my heart to not see them often.

D. Force myself to find a partner for the sake of having a dual income earning household, which then affording a home around up to $400K would be very easily doable.

What would you recommend? Any ideas that I may be overlooking? Any strategies that may be taken to mitigate this cost of living problem? I can't believe I have to deal with this in Hartford county. I mean, it's not even Fairfield county, but it's STILL expensive beyond belief for a single person.

Has anyone else been in this dead-end situation and recovered? If so, how?

Thanks all.

[renovating]

Originally Posted by nep321

Has anyone else been in this dead-end situation and recovered? If so, how?

This subject has been beaten to death...

Move South or to Texas...the cost of living is cheap there.


//www.city-data.com/forum/conne...out-reach.html

[kidyankee764]

Well, "D" sounds foolish. Why would you "force" yourself to find a partner so you can live in a nicer home?

You can find a home for under 220k but it will probably need a bit of work such as a new roof, updated kitchen, etc. There will undoubtedly be a few who post on your thread saying "a home is livable even if the kitchen is 20 years old and it needs a lot of work, stop being so picky." My answer to that: Sure, it's livable, but why would you want to spend that much on a home that will need thousands of work in the near future?

The thing that keeps me in CT is the charm of the towns. I spent time in CA (which I loved) and NC, and have been to nearly all 50 states, and nothing compares to CT. You have the feeling of living in isolation while being minutes from one of the busiest highways in the world, an hour from the largest city in the nation and a walk to the train station providing mass transit to millions of people. Best of all worlds IMO.

[Stratford, Ct. Resident]

Originally Posted by kidyankee764

Well, "D" sounds foolish. Why would you "force" yourself to find a partner so you can live in a nicer home?

I agree. I'd rather just get a 2-family that has a small(one occupant) rental unit.

[oc2nyc]

I hear your frustration. We have the same issues here in Southern California. My neighbor's daughter just got married and wanted to live near her family here in CA but they could not find a decent place to live for the money they had without putting themselves in a financial bind. They finally moved to Austin, TX. A great place to live from what I've heard. I think moving is probably your best bet right now. At least on the east coast you can move to a less expensive state and still be within a few hours drive. It takes us hours and hours just to get out of the state.

I don't know if it will never be inexpensive to live in a desirable area again.

[andthentherewere3]

Oh boy, another Ct. is too expensive thread!

I think your expectations are too high. While the homes you qualify for are modest, so is your salary. If you move to a "cheaper" state, the homes might be more affordable, but your salary will likely be less, too. You are only 26 years old----it's not unusual for someone, especially who is single----to buy their first property in their 30's, after their salary has increased considerably. I think you should just sit tight and be more patient, or "settle" for something that needs a little work. I noted you did complain the homes in your price range "need lots of work", what sort of repairs were you referring to? Outdated kitchens and baths, or major repairs? You are also looking for somewhere within a half hour's drive of work, again, your expectation is rather high. Many people, my dh included, commute up to an hour or more. You might need to be a little more flexible in what you require in a home.

[jojofree]

IMO- if there is noting holding you to Ct. then you should go explore other places. Don't settle and have fun.

[nep321]

Originally Posted by andthentherewere3

Oh boy, another Ct. is too expensive thread!

I think your expectations are too high. While the homes you qualify for are modest, so is your salary. If you move to a "cheaper" state, the homes might be more affordable, but your salary will likely be less, too. You are only 26 years old----it's not unusual for someone, especially who is single----to buy their first property in their 30's, after their salary has increased considerably. I think you should just sit tight and be more patient, or "settle" for something that needs a little work. I noted you did complain the homes in your price range "need lots of work", what sort of repairs were you referring to? Outdated kitchens and baths, or major repairs? You are also looking for somewhere within a half hour's drive of work, again, your expectation is rather high. Many people, my dh included, commute up to an hour or more. You might need to be a little more flexible in what you require in a home.

Well, first of all, any commute longer than a half hour is crazy when you take traffic into consideration. And the sad part is...even the rural towns in CT are STILL too expensive. So it's not like I would be finding something affordable by searching farther out. You know?

[Rickd203]

I had my house on the market for $150,000 but I gave up trying to sell it. The only offers I got were from the house flippers that wanted to pay me half of what I was asking so could put it back on the market as soon as I signed sales contract.

[AnonChick]

nep321, is that all you got out of andthentherewere3's post? The main point I gleaned from it, and from your initial post on this thread, is that you're 26 and making $65k, and live alone. You haven't mentioned what kind of liquid assets you have available to sink into owning a property at your age, with your salary.

My guess: even if you could find a home for that price, that didn't need any significant repairs at all, you'd still need to buy a lawnmower, and have your driveway sealed, and a snowblower, and fill the oil tank, get the chimney cleaned, the gutters cleaned...things you never had to deal with when you were renting, and things you'd never have to deal with owning a condo. At $65k/year you can't afford to own a $220,000 home, by yourself, as a first-time home buyer with nothing to bring onto the property but some used furniture and your clothes.

You need to have saved up some significant money first. Not just for the downpayment, but for the homeowner's, liability, and probably PMI (unless you can afford to put down more than 20% downpayment), plus all that equipment homeowners need to maintain their property, which can run into quite a few thousand dollars as an up-front investment. And then, you need to have a plan for saving around 15k for a new roof, if the house is less than 9 years old, because chances are, it hasn't been repaired yet but will need to be within the next two years.

Just because it's in good shape now, doesn't mean you won't need to spend a lot of money in the near future to ensure it stays in good shape.

Young people think owning a home is easy. Get some money, get approved, sign some papers, and POOF - they're homeowners! They forget about the gas leaks out the swampland in the yard, and the squirrels' nest in the roof that has created a hole through which the heat billows through in the winter. And the termites eating through the support beams in the basement, and the 10 miles worth of mole tunnels turning the back yard into one huge sink hole. They forget that it costs MONEY to maintain whatever you buy, that looks so nice. It doesn't just stay that way.

Do yourself a favor. Save your money. Rent cheap for now and bank everything you don't need for a few years. Wait until you can afford not just approval on a mortgage, but the cost of a house in your price range and criteria, AND at least a year's worth of maintenence and all the equipment you'll need to buy to do that maintenence.

And THEN, start saving for a roof.