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Is this household or individual income? You also do not need 20% down to buy a house
No you do not, but median incomes in the country fell last year, down to about 1998 levels, so while its good news that housing is starting to recover, the prices rising will price many out of homes that they otherwise could purchase.
No you do not, but median incomes in the country fell last year, down to about 1998 levels, so while its good news that housing is starting to recover, the prices rising will price many out of homes that they otherwise could purchase.
True, I was just pointing out that "working class" people can indeed afford to buy a home. The notion that only upper class people can afford to buy a home is simply not true. I am no where near upper class and even further from "working class poster" idea of upper class, but I bought a house in February.
uhm its the NATIONAL median....and its from YOUR post
Sure. If you can't afford it, then get something cheaper. There are expensive areas and cheaper areas. It's common sense. Not everyone can afford the median.
Is this household or individual income? You also do not need 20% down to buy a house
20 percent is usually the number people use since if you put down less than that you most likely will have to pay mortgage insurance on top of your usual payment.
20 percent is usually the number people use since if you put down less than that you most likely will have to pay mortgage insurance on top of your usual payment.
Is this household or individual income? You also do not need 20% down to buy a house
uhm...its always household income
and you are correct you don't 'need' 20%...but without 20% is also rises your mortgage payment (plus possible and added mortgage insurance) and also lowers your eligibility
for example
50k income with 20% (34k) down qualifies you for 175k house (max)
50k income with 10% (17k) down qualifies you for a 158k house (max)
50k income with 0% down qualifies you for a max of 145k house
In South Florida houses were very cheap in 2001. A 3 br house today is pretty much double than in 2001. Depends on the neighbothood of course. Of course in 2007 they were not double, but triple.
On the Gulf Coast of FL, 2001 was about the second year of the spike. My wife and I had purchased one house in 1998, and realized a nearly 65% gain when selling in 2000. Had we held on to that house another full year, we would have likely made another 25-30%.
The peak on the Gulf Coast was late 2007/early 2008. That same house I sold in 2001 had ballooned to nearly $1 million around 2008, before crashing in 2010 and again in 2012. By 2012, the debacle with flood insurance was starting to kick in, and that alone really slowed the appreciation of waterfront properties.
On the Gulf Coast of FL, 2001 was about the second year of the spike. My wife and I had purchased one house in 1998, and realized a nearly 65% gain when selling in 2000. Had we held on to that house another full year, we would have likely made another 25-30%.
The peak on the Gulf Coast was late 2007/early 2008. That same house I sold in 2001 had ballooned to nearly $1 million around 2008, before crashing in 2010 and again in 2012. By 2012, the debacle with flood insurance was starting to kick in, and that alone really slowed the appreciation of waterfront properties.
Yes, it was pretty crazy. The boom started a bit later down here. Now they have re-drawn the flood maps, and a lot of people don't need flood insurance anymore.
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