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The property taxes for a $400,000 house, would run between $3,000 to about $7,000 a year. To insure it, would likely be $150-$200 a month, depending on where you live.
The mortgage for a $400,000 house, would run about $2,250 a month, assuming you actually qualified for a loan.
That means the total cost of buying such a house, would be about $32k to $37k a year.
Nearly half of all workers make less than $25k a year. And in my state of Oklahoma, I'm sure the average is even less.
Even if you owned the house outright, someone making minimum wage would barely be able to pay the property taxes + house insurance.
That doesn't even take into consideration the maintenance costs, and the utilities.
So I'm not sure what exactly you mean by "very low income".
LowonLuck buys and sells real estate, so she's an outlier, but she is an example. It can be done.
And, not every town has an entry point of 400k for homes. Homes here near me (and I live in a higher-price suburb for the general area where we live) can be found in the 200ks and townhomes and condos can be found for under 200k, so a couple making 25k a year each could afford to buy a home here.
It might not be brand new or in the very best neighborhood, but it certainly would not be in a BAD neighborhood.
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The property taxes for a $400,000 house, would run between $3,000 to about $7,000 a year. To insure it, would likely be $150-$200 a month, depending on where you live.
The mortgage for a $400,000 house, would run about $2,250 a month, assuming you actually qualified for a loan.
That means the total cost of buying such a house, would be about $32k to $37k a year.
Nearly half of all workers make less than $25k a year. And in my state of Oklahoma, I'm sure the average is even less.
Even if you owned the house outright, someone making minimum wage would barely be able to pay the property taxes + house insurance.
That doesn't even take into consideration the maintenance costs, and the utilities.
So I'm not sure what exactly you mean by "very low income".
I make $30k annually. After my down payment my mortgage payment is $1312 per month, home owners insurance is $977 annually and the property taxes are $3,400 annually. Because I am low income, the state discounts my property taxes to $1600 annually.
I make it work. If I can do it in a HCOL area, someone can do it WAY easier in Oklahoma.
What you fail to realize is that technological advances and interconnectedness do people no good when their money is buying them much less than it used to, when student debt and health insurance costs have exploded, and people are constantly in fear of getting laid off. Twenty or twenty-five years ago, before many of your beloved technological advances, people did not have those concerns. Since then things have only gotten worse for many Americans, regardless of their level of education, through no fault of their own. What most Americans who voted for Trump realize is that since 9/11 the country has gone in the toilet, despite all of our fancy gadgets that do nothing but distract people from the fact that their quality of life is declining. Maybe Trump can not help reverse this decline, but he at least indicated that he would be interested in trying to help, as opposed to Hillary and her Hollywood friends whose attitude seemed to be "too bad, so sad."
As an aside, if you can't see that things were better for the average educated American in the 80's and 90's, you are either too young or too dumb to know any better.
You blew it with that aside. Gen Xers aren't inexperienced kids. I was in the work force in the 80s and 90s (late 80s, anyway) and I can assure you that not everyone I know was doing better back then than they are right now.
If what you heard from Clinton was that she didn't care about the average American at all, you really were too far gone with the Trump worship.
Since when has someone like him cared? He's part of the reason we have the economy we have right now!
Look at the way he's shorted his contractors and wound up in court repeatedly.
Did you believe his crap about renegotiating our national debt? This is a GOVERNMENT, not a private business.
Sigh.
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Uh; I'm an old Gen X dude and, IMHO the next POTUS will either be a Baby Boomer or a Millennial. The "Greatest Generation" handed off the POTUS to the Baby Boomers, the "Silent Generation" was bypassed. Just like I think us X people will also be bypassed.
We are pretty much the lost generation in that sense.
I would say Boomer again, then a Millennial.
I'd rather a Millennial at this point.
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American elites today are just a bunch of manipulators of economies. We don't make anything, just find the brightest and best human resources around the world to do our dirty work and extract their talent for our stretched dollars.
The minute someone like Trump comes out and attacks the establishment, they start cooking up all sorts of fake stories and play identity politics against him.
Yes Trump was one of them elites but atleast he's got some balls to say enough is enough with the broken system we have that is killing the people here while the elites live in their own walled off estates.
Liberals today are too brainwashed to understand that they're being manipulated by elites like Soro using a puppet like Hillary Clinton to talk up this nonsense about borderless country and playing the race card against Trump because he's trying to take the slaves away from the ultra rich white liberals.
You still do not get that he IS the establishment.
So are all his cronies. His cabinet is full of elites!
Good grief.
Do you think they're going to NOT be working in their own best interests???
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Pure speculation. So, basically anyone who did vote like you is convinced the country is "awful". Not entirely true, although we were on that road if left in the hands of the Democrat Party. We, the nation escaped , they the Democrat Party are in the grips of dementia and paranoia. Anytime we need a reminder of what could have been , just take a look at Pelosi and her cohorts and breath a sigh of relief.
Of course my post doesn't apply to every single person who voted for Trump. I don't know everyone.
I was speaking to a general sense of "Trump will fix it, it's terrible now."
It seems odd, that's all.
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You don't think we should care about stuff like Russia?
Come on.
No, I really don't. We should be minding our own business and cleaning up our own backyard before getting involved elsewhere.
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