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Supply/demand. Places are worth what people will pay.
And history repeats itself.
When you have so much Chinese money flooding into the area and prices are spiking back up and interest rates are still pretty rock-bottom then tread with care.
Do you foresee income growth in your future? If so, I'd say that you CAN afford this house.
You take home $7000 a month all in, and your mortgage will be $2700 (more like $2200-$2400 net of the tax benefit of home ownership). You can already afford to live there but it will be somewhat tight, but life will only get better as your income grows.
My god! a townhouse for 500K? WTF? Dude! leave the area if you can! Why do people think these insane prices are OK?
Yeah. Eight years ago my townhouse was more than $500k in DC metro. Housing costs are just high in some parts of the country. Leaving the area isn't necessarily an option.
I am torn over whether I can afford a $500,000 townhouse with a $230 HOA. It is more than 4 times my gross pay. My income is roughly $120k. Take home pay is about $7000 after 401k, tax and other deductions. If I buy a $500,000 3 bd townhome, mortgage, tax, HOA and insurance will cost me about $2,700 a month that leaves me with $4,300 a month. I have a $200 car payment and no other debts. Should I do it? $2,700 a month seems too high but renting is also so expensive right now. A two bedroom apartment in decent area costs $1,900 a month. I am a single father of a toddler. Right now pre-school costs $800 a month. It will be two years before she can go to Kindergarten.
I look at that house and I can't believe an ugly house like that with a hole in the roof would sell for 400 k. That's insane.
Yeah...I am astonished that a house like that can list for that price. I think another Chinese stock market plummet might be good for the California real estate market
My god! a townhouse for 500K? WTF? Dude! leave the area if you can! Why do people think these insane prices are OK?
Right? I feel like the average person making <$80k live in hovel shacks on the coasts. Or they're driving 2 hours to live way in the landlocked areas for reasonable prices.
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