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In areas like ours, sure, but only for those in the high paying fields like biotechnology, some manufacturing or military support. There are lots of high paying jobs here but ultimately they are limited. For the vast majority of folks that don’t earn those salaries then, it is a no go.
You are just not thinking things through if you think a <$100k salary will ever be able to afford a home here. There are plenty of places in the country that will though, you just need to figure it out as where to go where salaries are decent and home prices low.
I find the idea that someone should have to leave their home state / city in order to “reasonably” expect to participate in home ownership appalling and the antithesis of the American Dream. I guess I don’t even mean just home ownership but COL in general. Instead of leaving how about we work on some solutions??
It’s not the price of the home that’s the real problem.
It’s the property taxes that make it unsustainable.
Lot of people pay 50% of their mortgage payments in taxes and it keeps going up.
Unless people start demanding tighter budgets at the town level, it will remain a huge burden.
I live in the Midwest so its not out of reach here. I plan to buy a house after I'm married. (would like to have one before I have kids but that's not a major priority. My parents didn't buy a home until I was almost 7, we did a lot of moving around. It was fine)
Unfortunately in many places close to an ocean, buying a house is for the wealthy unless you wanna live in the ghetto.
Depends on where you live. Right now in SW Florida a person is better off trying to buy a starter home as our rents have gone through the roof. My son is paying $1700 a month for a 2 bedroom 2 bath "luxury" apartment. That's $700 more than I pay for my mortgage on a 2 bedroom 2 bath house with a fenced yard and single car garage. The only thing I have come to realize is when you own a house YOU are responsible when something breaks down; you can't just call the landlord or management company.
I agree that it depends on where you live but also your expectations. We recently had a visitor who thinks that because he is in the S.F. Bay Area that he should have a totally new high-end house at a reasonable price. However, many of us started small and worked our way up so we appreciate what we do have and don't drink the Bay Kool Aid.
Location: Born in L.A. - NYC is Second Home - Rustbelt is Home Base
1,607 posts, read 1,086,000 times
Reputation: 1372
Quote:
Originally Posted by Zengha
Owning a home is a huge expense and you increasingly need a VERY good job in order to get one. However, with the way employers and business' keep trying to screw over and pay as little as possible it's difficult just getting a decent apartment and paying all the other bills.
Do you think home ownership for young people today and in the future is just a pipe dream for most?
I'd say look at the trends. Either things are getting better or not. Do houses ever keep going down and become cheap? Maybe for a few years in a crash, but that is it.
In my lifetime, a houses in the Miracle Mile have gone from low $20,000's in the 1970's to millions now.
The dems wish to keep importing low end people into the country that live 8 to a room. They can afford to pay $400 each, so easy for landlords to rent a 1 bedroom for $3200 a month if they split it up and sleep on the floor. They do that in their old country, so no big deal doing it in the US if they got a crack at citizenship.
Depends on where you live. Right now in SW Florida a person is better off trying to buy a starter home as our rents have gone through the roof. My son is paying $1700 a month for a 2 bedroom 2 bath "luxury" apartment. That's $700 more than I pay for my mortgage on a 2 bedroom 2 bath house with a fenced yard and single car garage. The only thing I have come to realize is when you own a house YOU are responsible when something breaks down; you can't just call the landlord or management company.
I had an employee renting 1/3 of a triplex for $1400 a month. He was sandwiched between two loser neighbors and the septic routinely backed up into his unit. They finally put the washing machine drain outside into the yard to help not back up the septic. Landlord was a joke, slumlord was a better name for him.
He bought a place, 2/2 (100K) and his mortgage/taxes/insurance was less than rent!
Fast forward, place has doubled in value in 4 yrs! Pay less per month and double your investment! WIN WIN!
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