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Builders I know have told me they aim for a 15% profit on a build.
Perhaps I'm simply old and cheap. It seems every time I have dealt with housing in various contexts I feel frustrated and hosed. I see the prices as being symbolic of a greed driven commodity that is a necessity for most of us. I know why thousands in this country don't have shelter. They are not all weirdos either.
Not counting coastal cities and high cost of living cities, how do most people not afford homes? I used a mortgage calculator, and if a couple has a income of 80k (40k a person), 600 in monthly debt, and a down payment if 10k, they could afford a home of 300k! Even 200k will get you something decent. That’s a pretty nice home in most of America, and making 40k a year isn’t hard. What am I missing?
People don't know how to fix their credit for even a short time to get that loan?
NY Annie, thank you for posting that reality check that many folks just don't get in their dream world. The reality is that many folks don't get the opportunity to earn 40K/year no matter what they attempt to do or learn. This is a sad fact and far too many households struggle hard to barely squeak by.
If a person is working full-time and making less than $30k a year, then I would assume they would be motivated to improve their qualifications to make a little more money.
However, I have never worked in a managerial position. So, I guess I haven’t seen the big picture or gotten a bird’s eye view of what motivates people.
If a person is working full-time and making less than $30k a year, then I would assume they would be motivated to improve their qualifications to make a little more money.
However, I have never worked in a managerial position. So, I guess I haven’t seen the big picture or gotten a bird’s eye view of what motivates people.
Improving their qualifications often means more education, which costs money, which they don't have, because they only make $30K a year. Add in the fact that they are already working a full-time job, so in addition to the financial barrier, they have to find classes that fit around their school schedule. And if they have kids, they have to find, and pay for, child care, which isn't cheap. It's not that easy.
If a person is working full-time and making less than $30k a year, then I would assume they would be motivated to improve their qualifications to make a little more money.
However, I have never worked in a managerial position. So, I guess I haven’t seen the big picture or gotten a bird’s eye view of what motivates people.
If a person is working full-time and making less than $30k a year, then I would assume they would be motivated to improve their qualifications to make a little more money.
That sounds like a very arrogant comment. Not everyone can earn that much or even get the opportunity to do so. I graduated from a 4 year college with a bachelor's degree in management and couldn't find a job earning minimum wage back in 1996. Fortunately, my family owned a small business that I earned enough $$ for a good lifestyle. I am not rich nor am I complaining but I never judged others in their capability to earn a living wage.
Last edited by dontaskwhy; 07-08-2021 at 12:56 PM..
My taxes are an extra $900/month. Not to mention homeowner insurance($2000/yr)
I pay over $1700/month,with a 15 year conventional mortgage at 2.5%.
Yup, I'm in the same state as you are, but on the other side. I commuted to Manhattan. To buy my own condo, I had to live almost two hours door to desk (45 miles, car to train, train to rail rapid transit system to the city). My 940 s.f. place cost $180K, taxes are only around $4K, which is as low as you get in NJ, but I also had to figure in about $400 in monthly commutation costs plus the higher NY State income tax. I did it because I'd gotten a promotion that raised my salary to $106K and I knew I would be retiring in five or six years, so I got something that would be affordable on my pension, so I sucked up the longer commute for a few years.
I lived in North Jersey most of my life, 30 miles from the city, which meant my commute was only an hour and 20-to-30 minutes, but the cheapest townhouses in that country started at $300K.
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hmm
