The Cost of Buying a Home Hits New Record

[ThisIsMe]

30 years of $75000..... Your 1 years salary doesn't pay for it...30 years of your salary pays for it...

And you likely won't be at $75k 30 years from now....more like $125k plus.

It all works out....

My first townhouse mortgage was 13.5% interest rate, my second home was at 8% mortgage rate.... We managed to live through it, and sold our second home... 2 times plus of what we paid and was able to pay cash on our third now smaller home with the profit ....with no mortgage....we were free at last! All uphill after that...

It was high inflation and mortgages starting out and holy hell trying to make the mortgage payments and property taxes....but in the end, investing in a home was the best decision in our life....

I understand that lol, but, if you have a $360,000 note at 3%, that’s between $2000 and $2600 (depending on which mortgage calculator you use..for some reason), which means at a $75,000 per year GROSS salary, your house payment is about 40% of your gross pay. If you look at net pay, it’s probably closer to 45%

That’s just too much monthly payment for your income is all I’m saying, and a heavy burden to lift while you’re waiting for your income to come up to help balance it out.

 

[Chillicothe]

Which means they will build more inventory.

Indeed, Joe, that is exactly what will happen. Is happening now.
It is the nature of our system of capitalism.

Starts are up. And will continue to increase as there is demand. When demand tapers off....so will housing starts.

 

[Blisterfinger]

Wherever I feel like but it's unlikely I will sell. I'm locked into a 3% mortgage rate and my wife finally has the place decorated the way she wants.

So your gain is irrelevant. Bidens economy sucks.

 

[OldFlame]

Sure. Seller's market. My own properties have gained well over 500k in eight years.

But it's a terribly expensive market for first time buyers.

Which means nothing since if you choose to sell, you'll also be paying out the ass for whatever you purchase, both in price and in interest.

 

[evenflow1969]

Sure. Seller's market. My own properties have gained well over 500k in eight years.

But it's a terribly expensive market for first time buyers.

Yep my poor children gunna get the double whammy. Crazy expensive to buy now and in 10 to 20 years all the baby boomers and old Gen x will be dead. Estimated 9 million houses to be around and no one to fill them. Meanwhile neither Joe nor Trump are responsible. The fellows coming home from ww2 horny and the market crash from 04 thru 07 are responsible.

 

[JoeB131]

So your gain is irrelevant. Bidens economy sucks.

Well, not at all. My personal wealth has increased substantially under Biden in increases in the values of my property and money I have in reserve in other investments.

Not that I credit any president for that. I credit it with self-discipline and careful planning and hard work.

 

[Blisterfinger]

Well, not at all. My personal wealth has increased substantially under Biden in increases in the values of my property and money I have in reserve in other investments.

Not that I credit any president for that. I credit it with self-discipline and careful planning and hard work.

You are paying more in property taxes now, it's also worthless inflation of your home. Maybe you are doing okay but most people are not. Why are you so selfish? Why don't you care?

 

[JoeB131]

You are paying more in property taxes now, it's also worthless inflation of your home. Maybe you are doing okay but most people are not. Why are you so selfish? Why don't you care?

Most people are doing far better than they were when Trump gave us a mass plague, double digit unemployment and riots in the streets.

 

[citygator]

Record equity in my house!!!

Zillow has me at 100% increase in my house value in 5.5 years. Anyone else double their home value?

 

[Blisterfinger]

Most people are doing far better than they were when Trump gave us a mass plague, double digit unemployment and riots in the streets.

If you weren't lying your mouth would be shut

 

[FranklinRoosevelt_FTW]

Record equity in my house!!!

Zillow has me at 100% increase in my house value in 5.5 years. Anyone else double their home value?

What happened to Democrats ^

No concern for the poor. I think you’re going back to the ignore list for blatant trolling… in other threads you claim to care about poor minorities yet you’re posting like you are above.

 

[JoeB131]

If you weren't lying your mouth would be shut

Were you in a coma in 2020?

 

[Concerned American]

I was sold on the devil's details assuming my first mortgage when he was in office>>

View attachment 936990
The inflation rate, 13.5% in 1980, fell to 4.1% in 1988, in part because the Federal Reserve increased interest rates (prime rate peaking at 20.5% in August 1981). The latter contributed to a recession from July 1981 to November 1982 during which unemployment rose to 9.7% and GDP fell by 1.9%.

That fed shell game led us to>>>

Reagan blamed that crash on Carter ,blind partisans being tools for their machinations lauded him as their savoir
The stats factoring in the top 1% (assuming the GNP profit) portraying us all living economically prosperity, yet not so w/out said disingenuous math
This essentially, is Fed speak
View attachment 936995
~S~

I purchased my first place just before Reagan took office. My VA loan was 9% and the purchase price was a paltry $40K with a payment of about $350. I had what was considered a fair wage at the time and my payment was just under 25% of my gross. That was the standard with rare cases going as high as 30%. Today they have 7% interest on an average loan of $350K with an average pmt of about $2800. To meet the 25% responsible threshold a person would have to earn about $11,200/mo gross. A $20/hour job would only pay the mortgage. Like in the early 2000s, the banks resort to "creative" financing and the cycle begins for never-ending debt and very quickly devolves into foreclosure and the result is the financial mess that we saw in 2006. I don't want to sound alarmist, but I see a world-wide DEPRESSION coming and the longer it is in getting here, the worse it is going to be.

 

[Blisterfinger]

Were you in a coma in 2020?

China gave us the mass plague. Why isn't Joe holding them accountable for that? Rhetorical question we all know the answer. Stop lying Joe

 

[Concerned American]

Who's incomes are doubling, and tripling?

In the last couple of years minimum wage has gone from $7.25 to $20/hr in this area.

 

[JoeB131]

China gave us the mass plague. Why isn't Joe holding them accountable for that? Rhetorical question we all know the answer. Stop lying Joe

China gave us fair warning that a pandemic broke out in their country.

Trump ignored the warnings.

He owns Covid and everything that followed.

 

[Vastator]

In the last couple of years minimum wage has gone from $7.25 to $20/hr in this area.

That's a far cry from most folks existing wages doubling, or tripling...

 

[2aguy]

Who is "no one"? I have realtors desperately trying to get me to sell my place. That means - they must have buyers.

Yeah.....the big banks are buying up homes so they can rent them......

 

[JoeB131]

Yeah.....the big banks are buying up homes so they can rent them......

Sounds like a sound investment strategy.

Are you saying they shouldn't do that?

Not that this is happening where I live, the Condo association I live at has a "Owner-Occupancy" rule. If you own here, you have to live here.

 

[Blisterfinger]

China gave us fair warning that a pandemic broke out in their country.

Trump ignored the warnings.

He owns Covid and everything that followed.

Trump tried to cut off travel from China. You guys called him a xenophobe. You are so dishonest