I could afford mine if it doubled from what I built it for. In the current real-estate market here, nope. mtmuley
Home purchase
- Thread starter Addicting
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Nick87
Well-known member
Where you always save big money!
Yeah, your area is a much different market for sure. Houses around here are comparatively very affordable.
Nick87
Well-known member
F this place. Lol
Fueling my initial investment. God bless Yellowstone. mtmuley
brownbear932008
Well-known member
Not in my opinion. Not that I couldn't but I wouldn't is more accurate. We have honestly made out like bandits on flipping a couple of properties since 2015. Bought our 2015 house for 132k financed the 32k at around 4.4%. Had to move closer to family in 2019. Sat on that house renting it for 1000k a month being paid for. We bought another house back home for 180k @ 4.6% refinanced in 2020 for 2.25%, threw rent into principle for four years on the new house. Sold that residence in 2022 for 300k to a friend pocketed 180k. Sold the first house this month for 318k to a neighbor. Bought our current retirement home and put a few hundred thousand in the retirement fund. Debt free at this point in life with 9 years until retirement.
I look at prices today and really wonder about the housing market and affordability for young folks ever owning a home. If you would have told me in 2015 I could have done that I'd laughed in your face.
I look at prices today and really wonder about the housing market and affordability for young folks ever owning a home. If you would have told me in 2015 I could have done that I'd laughed in your face.
Nick87
Well-known member
And I think thats what's snowballing the problem.
BigHornRam
Well-known member
A lot of the average and below become building inspectors.
Yes, I’m in a very similar situation. Self built log house on a creek with 13 acres.
npaden
Well-known member
We could easily buy our current house again at the Zillow Zestimate or whatever it is.
When we had it built in 1999 it was a stretch for our budget, but our income has grown more than the house has appreciated.
We refinanced it to a 15 year mortgage 14 years ago so have 1 more annual payment to make on it.
When we had it built in 1999 it was a stretch for our budget, but our income has grown more than the house has appreciated.
We refinanced it to a 15 year mortgage 14 years ago so have 1 more annual payment to make on it.
ashersdad
Well-known member
Bought our current home in 2009 when the market had tanked. Currently it's worth 3X what we paid for it. Had a 15 yr mortgage that we paid off early. We could afford to buy it again today, but it's way more house than we need now that we're empty nesters. At some point we'll downsize.
Starter homes here are over 500k and that doesn't get you much. Crazy times for sure.
Starter homes here are over 500k and that doesn't get you much. Crazy times for sure.
mevertsen
Well-known member
That's our monthly take home.
npaden
Well-known member
Home values in Lubbock, TX
Lubbock is a city in Texas and consists of 55 neighborhoods. There are 3,033 homes for sale, ranging from $500 to $8M. - $242.6K
Median listing home price - $136
Median listing home price/Sq ft - $236.5K
Median sold home price
Bullshot
Well-known member
I skipped reading after the 1st page of comments. I am in the couldn't afford my own house club. This is despite my salary doubling since I bought it.
That was before I had kids college costs. Before cars tripled in price.
And before it costs too much to hire anybody to do anything.
I see what my house is worth on Zillow and I laugh. It's meaningless, just glad I actually live here and not looking to live here.
That was before I had kids college costs. Before cars tripled in price.
And before it costs too much to hire anybody to do anything.
I see what my house is worth on Zillow and I laugh. It's meaningless, just glad I actually live here and not looking to live here.
SFC B
Well-known member
THIS is also part of the folks doing the "I will NEVER afford a house" issue.....not everyone can live in the inter-mountain west, on the beach, in a big city, etc. As was talked about above, as far as expectations, I am 56 and have kids in their 20s. I think my kids are pretty grounded but I can tell you that almost NONE of their friends or the younger folks I work with at Scheels are. I am fully aware that "things change" but it is also LARGELY about priorities. Younger folks spend tons of money on things that are in NO way necessities because they "feel" they are necessities and there is a huge sense of entitlement proportionally. Get a cheap ass cell phone, don't eat out or get stupid ass coffee everyday, clothes don't have to be expensive (or even new), cars can be really old and just good enough. Given the amount of those that can work remotely......live in a small town in almost anywhere in the middle of the country if you want a house. FFS, we just bought a house in IN for 250k that would be at LEAST 8-900k in CO. A LOT of the "we CAN'T do it" is perception and false reality.
Addicting
Well-known member
Completely disagree, what is the wages in the area you bought your house?
Let’s basic monthly budget for a person making $25 an hour, $834 take home per week, $3336 a month in your pocket. That is with nothing going to a retirement account.
With 5% down, PMI, Taxes at 3k, and insurance at 2.5k the payment is at $1978.
Electric $150
Propane 2 fills per year in a older house $115
Phone $65
Car, gas, and insurance is $400
There is $628 left in the wallet for the month and we haven’t budgeted for any food yet. Just the stuff to own the house and get to work.
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Nick87
Well-known member
I wish.
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