Can You Actually Afford a $300,000 Home?
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- čas přidán 12. 07. 2024
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When I started working full time 4 years ago my realistic target was $300k. My wife and i are now earning 50% more money and I can just about afford $300k. Except now $300k affords me half the house it did 4 years ago. Insanity.
Hold on and prepare.
get a second wife
@@blackpearL40-y2pmodern problems call for modern solutions
@ModernGamesSuck rates aren't the problem, the bubble is. Corporations buying up housing is. Short term rentals are. Rates actually make more sense, QE is bad for the economy
300,000 house is steal in Southern california
I'm guessing most viewers cannot realistically afford a $300k house. We have been screwed.
it possible i bought a unfinished house, had exterior and roof within electrical and plumbing but interior missing bunch of insulation and drywall. 1 of the 2 bathrooms is empty, kitchen has no cabinets or sink, no floor. only finished 1 of 3 bedrooms and have bbq stuff outside along with table and water hose to wash dishes and cooking along with fridge in kitchen lol. kinda ghetto but was able to get house very cheap, just doing 1 room at a time was able to get it for 120k houses around me are mid 300s
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets
Personally, I can connect to that. When I began working with "Julie Anne Hoover," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@jeffery_Automotive Do you mind sharing info on the adviser who assisted you?
Julie Anne Hoover, is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
@@jeffery_Automotive After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will reply, and my goal is to conclude 2023 on a financially successful note.
So make 120k to buy a 300k. Not long ago 60k could easily afford 300k
I finished graduate school and am working. My husband and I have over $50,000 saved and make $117,000 combined. We cant afford to buy a home the size that we need in our area- 5 kids and a disabled parent depending on us for housing. (3 of the 5 are ours, 2 inherited from a sibling). Will just keep saving and renting and see what gives... 🤷
Lol imagine making 75k , which is a very decent income and only being able to afford a 150k house...350k ain't getting u a nice house imagine what 150k gets you....what a world we live in.
$100,000 was the goal post for the middle class. We were raised thinking if you made that much money you were wealthy enough to live perfectly comfortable and have most of your needs and wants met. Now that can’t afford a home or starting a family in the majority of American cities. “Just move somewhere rural!” But you won’t make 100,000 in a rural area, or won’t be able to find work at all. The system is broken, it’s impossible to get ahead and everything is far outpacing both wage growth and the “goal posts”. Unironically total economic collapse is best outcome for Gen Z, we don’t own anything and have zero stake in the economy, so a massive recession or depression presents the best opportunity and affordability outcome.
My base salary is around $72k per year with, married with two kids. I would never buy a house that is more than $200k with that salary. That's just me though. When I bought my house in 2012 at $170k in San Antonio TX, I made sure to not go over 25% of my base salary indeed. I'm glad I did. My wife now works, but just part time.
Life is a lot easier when your monthly house payment is under $1k. Takes away so much stress. Can't do that now, apparently, but you have to take your opportunities when they present themselves. Be proactive at the right time and non-active at the wrong time.
That's what I have to keep reminding myself in my current small starter home. We got a 3.25% rate in 2019, monthly payment with everything included is $840. We've fixed the place up, put in lots of afternoons doing little projects but it's still a small house and we want more children. But that payment is so fantastic I can't bear to let it go. So I will have to practice contentment and minimalism to have that margin in our budget every month. Everything is a trade off
@@LOLZHAHANOTFUNNY So much less stress than a $2500/mo payment. You'll never be scrounging looking for that $840 (mine is $870), and that is so liberating.
@@james5460 Damn you did great too! That's some serious wisdom that I needed to hear. I had to stop looking at Zillow and Redfin all the time because it was bumming me out seeing the houses twice the size of ours. Contentment is such a hurdle but I need to exercise it for sure
We bought in 2013, monthly combined payment for mortgage & escrow is $600 total. Although I love my house, I hate what my neighborhood has turned into over last 10 years. Wife and I want to move like yesterday! But we can't come to terms with a 5x monthly payment for our "forever home".
Bought in 1995. Moved in 2017. I pay about $178/mo. for insurance and taxes. No mortgage. That's the way to go. No stress, plenty of cash to stash.
Right after he said, leave child care 0... He had the nerve to say car payment 200!😆😆
This has got to be one of the most optimistic budgets I have ever seen.
Haha right. 200 dollar car payment had me!
Doable as my 2020 ford fusion is only 200 a month. Got it with only 19k miles on it
@@Bigmatt7 Congrats. Some people also have low child care costs. But as he said in the video, he got grilled for his estimates last time. I dare say that most people's car payment is more than 200 bucks.
Home prices are insane. No one is developing starter homes anymore and that's killing the american dream.
no one is building starter homes, and apartmentwise they are only building 'Luxury' apartments that cost $2k everywhere. everyone wants the rich folks with money but theres only so many people making that kind of money and not before long the regular joe just wont be able to afford anything.
Exactly why I’ll continue to rent until rates and pricing come down.
Don't be Discourage.....
Keep Going to Vegas, maybe 1 day You will Get Lucky
So all you have to do is live within your means and make $200k a year, easy peasy.
Uhh I think I said $120k not $200k 😅
@JavyVidana I took your estimated month mortgage and multiplied it by four, then added in the cost of taxes and health insurance. That is unless you're telling us to swing the mortgage.
@@JavyVidanaYour budget is definitely on the light side. Thank you for your efforts to inform the general populace. It's way easier for me to criticize you in the comments than to make my own video.😆😆 So I do give you credit for that. But come on, you have to admit your budget is off.
I will never own a home
Should have been born earlier 🤣🫠
We* we will never own a home in America
I think you can own a home but do you really want to own a home right now
Nothing wrong with not owning a home.
@@renelopez2244 It doesnt matter how much you want it. Even according to this video you'd need to earn 3x the median American salary to afford the median cost of a home.
it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a planner, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
True, we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash, I’ve been looking into similar opportunities in this present market, who do you use?
Having a fduciary is essential for proper portfolio diversification to make gains. My advisor is LOREN LENA WALKER who is easily searchable and has extensive knowledge of the financial markets.
scrolling through the comments and seeing the same wealth manager that i use just brought genuine joy to me. I'm so happy seeing people make so much, i can only assume cause she is doing wonders in my portfolio
Got lucky or idk. Times are hard for everyone.
But I Just closed. I managed to get approved alone on a mortgage while my fiancé wasn’t on the loan. We got a house for sub 350k at 6.75 interest at 1790 square foot and a monthly payment including taxes and insurance of $2300. 3 full beds and 2 full restrooms and a full two car garage. Home was loved and still in good shape. Rentals around where I am it’s pretty on spot. But I plan to stay In this home for more than 7-10 years. Also got the property under list. Went in 20 percent down.
I think I did fine. Just keep pressing onwards I guess.
If I want to refinance in 4-5 years or who knows when, then looking good.
I love you dude!
I can afford a $300,000 house but I'm not buying one when I can see those same houses were only $180,000 3 years ago. And I've also done 23 years in the army and I'm exempt from any property taxes and still not buying
Good 👍
65k a year will get you a van down by the river
Ur video are really good thank you I'm trying to buy end of this year
I make $85,000 living in New Mexico. 5 years ago with this income I could own an amazing looking house in the best neighborhood for $2400 a month. Now that same amount buys me a mobile home in a much less desirable neighborhood 😮
You are MERCIFUL
We bought our house in 2017 at 4.5%. Refinanced in 2019 to 2.25%. I feel lucky and blessed to have that rate today.
Great video
My house: $292.5K
2,500 sq ft, 5bd, 3b, new build in Georgia, closed 12/2020
VA loan at 2.25%, no money down
Builder incentives on closing costs
Total at closing - $6K
My floor plan selling now for $500K+.
The sign at entrance of subdivision in 2020 read starting at $200K. Now, it reads $400K.
I couldn't afford to live here if I were buying now.
And that's the main reason why there's a huge shortage of homes, many got great deals and great interest rates so it wouldn't make sense to sell.
Similar situation here. We bought our first house for $230k in 2017 and sold for $345k in 2021. We then bought our current house in 2021 for $397k with a 3.25% rate. Our house is now worth between $500k-$550k and an apartment 1/2 the size of our house rents for about $200 more than our monthly payment in our area. We would not be able to buy now.
Bought a house 10/20. My situation mirrors your very closely. Glad I bought when I did, bc I wouldn’t be able to afford it now.
Very informative video. Thanks a lot!
Glad it was helpful!
Bought a 305k house in 2021. Taxes are 6k a year (Chicago area)- payments are less than anything posed here bc of our low interest. Just so crazy how quickly things change
4 bed 3 bath on 2.5 acres for 180k 6 years ago in Michigan. Worth twice that now
1300 sq ft 3 bed 2 bath on 0.23 acre in central Florida was $160,000 in 2020. $335,000 by May 2022, only 24 months later. 4 bed 3 bath on 2.5 acres here was roughly $450,000 in 2020 and is $900,000 now.
Another informative video! Thanks.
Are you willing to create a video regarding the pro/cons of purchasing a home virtually?
I wish I had known a lot more about purchasing a home virtually before closing on my home. We bought a home utilizing FaceTime with our real estate agent. Needless to say he didn’t disclose a lot of details to us and we show up 2months later and realized a lot of issues with the home. Had I known this, I most likely would have looked at more homes in MD. A lot more was wrong with this process, but wanted to try and keep the comment minimal. Thanks again!!
Did you get a home inspection?
@@MikeAndCindyJones absolutely. When I mentioned “issues” before, I would say they were somewhat minor. However, a lot of minor issues, as you may already know, amount to large problems/expenses.
This is helpful
Can u do a video about houses coming back on the market.. good and bad for buyers?? 😊
I lucked out and got my house at 2.5% fixed. Today, I'm seeing renters paying a lot more monthly for smaller spaces. First time home buyers need to go through the NACA program to save 10s of thousands of dollars in the long run.
Just got my keys with NACA! 😊
Congrats!
What’s naca? Im really losing hope in being able to afford our own home :(
2.2%… timed it just about perfectly (by accident). Paying more on my mortgage is actually dumb, make more just investing than I would save on paying extra.
7%? Nope.
Big Ups to those that took advantage of buying or refinancing when rates were sub 3%. Never give away those properties!
Just rent it out or will it to family. We will never see rates that low evwr again in our lifetimes! ✊️😎
Good video
2.7% 255k 😅 I’m not moving until I die
4% at $100,000 2 miles from the beach in central FL. Comps for $250,000 now 2 years later. Selling it this month and living in a camper for a few months. This housing market is going to crash harder than anything we've ever seen before. Feel bad for all the "golden handcuff" families and individuals who won't be able to capitalize on 80-120% price growth in under 3 years before it completely disappears.
I currently live in Flagstaff, AZ and as I'm sure you know, houses are unreasonably expensive up here. Also the job market is not very strong at all, and I'm making about half of what I could be making with my equivalent experience in other parts of the country. Unfortunately, it's looking like we're gonna have to be moving back to the Midwest, which we just moved from and I don't want to go back but it's getting to the point that it's not worth living here if there's no chance we'll ever afford a house or even be able to live comfortably while renting
Thanks for bringing me down to reality of not owning a home for a veeeeeery long time if ever
I’m by myself, no debt…and I’m almost there thank goodness a few thousand off. Almost had it😂
But in my area anything decent within 1hr commute of work is 350,000 or has a huge hoa so…sidelines it is. But this made me optimistic.
I’ll never be able to buy a house at this rate but I’ll never give up trying that’s for sure.
Best video on CZcams ❤can you do a video on buying house vs condo. What’s better ? Pro and con. Thanks
Getting ready to move from a $335k (when I bought it) house at 3% to a $650k house at 7% and the difference in monthly payments is staggering. Obviously the new house is almost twice the price but it can be easy to forget what a big difference a slightly higher interest rate can make.
So basically you’re an idiot! Double the mortgage, Double the price and double the interest! Genius 😂
If you don’t mind me asking - Has your income changed drastically to lead you to make the move? Or is there another reason?
@@Wrought_Iron_Wolfyea I second that like why make that large of a jump?
You have to do the tax rates into 15k or 20k I live in New Jersey.
Groceries must be cheap where you are! My son and I spend closer to 800/mo and we eat pretty basic.
2.75% gang here for $665k house that's now 1mil😊. Not moving any time soon.
That's a shame, it'll be worth $550k by 2026. and won't see $700k again until after 2032.
Some people buy their homes for the long term and don't intend to sell after only 1 to 3 years. Also, not everyone is able or willing to live in a camper. Rents are expensive and so is storing everything you can't put in the place you're renting in a storage unit.
I agree with your conclusion here. It just doesn't make sense to buy, even if you can. What makes more sense is to amass as much cash as possible and wait for prices to come down. Either the house prices have to come down, or interest does, otherwise people simply can't afford to buy in a lot of areas. I'm looking to move to an area where household incomes are $50k/yr and average house prices are $525k. That is simply untenable. I've been a renter all my life, and I've been able to save and invest 1/3 of my income for all these years. I'm debt-free and set to buy a house in cash, but I don't want to do it while the prices and interest rates are this high. I wouldn't want to lock in the current levels and become house-poor, especially when the market simply cannot have buyers at existing price levels.
If you can buy a house in cash, why do you care about interest rates?
@@cody5596 maybe I was unclear. I expect the high interest rates to force housing prices down within the next 5 years.
i dont think houses are going to drop. They'll stay flat before the next asset inflation up.
@@RoBDeeZL42 that’s still a loss, when you could meanwhile have your money in stocks, bonds, and high yield savings accounts and grow at 5-11% per year. Especially since housing is so far above norms that it would have to be flat for a decade or longer to get back in line. I could double my money in that time.
@@Katadori09 Yeah if you're looking to use real estate as an investment. Some people just need real estate to live in. Either way, no dip is coming. Buy now and slow grind higher.
I think affordability is more than simple percentage layouts too. If I plan to make more money and live in a more expensive home, but keep the same basic lifestyle, my expenses and savings wouldn’t need to change drastically by common percentages. I get a bigger house generally might have higher costs, but I haven’t noticed a linear percentage change with costs in the area I live. I think people just have a hard time sticking to past lifestyles when then find themselves making more money. But again, this economy is a wack show, so best of luck I guess.
Cries in California. Comparing home prices in other states is insane. I’ve never seen a home that’s not a fixer over here.
Immediately thought *No* when this video came up 😂
Yeah that 150k section about where I’m at 💀
I live in Tampa area and there are a lot of townhomes on the 180 - 200s range. The fact is if you can’t afford it then get something that you can. Buying a single home is not a need.
My partner and I make over 250k, and we couldn't afford a house using the metrics in this video. I had to accidentally use the money I got from my 401k not being able to transfer and a state program to get the house I have now. Thankfully, it is in a developing area so the home value is going up a lot, but still....down payments and closing costs, with maintenance stuff....all of those need to be accounted for in that process.
You really can not afford a home without stable income that adjusts somewhat to inflation and living below your means. You will go house poor from taxes and general home expenses that pop up.
Me and the wife have been looking for our forever home I know what I want she knows what she wants it's our third house we learned a few things. The problem was have a current mortgage limited the amount we could get a loan for. Well we found a house we both love third times the charm but in order to get the house we had to put 235k down to get it because of our limited amount the mortgage company was willing to give us. Didn't quite drain our cash funds but it's lower than I feel comfortable with. Now hopefully our current house sells quickly I'm not willing to rent that a nightmare waiting to happen.
What goes up must come down.
Dang! Houses are very expensive. I can't even afford to buy a house right now.
"for the insurance we're gonna go with $1200 per year"
Me: cries in Floridian 😭
Just closed on a house in stockton cali for 280k using the rocket mortgage one plus , no pmi and total i spent is 6k over 15k in credits from seller to lender to realtor
Stockton might be the only affordable place cuz it’s ghetto. The streets ain’t safe 😂
@@heuthao7027 it will be gentrified in about 3 to 5 years just like every other ghetto in cali homeboi you gotta think long view as a man
Anything north and south of san joaquin county is the same price point aswell you dont have to move to stockton if your scared?
There’s some nice homes near UOP but the rest of Stockton is frightening to live at. I wish you the best in Stockton!
i've been approved for a 150k mortgage. i make an average salary. starting price of houses in my rural community is 500k
Just remember, you're going to spend at least 10k at the beginning of the year for taxes and insurance before you even make a payment.
Depends on where you are at. I spend about that on principle, interest, taxes and insurance for the year😉
What do you mean
"DREAM CRUSHER " 😂😂😂😂
Javier can you work with NACA approved clients?
You can go up 97% LTV on conventional
Do you sell your spreadsheet? How can we go about in getting a copy of this spreadsheet? TIA
Good content! How about 400k and 500k house?
I live in Kansas and one can easily find a home between 130 to 240k depending what you're looking for. I remember the thought of moving to somewhere a bit bigger came to mind but then i saw some home prices and figured id reconsider for a bit.
Yes! You are smart to live in Kansas
Can you go over VA loan
Finally the price range I’m looking at
Got to the monthly payment part, guess I’m lookin at mobile homes instead
@@TokyoTowerToothWe’re in the same boat, don’t feel bad! A home is a home ❤
@@TokyoTowerToothI’ll just buy a tiny piece of land and call it a day 😂😢
Our day care cost is $1470/month in Indianapolis. We had one that was $1040 - wife didnt like it. we tried one at $936 - wife didnt like it. we purchased a $330K home in 2022 at 5.99% and all the costs are killing us.
Sounds like you guys bought a little too soon. Tell the wife to pick up a part time job since she wants the fancy daycare
Depends on why she didn't like it. You shouldn't be picking whatever the cheapest childcare is to begin with. You are trusting a stranger to care for your children.
@XxChuyoxX That's exactly what I said. When looking I had $280K as a max budget. My wife and I have different spending habits. We both have day jobs and I have a large ebay based side hustle and she has 2 side hustles 1 etsy and one 1099 employee. Her side hustle money goes to things that I don't agree with spending on. We pull 10% from my side business toward our finances but that 100% goes toward overpaying the mortgage principle based on a 10 year oayoff instead of 30, pots to pay cash on our next new used car, investments and reserve for emergency fund.
My thoughts are that 100% of living expenses need to be funded by our primary day job which is mortgage, daycare, utilities, food, gas, travel aside from flights, gym, mini trips, car repair, shopping etc.
Any side income from my 10% side contribution is to help us in the future with investments and/or the ability to pay cash over financing. Any other profit margin from my side goes toward growing my side business (in terms of inventory) and leisure from my side which is watch collecting (sometimes ends up being an investment but more often a break even of loss).
@bettemiddler7756 That's true. All were far from the cheapest option. We also have to consider the location from home and relative to our work location as well. Where he is now is Goddard and I believe it's the most expensive in our area. It's great but a bit overkill for a 3 year old imo.
Why do you have a wife and kids. That's so stupid in today's world. Good luck with that buddy.
Love your videos. I learn a lot. Just some feedback to make them dummy proof.
Nobody knows what Gross or Net means. We know, because we watch regularly. But the average person doesn’t. It would be good if you had like an arrow pointing at the word GROSS that defines it in regular 5th grade English. Something like “all of the money you make”. And then an arrow pointing at NET that says “the money left over after paying taxes and social security, healthcare, etc”
Also, feedback #2, I would say focus on how much the person has to make based off the NET. Because you’re going off of GROSS and then it kind of misses the point on how much someone truly needs to make to afford the house. If you focus on the NET and it’s like “you need to make $100k NET to afford this.” And then you work backwards towards the GROSS (which will be 20% higher) I feel like that will really drive the point home.
Just some feedback! Thanks!
Did you see that zillow is now offering a 1% down payment option?
I know there are a bunch of us on the sidelines wanting to buy so the market isn't likely to crash, but it feels like something has to give. This doesn't seem sustainable.
all this information just makes it more clear that i will never be able to afford a house
What kind of house will you get for 300.000$? How many bedrooms? In germany it's also possible to find a house, even a little lower than 300k, but it will be far from any grocery stores and in many cases it requires expensive renovations like a new 30.000€ heating system
Not even with my husband and I earning combined! And to think we are debt free folks.. still a big NO!!!
Conventional first time home buyers 3% down??
300k will get you a home that is 70 years old, infested with bedbugs and roaches and the roof is fixing to cave in
That is the truth in my area too!!! 😢😢😢
$300,000 might buy a single wide, but you are still a renter. Space rents can be over $2,000 per month.
I’m building a brand new three bedroom three bathroom home with a garage for $330,000 right now
@@user-23w8s1n not in az you ain't
You should do another video for home prices under 299k, maybe 250k. 🤷🏿♂️
i got a mortgage with an interest rate of 2.25% in 2021... when do you think we will see interest rates like that again? I wonder if we ever will
Probably not that low.
Prob never😂. Maybe a 4% again
I got that 2.25% too in 2020.
I am a veteran and could use VA Home Loan. Could you help me to calculate how much home I could afford if I earn $60,000 a year?
Sup man, former marine here. You realistically want your mortgage to be like 25-30% of your monthly take home. So you gotta do that math yourself. But the bank will calculate with your gross. So if you do 25% of that you could comfortably assume they'll approve you for something around 1250 monthly. I think that's like 230k .Lower or higher depends on the rest of your finances. I was making about 83k when i bought my home in 2021 and didmt wanna go over 320k because that would have been like 1600 a month. I closed at 307k, my entire mortgage +taxes+ insurance is 1425 a month.Hope those number help, plenty of good info on the internet. Also be aware if you dont put at least 5% down on the loan the va will charge you a va funding fee. No one tells you that till you get further the process. It was like 3.4% of the amount when i closed. So just make sure you're putting something down.
300k is gonna get you a fixer upper shack in Colorado
no hiuses in california for 300. maybe a trailer house.
How is anyone affording a home right now?
By spending 60% of their total after tax income for it and being house poor
Boomers swear those people earned their home by sacrificing their daily lattes.
Bought before 2021.
Most can't and they will be house broke
Found a great deal in 2021 at 3%. House was an estate so the kids who inherited it where trying to flip it as fast as possible, but most of the buyers didn't want to wait out all the legalities of an estate. They even paid for closing and repairs IN 2021! I also stopped eating avocado toast and Starbucks everyday.
Woah woah woah! There are houses for $300k?! Are they dumpster with shudders? Or actual houses? This can't be in NY lol
Buy high sell low
Fact Check…Streamer… Mortgage insurance is required by FHA regardless of how much equity down payment. They change the rules Thank Biden. Previously with 20% equity, you could avoid mortgage insurance, but not anymore
Why would anyone putting 20% down go with an FHA loan? If you have an FHA loan the goal should be to be in a steady financial position to refinance when you hit 20% equity. Some people with conventional loans who put down less than 20% have the same problem if their lender doesn't automatically drop the mortgage insurance after they hit 20% equity.
Also, stop regurgitating right wing talking points.
Lmao damn you basically need to make 1/3 of the price of the house 😮
Wow you have to make 120k to buy 300k house i cant imagine what you need to make to buy house with 900k in California
Aren’t there conventional 3% down
Yes but you need to qualify for special assistance basically. You most likely wouldn’t qualify for that low down if you are an average person.
80% net at that level is not really possible. I say this as someone with a wife and 3 young kids. Taxes are more than that by themselves, much less 401k and medical/dental.
Realistically 65%-70%. I make more money than your later example and would not want a 2500 mortgage
I wish closing costs were that low in PA.
I know that a retirement savings is for retiring, but never the less it’s a savings. Can banks consider that in the mortgage application as a savings for 6 months worth of expense savings?
No
No
What is wrong with you?
Yes, the lender will use 70% of the total amount of the retirement account to count towards your reserves.
Yes, problem is where I live 300k gets you a shithole.
I can’t even get a home in sketchy neighborhoods for under the mid 400’s.
....Humm.. Why Would I Need A $300,000 House? .....$150.000 House Would Do Just Fine ....FOLKS ...IT'S JUST A HOUSE AND YOU AIN'T GOING TO TAKE IT WITH YOU WHEN YOU GO... Fact!! ...Draggin Debt All Your life is Just Silly ....Choose Wisely.
No way you can afford that on 72k without a huge down.
You said 5% for conventional but isnt it actually 3% the lowest you can do...?
Technically yes but it’s part of a program that you need to qualify for. So it’s considered DPA
Nope...
Your gross income calculation said 9k a month is 117k a year that’s wrong just do the simple math 9x12
yes crush my home buying dreams daddy
Lol even $800 a month in childcare costs is cheap if you are in the north east
I dont think we will ever see $300k homes where you want to live. Big and little rental people will buy up affordable homes where people want to live.
2.87% gang
didnt listen to the idiots and bought 😂😂😂😂😂😂
👏🏼👏🏼
remember...they are called amateurs...LOL
Lmaoo only 300,000?? In Ohio? Those are extinct in the east coast.
I make six figures, can’t afford any homes in my area. They quadrupled in price since 2019. Literally just moving to Florida in hopes that when all the boomers start dying prices will drop and praying for total economic collapse