Another *fuck the housing market* thread

BiffbarfBro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

CrunnchyPissFartI am not sayin ur wrong but that sounds like a long ass stretch. its really hard to make that kinda money as a student lmao. and with inflation and having to also afford bills and food and car payments and school and gas and literally everything else. idk man maybe that'd be realistic if we were living in like 1990, and shit always looks better on paper than in practice so I'm finding that hard to believe

CrunnchyPissFartI am not sayin ur wrong but that sounds like a long ass stretch. its really hard to make that kinda money as a student lmao. and with inflation and having to also afford bills and food and car payments and school and gas and literally everything else. idk man maybe that'd be realistic if we were living in like 1990, and shit always looks better on paper than in practice so I'm finding that hard to believe


also if they maybe even taught us a sliver of how the financial world works in school I wouldn't be making this thread but I'm really working with nothing here lmao

**This post was edited on Apr 5th 2022 at 10:51:16am

Professor-ModeloBiffbarf is right… you can easily make that happen on a very basic restaurant income. Also I don’t think you REALLY want the housing market to crash again

CrunnchyPissFart

where

BiffbarfAt those prices you don't even have to go to school. Seriously. Find any mortgage calculator you want. I put it 200k with a 10k downpayment and a 5ish percent interest rate, take that monthly payment, multiply it by 3 so it's a third your living, divide it by 2 and boom you have the minimum you need to make as an individual. You need to make less than 25k each. This has to be one of the most attainable way to buy a house in the entire US.

Also, wtf are you doing paying for school. Work until you're no longer a dependent of your parents then go to school when you can fill out a fafsa with little/no taxable income then school is pretty much free.

Also why the fuck would you have a car payment? Fuck that shit. Buy a beater with a heater financing cars is one of the worst ways to spend your money.

CrunnchyPissFart

where

r00kieQouting to emphasize that last point you made. It amazes me how little financial literacy is taught to high schoolers. But hey, if we teach kids how to calculate interest and plan a budget how would we get them to sign up for these ridiculous student loans?

Anyway, you're a college student who is actually looking into their future regarding big life things like buying a house, you're already ahead of your peers. For me personally I'm 4-5 years out and thats if the Boise housing market simmers down a hair but my current renting situation is amazing so I'm going to milk it as long as I can.

**This post was edited on Apr 5th 2022 at 11:04:08am

BiffbarfLink me where you found that because you messed something up and the 300/month mortgage payment probably has something to do with it

CrunnchyPissFartthanks homes, I appreciate the support. hopefully we can figure something out where a good deal or a safe place to rent pops up but either way we really are both driven to get out of our parents houses respectively

r00kieI feel that. I lived with my parents through school and even for almost a year after, finally moved out just over a month ago. IMO beats taking out an extra 10k a year for room and board. I wish I had some advice on finding cheap housing while a student but I never went that route. How long til you graduate?

CrunnchyPissFartyea but $50,000 is a long ass stretch for 2 students


and yea idk how fuck works so forgive that 300 error

**This post was edited on Apr 5th 2022 at 11:15:56am

Professor-ModeloThen you need to choose between working now and buying a house with your partner, or graduating and joining the work force asap. That’s all there is to it.
I’d personally recommend finishing out school since you’re already there. Your sister can’t possibly be that bad


**This post was edited on Apr 5th 2022 at 11:20:45am

skiermanLOL at the fucking morons who think the only barrier is how much you make.


Tell us more about how you idiots have never bought a house.

CrunnchyPissFart

where

CrunnchyPissFartyea but $50,000 is a long ass stretch for 2 students


and yea idk how fuck works so forgive that 300 error

**This post was edited on Apr 5th 2022 at 11:15:56am

CrunnchyPissFartI got like 2 years, then probably going for masters. Its def nice to not have to pay for student housing but my parents are at my heels about moving out and have been real dicks to me since I moved home after my first year. I'm sure something will work out tho cuz things usually do

r00kieQouting to emphasize that last point you made. It amazes me how little financial literacy is taught to high schoolers. But hey, if we teach kids how to calculate interest and plan a budget how would we get them to sign up for these ridiculous student loans?

Anyway, you're a college student who is actually looking into their future regarding big life things like buying a house, you're already ahead of your peers. For me personally I'm 4-5 years out and thats if the Boise housing market simmers down a hair but my current renting situation is amazing so I'm going to milk it as long as I can.

**This post was edited on Apr 5th 2022 at 11:04:08am

oldmanskiHang in there and keep at it. Concentrate on your schooling and keep looking for a place to live, something will come around. I dont have much advice to give but stick with what you want, work hard and dont give up. Things will work out.

BiffbarfBro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

LonelyHmm? Ya need 40k for the downpayment alone on a 200k house, unless you are doing a FHA loan but those come with their own bagage.

I'd have a hard time believing that a couple making 10$ an hour has 40k lying around...

With that combined income, 10k saved a year is feasible, but still difficult when looking at the rise of the cost of rent. I'd imagine it'd be difficult to save nearly a quarter of what you earn just for a downpayment when rent is half you're income.

Housing market is still fucked though. The affordability of a 200k house hasn't really changed, but now houses that were 200k five years ago are being listed and sold for 600k. That's the fucked part

BiffbarfNobody's buying houses with 20% downpayments anymore.

BiffbarfNobody's buying houses with 20% downpayments anymore.

skiermanYou're an ignorant fuck, aren't you?

LonelySo our hypothetical dairy queen couple would have to do an FHA right? Or are banks handing out loans to people with that sort of income, with a 190k mortgage, and potentially student or other types of debts? At a rate that doesn't fuck you up the ass?

BiffbarfHa you're cute. This is the result of having ns posts on your resume

I can't guarantee rates or lack of predatory lending, but banks are doin dummy shit right now ala 2k8 round 2. I know personally of 3 homes purchased within the last year at single digit down payments.

skiermanYou're an ignorant fuck, aren't you?

yungonaPoor ❓

LonelyHmm. In that case do I buy a home this weekend? There's a great one I'm looking at in duluth

BiffbarfNobody's buying houses with 20% downpayments anymore.

skiindanaFocus on putting money away for retirement rather than buying a house. People do not understand how much time matters when you're investing. If you're in your 20s and not putting money into an index fund you're missing out on hundreds of thousands later in life.

Say you put away just $200 a month starting at age 20 and retire at 65. With 7% returns you'll have ~$760,000. Now say you instead wait 5 years to start putting away $200. You end up saving $12,000 less, but at retirement you only have ~$530,000. People think it is impossible to get rich or takes some great skill, but just being patient will almost guarantee you retire a millionaire if you just start now. Zero effort beyond saving $200...

On the house:
Housing is not an investment. It is an inflation hedged, leveraged, tax advantaged, saving vehicle. It will roughly appreciate at inflation and median local income (unless the US becomes Canada) after accounting for interest rates. With that said, unless you're buying more than one house or spend beyond your means, prices do not matter much - you're just buying into a 'price-level'. If prices go down you'll lose equity but all homes in your area will go down at a similar rate. If prices go up, you'll gain equity but it will be useless since prices in your area will rise at a similar rate.

We bought a house last year because the money was basically free and we had too much cash which was quickly losing value. This isn't really true today - if we bought our house now we'd spend +100k and have a payment that is +300 a month on just higher interest.

CrunnchyPissFartSkiindiana back from the dead, haven’t seen that name in a while! That’s honestly some pretty damn motivating advice tho, 200 a month is pretty damn easy

LonelyHmm? Ya need 40k for the downpayment alone on a 200k house, unless you are doing a FHA loan but those come with their own bagage.

skiindanaDo you plan on living there for at least 5 years? Can you afford the payment without issue? Cool if the price goes down 15%?

.frenchyyou also dont have to put any money down with a VA loan

sparknotes: OP must join the army

skiindanaFocus on putting money away for retirement rather than buying a house. People do not understand how much time matters when you're investing. If you're in your 20s and not putting money into an index fund you're missing out on hundreds of thousands later in life.

Say you put away just $200 a month starting at age 20 and retire at 65. With 7% returns you'll have ~$760,000. Now say you instead wait 5 years to start putting away $200. You end up saving $12,000 less, but at retirement you only have ~$530,000. People think it is impossible to get rich or takes some great skill, but just being patient will almost guarantee you retire a millionaire if you just start now. Zero effort beyond saving $200...

On the house:
Housing is not an investment. It is an inflation hedged, leveraged, tax advantaged, saving vehicle. It will roughly appreciate at inflation and median local income (unless the US becomes Canada) after accounting for interest rates. With that said, unless you're buying more than one house or spend beyond your means, prices do not matter much - you're just buying into a 'price-level'. If prices go down you'll lose equity but all homes in your area will go down at a similar rate. If prices go up, you'll gain equity but it will be useless since prices in your area will rise at a similar rate.

We bought a house last year because the money was basically free and we had too much cash which was quickly losing value. This isn't really true today - if we bought our house now we'd spend +100k and have a payment that is +300 a month on just higher interest.

skiermanTwo issues...

1. Home ownership is the number 1 way to gain multi-generational wealth, not retirement accounts.

2. You're advocating for renting where you're tossing money into something with zero equity, it costs a lot fucking more than mortgage payments in most areas and the quality of life is terrible. Yeah man, sharing walls with loud-ass families, partying college kids and abusive couples! SWEET!


"We bought a house last year because the money was basically free and we had too much cash"


Tell me your privileged without telling me you're privileged.

BiffbarfBro you need a combined income of like only 50k to afford a 200k house. You and your partner could literally just make 10/hr serving dilly dips at dairy queen and live well within your means wtf are you complaining about.

skiindanaWe bought with 20%

Abomber2210 an hour.
Gas
Food
Meds
Dog food
Daily fucking toiletries
Electric
Heat
Water
Garbage
........ sure, two incomes of 10 per hour could survive..... just like millions of others not getting ahead

Abomber2210 an hour.
Gas
Food
Meds
Dog food
Daily fucking toiletries
Electric
Heat
Water
Garbage
........ sure, two incomes of 10 per hour could survive..... just like millions of others not getting ahead

BiffbarfWhat are you babbling about old man?

CrunnchyPissFarthomie you aint even trying to make point any more, ur just being a dick to be a dick