You Need To Make This Much To Buy A 500k Home

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[RealEstateNinja]

Here is the 80% off link to the real estate crash course. If the link doesn't cost $199 then all of the links are gone:

[Johnny-sehk]

I earn $130K and have $200K in a retirement account, yet can't afford a house in the suburbs here around NY, obviously something needs to break or no house will ever get sold again except mansions to CEOs. I'm now looking to the stock market to boost my income.

[samanthaporter]

My husband and I just moved out of Washington State as we refuse to pay 500k for a 1000sqft house.... Moved to the Midwest, got 13 acres and a 2000sqft house with a HUGE shop for $360k

[christyinskip]

In Ashland, Missouri median home price is around $310k but I rarely see any under $500k, and median household income is $72k

[rhondawillis]

I am retired and only getting 1466.00 a month. How do they expect people to live on that. If it wasn't for family I don't know how I would survive.

[wtzfekk]

I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy or not?

[lauraleayoung]

A $500k home in California needs updating, repairs, etc. You need FAR more than $142, 000 if you have a car payment or may need to purchase a car, student loans etc. When you make more than $150, 000 your TAXES are also higher! Utilities in California HIGH, insurance, gas/transportation....YEP ALL TOO HIGH! If you are qualifying for $500K home with an income of $142K you will be house POOR...your net (after Fed, State, SS, SSDI, California SSDI etc...is below $7, 000...your payment on the home is about 50%! So $3000 for utilities, auto/transportation, insurance, healthcare, FOOD. The maintenance on the home (and there will be maintenance on a home priced at $500k in California (because they usually need work to begin with). And, the more you make the more taxes etc. you pay. Remember you are CAPPED with respect to tax savings now! NO ONE SHOULD BE BUYING A $500k home with a $142k income!

[rossderer]

Average Home in Santa Barbara 1.5milllion This is actually very close to the bottom of the market somewhere around 900k Usually at 900k its a complete fixer and will often time require a roof +

[georgeorwell]

I’m in eastern Canada. Pre Covaids prices averaged around 150k to 200k. Now the average is well over $400k. Prices are just starting to drop about 20% but that’s no discount compared to pre covaids.

[TheRealDanielRamos]

Riverside California
Sold my small house 2bed/1bath for $510k! I would NEVER buy my own at that price. But 3 and 1 are selling for $630k!!!!
I make good money and still don’t have faith to buy a replacement home. I know ir sucks but I rather rent.

[MannyScoot]

with the increase of HOA fees, maintenance, Homeowners Insurance, trash and utilities going sky most will not afford a home unless they make $250k per year

[Gardenlife]

When did everyone get rich ?
No, seriously
My husband and I make 120 combined
We can barely afford Boise, ID

[SLVBRZ-wfws]

Average is $460k in Vernon Hills IL, a northern suburb of Chicago which has a pretty diverse population (wealthy and middle-class areas)

[BigPapiNick]

Never get 15 year even if you can afford it. 30 year gives you wiggle room if times get tough. If its never tough just make an extra payment every year and it knocks of years

[wowza]

Have an opportunity to buy a 5 bed 3 bath home on ab acre for foreclosure price cheap, BUT it has baseboard heat and mini split a/c, needs chimney fixed, has no garage, needs new septic and basement flooring which makes me fear flooding. Too much money needed to make it valuable and with high interest rates, don't think there is room for profit down the road especially if prices fall in next year or so.

[omarakthar]

a critical error in your reasoning, Mr. Ninja, is that you are assuming the Federal Reserve will cut rates within the next year or two. What if they don't? What if 8% mortgage rates become the norm for the next decade? The ROI on properties you purchase with a loan will be weak. This will have been by design. The Federal Reserve wants to reduce returns on future investments, discouraging investors from purchasing investment properties. However, you are correct that the price of homes will also go down as a result of this new era of high rates. At least we can all be happy about that in the future.

[stevenmccallan]

I'm in MA and for sure houses are 500k and up. The closer you get to Boston, the higher it goes. However, the market here is red hot and many houses are still going for over asking. How much longer can this continue? Who knows

[doedenfolk]

I live in Wichita, KS. Median home price is $215, 000. I wonder if the crash will affect such an already low priced market. The median income is somewhere in the 30, 000 to 56, 000 depending on where you look.

[JennaLeeEquals]

Prices are falling where?? The 250-300k starter homes here that are like 1300 sqft with no property sell in hours with multiple bids. My parents sold their house in Mooresville a year ago & still won’t buy bc it’s too high. They are crashing with us so they don’t spend 1200$ /month or more to rent. Only ppl who can afford to sell are those moving in with others… 🤷🏻‍♀️

(Bought 03 for 190, sold in 2022 490, new builds starting at $730’s up the street. 🤦‍♀️)

[misterogers]

But then again between 1970 to 1981 rates were always over 7%. There is no guarantees rates will go down in the short term.