Can You Actually Afford a $300,000 Home?

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[oneillbilder]

I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.

[TheSterlingArcher]

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.

[leondonald]

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.

[theopkingdom]

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... 🤷

[mightylotan]

I'm guessing most viewers cannot realistically afford a $300k house. We have been screwed.

[carlosrodriguez]

So make 120k to buy a 300k. Not long ago 60k could easily afford 300k

[joseCalderon]

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.

[wheeldom]

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.

[james]

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.

[norbelsemaj]

Don't be

Keep Going to Vegas, maybe 1 day You will Get Lucky

[addisonwillow]

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.

[rockmyworldmusic]

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.

[GApeech]

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.

[matts]

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.

[ryanhackler]

Exactly why I’ll continue to rent until rates and pricing come down.

[johnsanchezz]

4 bed 3 bath on 2.5 acres for 180k 6 years ago in Michigan. Worth twice that now

[edwardsanchez]

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

[MrZuriax]

Home prices are insane. No one is developing starter homes anymore and that's killing the american dream.

[MrDee]

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.

[noeab]

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!!