Housing Costs in different areas of the country

[mtbazz]

Im just curious as to what other people in this forum do for housing. It seems like houses are just ridiculousy expensive anymore, and I honestly dont see how people can afford them. What type of house do you have and how much was it? What type of extra income do you have at the end of the month after all your bills are paid ?

In my area (philadelphia area), housing is ridiculous. I make about 83k, and all that would really put me into in this area is a really small condo.
I had a 20 year old townhouse (~1500 sg ft) with a postage stamp sized lot, that backed up to a major highway that was about $300,000. I finally sold it because financially it was really just to much for me, and I got tired of not having any money at the end of the month, so I moved into my moms house on 5 acres to try and save that land from going to a nursing home.

[SugaSweet]

I live about fifteen minutes from Nashville.My home is in the 250,000 range,and it is paid for.I had a nice homw I rented for fifteen years when I lived in a condo sort of like yours.The proceeds and an accelerated loan payment schedule got me mortgage free.I see some great bargains here,but I do not even need what I have since it is just me,much less a McMansion.If someone is going to buy now,take your time and find something under market that you know you will stay in for many years.

[thx1138]

No doubt about it, the average American's standard of living is constantly on the decline. Possible insurrect is a threat. The gov't is prepared to meet this threat. http://www.jesus-is-savior.com/Evils%20in%20Government/Police%20State/concentration_camps_in_america.htm Are you?

[mtbazz]

So what exactly does that link have to do with the purpose of this post?>

[PatrickFromNYC]

In 99 I inherited about 100K and I was smart enough to buy a condo on the upper west side of Manhattan. I paid 350 K back then and I could barely afford it at the time. In fact I needed to convert my "junior 4" one bedroom into a 2 bedroom and rent the 2nd bedroom to my cousin. At the time it sucked to be in my mid twenties making good money and be broke every month after paying the bills (with a roommate too??).

I have been fortunate enough in my career to have my salary triple since then and my pain in the ass cousin has long since moved out. I love my place, love the neighborhood and I am thankful that I "sucked it up" for a couple of years.

The sad thing is that even though I make a great salary these days I could NEVER afford my condo if I was looking to buy it in todays market. The prices in NYC are ridiculous!!

[Quinn]

Look to the Southeast.

-Quinn

[Nowhere]

Im just curious as to what other people in this forum do for housing. It seems like houses are just ridiculousy expensive anymore, and I honestly dont see how people can afford them. What type of house do you have and how much was it? What type of extra income do you have at the end of the month after all your bills are paid ?

In my area (philadelphia area), housing is ridiculous. I make about 83k, and all that would really put me into in this area is a really small condo.
I had a 20 year old townhouse (~1500 sg ft) with a postage stamp sized lot, that backed up to a major highway that was about $300,000. I finally sold it because financially it was really just to much for me, and I got tired of not having any money at the end of the month, so I moved into my moms house on 5 acres to try and save that land from going to a nursing home.

It took me a while to assess this, but the REAL reason the majority of people can afford housing these days is because the vast majority of people owned property BEFORE the housing boom.

Let me explain.

If someone owned a home, say, for $150,000 - they took out a mortgage for that amount (minus whatever they downpayment was, let's pose 10%, since that's common) when housing prices were reasonable, making the mortgage payments relatively reasonable, as they were back then.

Time passes, the value on most property doubled (in some cases, triples).

This happens for most people out there.

They now can sell their home for, let's say, $350,000. That means they can move, now, into a home that costs $350,000 with the monthly mortgage of a $150,000 home, without earning a penny more on their salary of their job.

So, the majority of people do not pay the amount you're thinking of, on a monthly basis. In the last 5+ years, people's salaries stagnated and went nowhere, while property values doubled or tripled. And, while there are exceptions to the rule, like successful business owners, the best workers may have increased their salaries 15-20% in that window of time, coming nowhere close to filling in that gap.

And, that means that most first-time home buyers are screwed in more ways than a gangbang video. That's also where you're getting this "housing collapse" from. When people couldn't afford the homes, hey took out variable rate mortgages, or worse, negative mortgages, which can pull off filling the gap I mentioned, on a very, very temporary basis, but then makes people lose the home when interest rates go back to normal.

So, that's the situation.

While "interest rates are low", housing prices are the worse they've been in 20 years. Maybe more. And, i'm not downplaying interest rates, but if your home costs a fortune, I don't care how low the interest rate is, it's going to turn out to be as expensive or worse, on a monthly basis than if it was 20% at half or a third of the overall net cost it is now.

[JohnnyWalkerBlackLabel]

bought a *none of your business* located in *none of your business*..........a few years later the city created some new schools near my town of *none of your fucking business* and it being new became the IT school every child in the city wanted to go to.............. needless to say the value of my property quadrupled in less than 6 months................

life is good

moving down south? can't imagine it

think I'll suffer and move to Nova Scotia eventually

[CORVETTEDUDE]

Median range in the Denver Metro Area+ is approximately $275,000, down from nearly $300K. The area is suffering one of the highest foreclosures rates in the country. But they keep building the crap, and blow smoke up our ass, telling us the sun is shining!!!

[michaelalberton]

Prices in Vancouver are absolutely ridiculous as well. I think the average price for a home in Van is about 400K, it's literally unafordable. The only people who can afford to buy homes here are people that bought a few years back before the market started going nuts, and have now capitalized on their relativley modest investment. If I wanna buy in Vancouver, it's gonna have to be a condo, I don't think I'm gonna be sticking around toomuch longer, gonna move to the country, buy a cheap house and eat me alot of peaches.

[mtbazz]

"*none of your fucking business*"

really now, no need for that is there? If thats the way you felt why reply at all?

Nowheres post sounds like a pretty reasonable explanation. Its pretty crazy...

"
moving down south? can't imagine it "

I think it was the southwest that was mentioned. Id take that anyday over the east coast (at least the philly area). Dry climate, more open space, etc..etc...