Don't Make Enough Bread To Buy A Home Brehs

[mcdivit85]

The article in this thread is talking about BUYING homes, not about just living comfortably, it's about buying a home.

I know. My first reply was about buying a home. This was add on since I'm sure "buying a home" is part of the "living comfortably" talk.

Peace

 

[itsyoung!!]

I take any research like this with a grain of salt. Because they generally have an "ideal home" in mind when they do these types of studies.

And by "ideal", I mean


There's plenty of people who don't make great incomes who own homes. Now, they may own homes in less than trendy neighborhoods, but they're still homeowners. And that's what makes me less than trusting with these types of studies and their numbers. Because something tells me they're looking at "desirable" or "trendy" neighborhoods when doing this research. As if the only homes to buy are in these locations. As if there aren't homeowners in South Side Chicago or Northwest DC or North Philly.

Peace

its just based on the median pricing of homes in the area.. You typed all that for nothing


Its accounting for the houses all over. For every house thats 200k in southside chicago, probably 1 for 800k in downtown..

 

[Benjamin Sisko]

Pittsburgh is so low though, @Sagat was it really horrible out their?

 

[pete clemenza]

If you're owning a home just to live in and the value has been consistently unchanged... I would question whether it is the right move to buy instead of rent.

However, if you are owning to have a legacy/nest egg for your future (or the financial future of your heirs) then I think it is a good thing to be smart and educated on buying and actually going through with it.

My parents, in the late 70s, clearly weren't thinking about anything other than having a place in the best place they could afford... so they purchased a Co-Op in Fort Greene Brooklyn. The neighborhood wasn't great but it was better than what was available. [I have stories where my mother, waiting for a cab on the way to vacation, was robbed at gun point, and had all of her luggage and her friend's luggage taxed right in the community parking lot]

Now, over 30 years later, the property is worth over $600,000+ and going up as it's located in one of the hottest markets in Brooklyn.

Since I'm going to inherit the place, I now have many options with what i can do with the property.

We should be looking at owning property in areas that we expect to have an upturn in development to ride the wave of prosperity.

If you are a person willing to own now for the reason of legacy... I'd seriously consider looking at property in the Bronx, close to the border of Manhattan, and living and sitting... waiting for that development that will come.

Clearly, you don't want your children swept up in the tornado of poor community development(at the time) and a systematically flawed education/justice system. I was lucky in terms of the support and family structure, but my brother(RIP) wasn't.

Not absolutely pushing the "own" strategy but it shouldn't be shunned outright.

good post... Most times houses only gain or maybe double in value if gentrification is about to happen. That's not going to happen in every city and every neighborhood. And to keep it 100 gentrification really only occurs if moneyed up whites & hipsters want into a neighborhood. Maybe Detroit, Cleveland, or another rust belt city might have a revival in their downtown areas but in other parts of the city you can get a house for under $50,000 and it might never increase in value if the other homes in the area aren't well maintained or refurbished, the schools aren't all that great, and there's no shopping, parks, restaurants in the area. Most ATL suburbs are cheap but you need to have your job situation and transportation stable cause the metro/MARTA doesn't even reach alot of suburbs and you're closed off from the city.

My thing would be to have a home and make it a HOME for the fam now and for the future. If it increases in value great, if not that's fine too.

 

[Goat poster]

Toronto: Average price $736,932; income required $124,126

You don't even want to know Vancouver breh

 

[MikelArteta]

You don't even want to know Vancouver breh

i know breh,

maybe that 15% tax on foreign buyers will lower prices one day

 

[Goat poster]

i know breh,

maybe that 15% tax on foreign buyers will lower prices one day

I was hoping it would.
But the rich from China are so intent on parking they money over here that it seems it will be more of an annoyance for them instead of a real deterrence.

I think the avg. House here is 2 million

 

[MikelArteta]

crazy
Expo 86 destroyed Vancouver.

I'm surprised with how prime Vancouver real estate is they haven't kicked out the bums and put up splashy condos on the downtown East side

Funny thing is anywhere in Canada minus Toronto, Vancouver you can live like a king on two decent salaries.

I was hoping it would.
But the rich from China are so intent on parking they money over here that it seems it will be more of an annoyance for them instead of a real deterrence.

I think the avg. House here is 2 million

 

[TLR Is Mental Poison]

Not necessarily. And a whole lotta people fukk up their credit and get into all types of debts believing that shyt. A house don't mean shyt if you can't afford the upkeep. People keep saying "Always buy" but that's not always the case. Sometimes it's financially fiscal to rent and a whole lot of rich people rent.

In the long run, no. It can definitely be the wrong move in the short term, but I don't think there are too many wealthy people who don't or haven't owned property.

 

[levitate]

Housing market is stupid out here. We definitely suffer from not having enough large condo developments, that would help. But you got people who can pay cash for houses, or got 300k down payments, they're willing to pay 50-200k over asking...just stupid.

Luckily I was able to get my building before it hit the open market. I wonder what I could list it for now

PAY Areaaaaaa!!

 

[A-Train]

The report assumes a buyer’s down payment is 20 percent

@ anyone who is still dropping 20% on a dp

 

[Doomsday]

Luckily I was able to get my building before it hit the open market. I wonder what I could list it for now

Another bay area rich kid that doesn't want to accept that you're a rich kid.

 

[im not you]

crazy
Expo 86 destroyed Vancouver.

I'm surprised with how prime Vancouver real estate is they haven't kicked out the bums and put up splashy condos on the downtown East side

theyre already doing that. chinatown just about fully gentrified now and theres like 4 new developments being put up right now to go along with the 5-6 that already been completed.

 

[↓R↑LYB]

Atlanta stay winning

 

[the artist known az]

I thought Dallas & Houston was on par with ATL?