How can the average American afford a down payment on house?
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R.E.N. Spells Ren
Veteran
Yea you are looking at household income when you say the median income is $80k. Even in San Francisco (which sounds like the city you're alluding to) the median household income is $77k.
beenz
Rap Guerilla
Unless it's Manhattan or San Francisco
PM me this info if u be so kind.
posterchild336
Superstar
just saw this article on yahoo
https://www.yahoo.com/finance/news/u-starter-homes-pricier-smaller-040100085.html
U.S. Starter Homes Are Scarcer, Pricier, Smaller and More Run-Down
Homebuyers in the U.S. have plenty to grouse about these days. Prices have climbed steeply in many metro areas, mortgage rates are rising and inventory is thin. But for people looking to purchase their first home, it’s ugly out there.
“Starter homes have become scarcer, pricier, smaller, older and more likely in need of some TLC” than they were six years ago, the real estate website Trulia reported Wednesday after analyzing housing stock across the country. Trulia began tracking prices and inventory in 2012.
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It’s grim all over. American homes are at their least affordable in the report’s history. But the median listing price of available starter homes has risen 9.6 percent in the past year, easily beating out the trade-up and premium categories, while starter-home supply has fallen to a new low this quarter, Trulia reported.
Perhaps the most striking finding is that the very buyers who are typically least able to plunk down a lot of money are confronted with the least affordable homes. The share of income needed by those in the market for a premium home was 15 percent, and for a trade-up home 27 percent. For a starter it was 41 percent.
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Adding insult to injury, the homes aimed at first-time buyers are less likely to be ready for human habitation than others, with fixer-uppers accounting for 11.2 percent of the category. They’re about nine years older than they were in 2012, and 2 percent smaller.
On the bright side, 2 percent isn’t a whole lot smaller. Until you learn that homes overall are more than 8 percent bigger.
Adds second chart.
More from Bloomberg.com
https://www.yahoo.com/finance/news/u-starter-homes-pricier-smaller-040100085.html
U.S. Starter Homes Are Scarcer, Pricier, Smaller and More Run-Down
Homebuyers in the U.S. have plenty to grouse about these days. Prices have climbed steeply in many metro areas, mortgage rates are rising and inventory is thin. But for people looking to purchase their first home, it’s ugly out there.
“Starter homes have become scarcer, pricier, smaller, older and more likely in need of some TLC” than they were six years ago, the real estate website Trulia reported Wednesday after analyzing housing stock across the country. Trulia began tracking prices and inventory in 2012.
More from Bloomberg.com: Uber Victim Stepped Suddenly in Front of Self-Driving Car
It’s grim all over. American homes are at their least affordable in the report’s history. But the median listing price of available starter homes has risen 9.6 percent in the past year, easily beating out the trade-up and premium categories, while starter-home supply has fallen to a new low this quarter, Trulia reported.
Perhaps the most striking finding is that the very buyers who are typically least able to plunk down a lot of money are confronted with the least affordable homes. The share of income needed by those in the market for a premium home was 15 percent, and for a trade-up home 27 percent. For a starter it was 41 percent.
More from Bloomberg.com: Trump May Be Deposed in ‘Apprentice’ Groping Lawsuit
Adding insult to injury, the homes aimed at first-time buyers are less likely to be ready for human habitation than others, with fixer-uppers accounting for 11.2 percent of the category. They’re about nine years older than they were in 2012, and 2 percent smaller.
On the bright side, 2 percent isn’t a whole lot smaller. Until you learn that homes overall are more than 8 percent bigger.
Adds second chart.
More from Bloomberg.com
posterchild336
Superstar
facts....
calixprynce
...
nikka not thinking about selling tho.... it all depends on the personal situation. under 25, single? its a no brainer.
calixprynce
...
Amerikan Melanin
Veteran
******************************************************I’m going to drop a gem for all you 1st time Home buyers rep and dap me cause I haven’t seen this posted yet:
#1 get your credit up to A1 status.
Banks are going to look at your debt to income ratio for a loan more than anything else!!!!
If you make 60k and owe 2k in debt you are gold. Student loans also don’t count as much as credit card debt.
Here is the a very important program, it’s called
The 203k loan. Only able to use this ONE time It’s thru fha and requires 3.5% down on the home. However this loan gives you the money for RENOVATIONS!! Here is how to use it as a way to build your paper:
Get your 3.5 % and credit score.
Find a multi family home or apt building in need of repair in an upcoming neighborhood. You are at a disadvantage cause lots of people buying multi families are going to be using cash but keep trying to find one.
If you get one they will give you a 203K coach that will approve all the renovations and pay the contractor.
The amount of renovations will be factored into the mortgage. If you buy the home for 115k and it needs 100k of renovations you are paying back 215k minus your down payments.
You have to “live” at the residence for 10yrs before you sell it.
Tenants will be helping you pay your mortgage but you will be living with your tenants until you have enough liquid money to move out and then sublet your apt keeping your mail and utilities in your name.
If the property values go up you can sell the building or keep it for rental income.
This program moves very slow so be patient finding a suitable place.
#1 get your credit up to A1 status.
Banks are going to look at your debt to income ratio for a loan more than anything else!!!!
If you make 60k and owe 2k in debt you are gold. Student loans also don’t count as much as credit card debt.
Here is the a very important program, it’s called
The 203k loan. Only able to use this ONE time It’s thru fha and requires 3.5% down on the home. However this loan gives you the money for RENOVATIONS!! Here is how to use it as a way to build your paper:
Get your 3.5 % and credit score.
Find a multi family home or apt building in need of repair in an upcoming neighborhood. You are at a disadvantage cause lots of people buying multi families are going to be using cash but keep trying to find one.
If you get one they will give you a 203K coach that will approve all the renovations and pay the contractor.
The amount of renovations will be factored into the mortgage. If you buy the home for 115k and it needs 100k of renovations you are paying back 215k minus your down payments.
You have to “live” at the residence for 10yrs before you sell it.
Tenants will be helping you pay your mortgage but you will be living with your tenants until you have enough liquid money to move out and then sublet your apt keeping your mail and utilities in your name.
If the property values go up you can sell the building or keep it for rental income.
This program moves very slow so be patient finding a suitable place.
Mantis Toboggan M.D.
I’m here for the scraps
You should see Nassau county taxes then
. My family a while back was living in a 1700 square foot house that had $12,000 a year in property taxes. Slanted ceilings in the upstairs bedrooms too and one had the chimney running through the center of it 
. Someone my mother worked with a while back was getting buried under $29,000 in Massapequa for a house under 3000 square feet and not on the water. I think it’s ok in queens.
posterchild336
Superstar
true..purchases a home in palm beach 5 years ago put it on the market, it is currently under contract and walking away with almost 200k to invest somewhere else..home ownership is where money can really be made
calixprynce
...
looking for investment opportunities?
posterchild336
Superstar
real estate moves and a start up..i will post on the coli later this year or early next year once i am up and running..you invest now?
calixprynce
...
i feel you. Im tryna launch my start up full fledged by July 4th. Insane potential! gonna cook up some graphs and hard numbers if nikkas interested