How can the average American afford a down payment on house?

[R.E.N. Spells Ren]

no I'm a fabricator tho, it's really not that hard.. there is absolutely nothing about building a house that a average man can't figure out if he puts his mind to it. way better than being 6 figures in debt.

think about all the construction workers you know, most of them are too stupid to do anything else. every singke house that exists didnt take a rocket scientist, nope... just a determined man

And where are you putting this home?

They biggest reason home prices vary so much depending on where you live is cuz of the land it sits on.

 

[scorpino]

VA loan

 

[CouldntBeMeTho]

Show us your work

wings over water, second largest kinetic sculpture in the world. located in htown texas. I didn't design it, but i was the main fabricator. the legs, the wings, all me.

i got myself a 60k a year job off a selfie before breh. im not bullshytting

a man puts his mind to something, he can build a fukking mointain. stop doubting yourselves. most people that build houses are certified retards. I did house construction for years as a youngster

 

[R.E.N. Spells Ren]

I dont mean in principle,I'm talking about in that scenario.somebody who has to save for 10 years to get 40K,cant afford a 250K home and should look elsewhere. Somebody stunting is losing money,may be wasting money on cars,v.i.p,vacations,bottles etc. But they not locked into those mistakes like that person who bought that house potentially is.

That's not necessarily true at all. 40k in ten years is about $333 over their current rent. If you don't know their current rent, you can't make any claims on what they can or can't afford.

In many markets, people are paying rents that are higher than the mortgages in that area

 

[CouldntBeMeTho]

And where are you putting this home?

They biggest reason home prices vary so much depending on where you live is cuz of the land it sits on.

well if you live in NYC or LA, then yea, you're fukked. theres certain markets where you have to be a multi millionaire to break ground. but 99% of the land in America is relatively affordable. basically a trade off. if you want to actually own you ight have to relocate to outside a major market.

i definitely understand wanting to live in a world class city, but to do that you'll probably spend your whole life in debt. depends on what you want

 

[calixprynce]

wings over water, second largest kinetic sculpture in the world. located in htown texas. I didn't design it, but i was the main fabricator. the legs, the wings, all me.

i got myself a 60k a year job off a selfie before breh. im not bullshytting

a man puts his mind to something, he can build a fukking mointain. stop doubting yourselves. most people that build houses are certified retards. I did house construction for years as a youngster

i work at a small home building/ lumber yard.. yeah most the builders and contractors are dumb af. Most the roofers are mexican and dumb. and they all make $$$

 

[Rekkapryde]

wings over water, second largest kinetic sculpture in the world. located in htown texas. I didn't design it, but i was the main fabricator. the legs, the wings, all me.

i got myself a 60k a year job off a selfie before breh. im not bullshytting

a man puts his mind to something, he can build a fukking mointain. stop doubting yourselves. most people that build houses are certified retards. I did house construction for years as a youngster

Dope.

 

[Pimp]

Buying homes in 2018? That shyt stupid

 

[Benefited]

That's not necessarily true at all. 40k in ten years is about $333 over their current rent. If you don't know their current rent, you can't make any claims on what they can or can't afford.

In many markets, people are paying rents that are higher than the mortgages in that area

Im going to go ahead and make the assumption their rent isnt over 1K.Since apartments dont have 10 year lease agreements.If 40K was easy for them to save up,if they wanted a house they wouldnt be waiting 10 years while renting an apartment,just because

If their rent is 1K im going to say they still cant afford that house. And should look elsewhere,or wait until they find a second income to join them.

Trust me,ive seen this exact scenario so many times in real life,i know how much this persons rent is

 

[Liquid]

Budget.
Don't eat out 5x a week.
Don't buy new clothes if you dont need them.
Don't lease expensive cars.
Live within your means.

Spoiler: ...

 

[R.E.N. Spells Ren]

Im going to go ahead and make the assumption their rent isnt over 1K.Since apartments dont have 10 year lease agreements.If 40K was easy for them to save up,if they wanted a house they wouldnt be waiting 10 years while renting an apartment,just because

If their rent is 1K im going to say they still cant afford that house. And should look elsewhere,or wait until they find a second income to join them.

Trust me,ive seen this exact scenario so many times in real life,i know how much this persons rent is

This person? I thought we were talking in general.

There's plenty of people paying over $2k/month in rent that would struggle to save over $333/month for a down payment in my city and many major cities. But if they did it for 10 years, they'd have that cash for the downpayment and they've demonstrated over the last decade that they can afford the ensuing mortgage payments.

I don't see why the length of the lease matters as well. Of course the lease term isn't 10 years, but they either renew multiple times and/or change apartments during that time they're saving.

 

[Benefited]

Buying homes in 2018? That shyt stupid

I wont say that,but black people are horrible about trying to live in there "dream house" before its time. We move out to the suburbs in homes we can barely afford,then try to keep up with the jonses.Meanwhile young white couples moving into the hood to pay low rent,saving the excess money for early retirement. Than 10 years from now nikkas will be overpaying to live in the hood becauuse thats where all the white people at,and because thats where they moved all the resources to have better schools. When succesful black people,and couples could just live in the hood within our means.Buy cars within our means,and take the excess money and reinvest in our communitys.


I would love to have about 200K,buy some land and build a bunch of these on it.

A 10K tiny house 3D-printed in 24 hours

Wait and see how technology pans out before you overpay for houses.Your 250K house of today could maybe cost 50K one day soon.

 

[CouldntBeMeTho]

i work at a small home building/ lumber yard.. yeah most the builders and contractors are dumb af. Most the roofers are mexican and dumb. and they all make $$$

yup

 

[the cac mamba]

It isn't mortgages, its the taxes that go up each year. For what though? Schools at all levels churning out robo children, potholes so big they look like Optimus Prime played double dutch on the highway, and trash bins looking like a Hoarder's episode...

Back to the main point, taxes and unexpected and expensive repairs can sink new house owners quite easily. Black Mold, Termites, surprise tax liens, septic dredging, poor insulation....and many more surprises new home owners may not expect

yeah im lookin at buying houses now, i have the down payment. the thing is though, at this point in my life im only buying a two family so i can rent out one half and have them pay at least half the mortgage

when you take out a mortgage for like 250k-300k, you're paying the bank like 200k in interest plus all the property tax you pay over that time

 

[ImGucci]

it can start as small and as simple as you want. if you live somewhere where land is affordable this is a way better option.

LULZZ, land ain't cheap in the North east.

And the data recently has shown the building of houses has slowed down compared to 10 years ago, not because of cost of products and labor, its because is more expensive now than it was 10 years ago.