ReturnOfJudah
Veteran
Save your tax return & save monthly. Within a year you should have the funds
How can the average American afford a down payment on house?
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Inheritance and generational wealth.
That’s how the majority of people will get on the property ladder. 10/20k from family towards a deposit.
The monthly expenses are usually ok to deal with.
Everybody else AKA the majority of BLACK PEOPLE are shyt out of luck.
I have minimal generations wealth in my family. I’m creating the wealth that I can. Wealth wise I’m way behind my white counterparts in the same profession.
That’s how the majority of people will get on the property ladder. 10/20k from family towards a deposit.
The monthly expenses are usually ok to deal with.
Everybody else AKA the majority of BLACK PEOPLE are shyt out of luck.
I have minimal generations wealth in my family. I’m creating the wealth that I can. Wealth wise I’m way behind my white counterparts in the same profession.
i wanna go the multi family unit, instead of the traditional home, route for my first home. any tips?
And how come yall sold if you don't mind me asking?
What program?
I like multi family because even if one is unoccupied, as long as there is occupancy in the other parts, you can still make your mortgage okay.
we sold because we got tired of doing repairs and dealing with nikkaz and their constant dissatisfaction.
When the cacs and joos owned the places for decades and kept it slum, no one said shyt. As soon as we take over you want penthouse status for cheap prices.
we repaired everything, kept it up, and to hear mufukkaz still talking shyt? Especially after you keep cloggin the drain with lard, flushing paper towels down the toilet. You got roaches chillin in the living room and shyt and here we are getting pest control for the places and you mad because you gotta get rid of your nasty shyt bringing in the pests? Nah, it gets old after a while. Don't say nothing to the cacs but poppin off when nikkaz own it.
Got about 60k in profit (before taxes), so we not complaining. But if we had to do over again, we'd buy in a better spot.
chickenteriyaki
Pro
The median home price in my city is $735,000. The median income is $80,000 while rents average $2,000.
Now, this is why marriage is so important. If you have two people in a household making $80,000 each, splitting the $2,000 rent, then you’d only be paying $12,000 a year each. Say you bring home $65,000 after taxes - $12,000 rent, you’re left with around $50,000, subtract $20,000 for life expenses leaves you with $30k saved a year, and same for your spouse so $60k saved a year. In three years time you’ll have enough for a 20% down on an $800,000 home.
It’s possible, just have to work hard and be on top of finances.
Now, this is why marriage is so important. If you have two people in a household making $80,000 each, splitting the $2,000 rent, then you’d only be paying $12,000 a year each. Say you bring home $65,000 after taxes - $12,000 rent, you’re left with around $50,000, subtract $20,000 for life expenses leaves you with $30k saved a year, and same for your spouse so $60k saved a year. In three years time you’ll have enough for a 20% down on an $800,000 home.
It’s possible, just have to work hard and be on top of finances.
that's upper middle class family breh, top 10% shyt. That ain't average.
Props.I like multi family because even if one is unoccupied, as long as there is occupancy in the other parts, you can still make your mortgage okay.
we sold because we got tired of doing repairs and dealing with nikkaz and their constant dissatisfaction.
When the cacs and joos owned the places for decades and kept it slum, no one said shyt. As soon as we take over you want penthouse status for cheap prices.
we repaired everything, kept it up, and to hear mufukkaz still talking shyt? Especially after you keep cloggin the drain with lard, flushing paper towels down the toilet. You got roaches chillin in the living room and shyt and here we are getting pest control for the places and you mad because you gotta get rid of your nasty shyt bringing in the pests? Nah, it gets old after a while. Don't say nothing to the cacs but poppin off when nikkaz own it.
Got about 60k in profit (before taxes), so we not complaining. But if we had to do over again, we'd buy in a better spot.
I wanna eventually buy one in macon, ga near the downtown area or close to Mercer University. Theres a revitilization effort going on with all types of lofts going up and what not. I think it will be a decent area for constant rent money.
beenz
Rap Guerilla
I saved major money by living in a cheap house in a lessor neighborhood and not having a car payment for like 5 years. At least 1k a month and I was making like 68k at the time. In a few years I had well over 50K cash from that alone and when it was time for a big boy house I had the cash and means to do so.
chickenteriyaki
Pro
Well it is average for my city and it is a major city and port.
My numbers don’t have to apply to every person’s situation. You can still make it happen at $50-60,000 a year salary for two people for a $400,000 house. But you missed my point that having two incomes is important...
Honestly breh. $100k combined income is way more than the average income for black people. That is still top 10% in the black community.
definitely look into multi's. might even be able to use it for college kids and shyt. That's a big hustle too.
No, 100% agree on that.
But even 2 people making 80k in a city isn't average bruh. that's still upper middle class even in a big city
Don't forget about closing cost
$160k isn't average in any city. Maybe in specific neighborhoods but not for a city.
All your points are true through.