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this post was submitted on 21 Oct 2023
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No, you just have to save money for a down payment. It's not easy but you put that down and then you're paying about $1500 to $2500 a month.
...for a $400,000 home, to pay $2,000 a month with current interest rates, your downpayment would need to be 50%>
You would need $200,000 cash in hand.
No one puts 50% down, it isn't 1952. $10K-$25K is normal these days.
Can you not do that? Maybe try budgeting and learning a marketable skill like programming or plumbing instead of having a degree in gender studie /s
I dare you to post on a programming community, asking how long it would take for the average software developer to save 200k USD. Maybe only if you are a senior developer working for a huge silicon valley company. Or maybe working in a niche role that no one else can do so you can negotiate a better salary.
But the average college graduate coming into that field is not making anywhere near enough to save 200K. Especially not in the US because of student loans. And likely not overseas either because the IT sector isn't as big as it would be in the US.
For context, I live in Ireland, and while we do have a lot of big companies setting up shop here, literally just for tax reasons, and we have most university courses paid for by the government (aside from 3k that most students must pay themselves). But even despite all that, the cost of living is horrendous here. Nobody that doesn't already come from wealth would be able to save 200K.
So respectfully, you need a reality check if you think that just by having a marketable skill, one can realistically achieve what's necessary to own their own home in this day and age.
I tagged it sarcasm for a reason. My wife has a CS degree I know exactly how bad it is for programmers. Also I’m an engineer. Together we might have enough money that we could theoretically raise a small family and own a house if we’re frugal.
We should all just stop eating avocado toast, obviously.
You'll probably have enough saved around age 28-30 in most cities. It seems large but it's doable. Then you just have to get through the bidding war.
You're liked an arrested development character.
Your experiences aren't universalisable. Part of growing up into an adult, is understanding that. The inability to understand that is quite literally "arrested development".
"universlisable"
Yet I'm the comedian
Fixed it. Got anything else?
Are you entitled to supportive care homes? Do they run things like that where you from?
Non sequitur.
So, every single person can do exactly what you did and have every single opportunity that you had?
Of course there'll be edge cases, but generally yes. Just save money, stop bitching, buy a house from outside the city centre. Some tips for yall, that you're not gonna listen as you're already knee-deep in memes and self-sorrow. Sad
You're a moron. Lacking empathy isn't a super power, it's a mental disability.
That is your baseless opinion fueled by an emotional reaction to being told to work for your dreams. Lack of discipline would be a bigger problem in my honest opinion.
Your argument is invalid because you're appealing to a genetic fallacy: https://en.m.wikipedia.org/wiki/Genetic_fallacy
You know nothing about me. You are impugning my motive based on zero evidence. You fail to directly refute my basic argument, which is that your experiences are not universalisable. Instead you grasp for straws.
I know you want to keep paying rent so you don't have to change your comfortable circumstances. Your landlord does deserve a long holiday tho, keep paying :)
Again you're not refuting my point, you're just attacking me and using a genetic fallacy.
You have no point to refute. Unless “universlisable” is your point, at which point I'd ask you to source up on that claim, but I wont bully you into it. I'd rather try to invoke positive change in you, since you are a failure and I don't like dealing with losers. You have a few things in life to rejig, and your attitude towards work is one of them. Start working, quit bitching, buy a house.
Again, you know nothing about me. I'm quite successful and doing well in my career. I own my own home. But unlike you I also understand my life isn't the same as everyone else's.
You need me to prove to you that your life isn't universal? Do I also need to teach object permanence, baby brain? When your mom puts a blankie on your head, the world doesn't disappear, you know that right?
Your lack of ability to see things from beyond your perspective isn't a super power, it's a mental disability.
make a valid argument.
Average entry level home in my state is over 250k. 20% down payment is 50k. How many years will it take for someone actually making 115k to save that up? Stop boot licking
You call someone that can't afford a house a bootlicker, and your also calling someone that can afford a house a bootlicker.
Pick your lane dude
Saving up $50K would take about 12 years, starting at age 18.
🙄 You bootstrap types coulda been made in a factory for how uniformly dull you come off
Oh, that's all? Wow! So simple! I guess to be a millionaire, you just have to save a million dollars, it's not easy, but once you have put aside a million dollars, you're a millionaire, simple as that!
Shut up.
Broski where do you live? Try saving 200k or whatever it takes to make a sensible downpayment wherever you live. Remember, while saving that money, you still pay for rent and logically, rent didn't go down either.
I bring this up and get downvoted to hell.
I can tell you've never bought a house if you think you need $200K to do it. It's more like $20K down and you refinance after a year to get a lower interest rate.
I can tell your house is nothing like what I'd wanna live in. If you can get a house for maybe 70k, yeah a downpayment of 20k works.
In most places a house will likely be 500k or above. Let's just say 500k for the sake of argument.. it's a simple number for your simple brain. You'll have to pay at least 20% up front. That's 100k in my example. However, that's quite an unreasonable thing to do in recent years, so I better suggest your downpayment be more than 30%, or 150k in this example. Generally, 40% is s very good downpayment in terms of long term financial security... that's already 200k. So yes. 200k is what the average person should expect. 20k wouldn't even get you the land.
Oh, now a basic home isn't good enough for you. Let me guess, it needs a swimming pool, three car garage, and a finished basement, too.
Yes, $20K down will get you a standard 3 bedroom home. You want to have a McMansion which is unaffordable for 99% of the American public.
20k will not get you a 3 bedroom home. Do you by chance live in West Virginia? Their median home values is under 200k, and even then, 20k won't get you there. Trust me homeboy, 20k will not get you far, not even in the cheapest of regions.
The median US house value is 430k. The lowest legal downpayment is 3%, but that's plain stupid. Financially, anything under 20% makes no sense. Your mortgage will be super high and you'll have to pay for morgage insurance which you don't have to do if you do a downpayment above 20%.
Also, if it's so cheap and easy to buy a house, why isn't everyone buying a house right now? The majority of millenials and forward are renting and you're telling me half a year of rent is enough for them to get a house? Clearly they would have figured that one out by now.
Just so you understand my living standards. I do not own a car at all. I could financially afford one, but that wouldn't be a sensible investment.
You can buy a 3BR home for $130K in Oklahoma City, so yes putting $20K down will absolutely secure you a home.
The median house proce in Oklahoma is super low. Try finding a home in the west.
That's not the question. California is higher due to a boatload of reasons.
There comes a point where a basic house is not enough. For example, someone who starts a family and career before buying late.
By the time I bought my first house I had 2 teenagers, a work from home job (need a dedicated office) and a sick mother-in-law who is dependent on us. Add to that, I am an expat, so I want my sister to be able to come and visit (a nice-to-have I admit). The "starter" home for my family has 5 bedrooms!