Current Events > A $205k house, with 20% down, and almost perfect credit score....

(+) Yeah! (+)

Will cost you $1350 a month where I live.

That's if you can even find a decent $205k house, which you can't.

This is fucked up....

It's cost that much or more to rent.

Get it, get the appreciation and refinance when rates drop

It's all bad but that's the least bad option imo right now

Yep. It sucks.

The houses around here in Utah at that price are unlivable.

How do you buy a house with 20% down

Enjoy fantasy land

I've given up on ever buying a house

Unfortunately even rent is expensive as fuck so I don't even know what to do

This country needs some major changes.

I seriously doubt you can find a studio appartment for $205,000 where I live lmao

In my city, $205K will only get you a space the size of a bathroom.

Yeah honestly the mortgage rates being sky-high right now are a bigger issue than the overvalued as fuck houses.

DarthAragorn posted...

I've given up on ever buying a house

Unfortunately even rent is expensive as fuck so I don't even know what to do

I'm pretty much in the same boat. I used to say I was gonna get a house by 35, but that's 3 years out and things look more bleak than ever.

Im hoping for a housing great collapse

Thats about 1000 less than a 2 bedroom apartment around here

Holding is expected to drop by 20 percent or so by the end of next year. Idk about interest rates though and with rent being so high I dont know how people are supposed to afford houses waiting for the crash/slip. I bought in November of 2021 for 318 though so Im just hoping it doesnt slip so much that Im underwater on my own mortgage tbh.

The_X_Dawg posted...

Will cost you $1350 a month where I live.

That's if you can even find a decent $205k house, which you can't.

This is fucked up....

What's the breakdown of principal, property tax, and interest?

MedeaLysistrata posted...

How do you buy a house with 20% down

Enjoy fantasy land

What?

Been looking at Boise. Anything under 400k is tiny or still has the original 1975 features. $400k is like $2500/mo. with 20% down.

None of this makes any sense are the jobs really supporting the prices?

Master_Bass posted...

This country needs some major changes.

I know. I grew up thinking I might pay $150,000 for a house and earn enough to pay it off. Back then, the concept of hard work for fair pay existed, though, and people were a bit more decent. Now the $150,000 house is $750,000, so how do we fix this? The guy listing a dilapidated crash pad for $750k isnt going to take kindly to being told to lower the price by $600,000 but we absolutely must force them to.

I dont give a rats ass about the people saying, oh, boohoo, my investment. Screw your investment. People out here cant buy their own effing property and get stuck paying 85% of their paycheck to a landlord. Things need to change and that sucks for you if your $100k house skyrocketed in price; it needs to go back down to where it used to be. There should be laws preventing property values from rising so much so fast.

voldothegr8 posted...

What's the breakdown of principal, property tax, and interest?

I mean a rough estimate.... $1075 for p&i and $260 for tax.

Bought my house 2 years ago

$125,000
24% down (I had a lot saved up and it didn't need much work)
2.5% interest rate
Monthly Mortgage: $625

lets go!!!!

https://www.zillow.com/homedetails/3510-Tarpis-Ave-Cincinnati-OH-45208/34208908_zpid/

600sq feet for $200k.

Or this 3000sq foot beauty:

https://www.zillow.com/homedetails/2321-W-McMicken-Ave-Cincinnati-OH-45214/34224337_zpid/

The_X_Dawg posted...

https://www.zillow.com/homedetails/3510-Tarpis-Ave-Cincinnati-OH-45208/34208908_zpid/

600sq feet for $200k.

Or this 3000sq foot beauty:

https://www.zillow.com/homedetails/2321-W-McMicken-Ave-Cincinnati-OH-45214/34224337_zpid/

That 2nd one from the 1800s is over flowing with ghosts bro

The_X_Dawg posted...

https://www.zillow.com/homedetails/3510-Tarpis-Ave-Cincinnati-OH-45208/34208908_zpid/

600sq feet for $200k.

Or this 3000sq foot beauty:

https://www.zillow.com/homedetails/2321-W-McMicken-Ave-Cincinnati-OH-45214/34224337_zpid/

Lol fml

BuckVanHammer posted...

That 2nd one from the 1800s is over flowing with ghosts bro

Maybe I can make the $400k for repairs by hosting ghost hunting shows?

The_X_Dawg posted...

https://www.zillow.com/homedetails/3510-Tarpis-Ave-Cincinnati-OH-45208/34208908_zpid/

600sq feet for $200k.

this some straight bullshit

Even though I already own a house, I love where I live in Ohio because it's so cheap.

Both of these houses are only $250k

brand new construction
https://www.zillow.com/homedetails/533-Baker-Ct-Upper-Sandusky-OH-43351/2061185799_zpid/

log cabin looking house on 5 acres
https://www.zillow.com/homedetails/4276-Iberia-Bucyrus-Rd-Caledonia-OH-43314/97166854_zpid/

[LFAQs-redacted-quote]

Its only a 25 minute drive to the closest movie theater!

Its fucked up that when interests are low, the poor and lower middle class finally have a shot of buying a house, meanwhile the rich and investment companies can just snatch them up and make them rentals. It tells you the problem lies with too much acquisitive power with those at the top and how raising interest rates this high mainly fucks up the poor. Of course, also has to do with prices being astronomically, out of proportion to wage high

Payzmaykr posted...

I know. I grew up thinking I might pay $150,000 for a house and earn enough to pay it off. Back then, the concept of hard work for fair pay existed, though, and people were a bit more decent. Now the $150,000 house is $750,000, so how do we fix this? The guy listing a dilapidated crash pad for $750k isnt going to take kindly to being told to lower the price by $600,000 but we absolutely must force them to.

I dont give a rats ass about the people saying, oh, boohoo, my investment. Screw your investment. People out here cant buy their own effing property and get stuck paying 85% of their paycheck to a landlord. Things need to change and that sucks for you if your $100k house skyrocketed in price; it needs to go back down to where it used to be. There should be laws preventing property values from rising so much so fast.

I mean, house values aren't set by some evil, capitalist CEO or something. Property values reflect what people are willing to pay. Some people get lucky and buy a cheap house in a poor city, only to see the city grow and prosper. 20 years later they have a $600K house. New home owners can't break into that market, so you have to move to a location that supports your budget.

Also, no one puts 20% down on their first house. I put 5% down and I still had a 2000 sqft house for less than 1500 a month (including that pesky PMI). It only took 2 years for the market to rise so fast I flipped that house into a 3500sq/ft house with 4 bedrooms. This bumped my mortgage up to $1900 a month but I was able to lock in one of those SWEET 2.5% mortgage rates when you could do that. Real estate is just one big math game and you have to wait for the right time to jump in, just like any investment.

EDIT: I have to mention that there ARE evil CEOs buying up middle class homes in huge bundles for cash and then turning them into rentals for obscene prices, shrinking the inventory of good starter homes. CARRNE_ASADA reminded me of that. In fact, our HOA made a change to our by laws that forbids people from renting their houses unless they live in them first for over 12 months in an effort to fight them off.

billcom6 posted...

Even though I already own a house, I love where I live in Ohio because it's so cheap.

Both of these houses are only $250k

brand new construction
https://www.zillow.com/homedetails/533-Baker-Ct-Upper-Sandusky-OH-43351/2061185799_zpid/

log cabin looking house on 5 acres
https://www.zillow.com/homedetails/4276-Iberia-Bucyrus-Rd-Caledonia-OH-43314/97166854_zpid/

Is that a heart pond?

kelemvor posted...

I mean, house values aren't set by some evil, capitalist CEO or something.

The jump in the last couple years is directly tied to Trump repealing the law that didn't let business groups buy up new house listings for X amount of time. So the average home buyer has been competing with groups like Black Rock/Blackstone that can easily pay $50k over asking in cash, day 1 of the posting.

So uhh yeah, they kind of are in this situation.

well-excuse-me posted...

Is that a heart pond?

more bean shaped

That mortgage would cost me 1 weeks salary

Blbmbr666 posted...

The jump in the last couple years is directly tied to Trump repealing the law that didn't let business groups buy up new house listings for X amount of time. So the average home buyer has been competing with groups like Black Rock/Blackstone that can easily pay $50k over asking in cash, day 1 of the posting.

So uhh yeah, they kind of are in this situation.

Trump is the bitch

The_X_Dawg posted...

https://www.zillow.com/homedetails/3510-Tarpis-Ave-Cincinnati-OH-45208/34208908_zpid/

600sq feet for $200k.

Or this 3000sq foot beauty:

https://www.zillow.com/homedetails/2321-W-McMicken-Ave-Cincinnati-OH-45214/34224337_zpid/

First one isnt terrible tbh, the basement isnt included in the square footage because its not livable space but it is perfectly useable. Doubles the actual square footage from the pictures.

DarthAragorn posted...

I've given up on ever buying a house

Unfortunately even rent is expensive as fuck so I don't even know what to do

Yeah. I really want to move out to a nice place, but everything is so damn expensive.

billcom6 posted...

Even though I already own a house, I love where I live in Ohio because it's so cheap.

Both of these houses are only $250k

brand new construction
https://www.zillow.com/homedetails/533-Baker-Ct-Upper-Sandusky-OH-43351/2061185799_zpid/

log cabin looking house on 5 acres
https://www.zillow.com/homedetails/4276-Iberia-Bucyrus-Rd-Caledonia-OH-43314/97166854_zpid/

I'm talking about Ohio, but in like actual cities. The fuck is a Caledonia?

$1,350 seems about right for the base mortgage + interest itself, but adding local/state taxes, it's going to be noticeably higher than that, particularly depending on the size of the home and land area.

if only we made housing a right and not a plaything for the super elite and hedge funds to gouge us for

billcom6 posted...

Bought my house 2 years ago

$125,000
24% down (I had a lot saved up and it didn't need much work)
2.5% interest rate
Monthly Mortgage: $625

lets go!!!!

I remember your topics from when you wete shopping around. Congrats on getting what you wanted.

I bought my house 1.5 years ago and my mortgage was pretty reasonable (relatively) until a property tax increase raised it 16% overnight.

The_X_Dawg posted...

I'm talking about Ohio, but in like actual cities. The fuck is a Caledonia?

roughly 40 minutes north of Columbus

JasonSehorn posted...

if only we made housing a right and not a plaything for the super elite and hedge funds to gouge us for

universal affordable housing is probably economically feasible to pull off, but good luck eliminating property taxes

I put 20 percent down so I wouldn't pay pmi every month

TheMikh posted...

universal affordable housing is probably economically feasible to pull off, but good luck eliminating property taxes

I'm sorry, but didn't we already try this after the New Deal? Those housing projects are still all over the place, in every major city. Would you want to live in one of those units?

I'm not being an asshole or negative Nancy or whatever. Maybe we should try to update section 8 housing or expand/improve it somehow. I'm just reminding people who want Government housing to solve all our problems that we HAVE tried that in the past and it's had so-so results.

kelemvor posted...

I'm sorry, but didn't we already try this after the New Deal? Those housing projects are still all over the place, in every major city. Would you want to live in one of those units?

I'm not being an asshole or negative Nancy or whatever. Maybe we should try to update section 8 housing or expand/improve it somehow. I'm just reminding people who want Government housing to solve all our problems that we HAVE tried that in the past and it's had so-so results.

you know people wait like 5-10 years for housing sometimes right? Plenty of people want it

jUsT BuY A HoUsE - my relatives

I would if I fucking could, like it's that easy >_>

DarthAragorn posted...

I've given up on ever buying a house

Unfortunately even rent is expensive as fuck so I don't even know what to do

I'm just gonna go homeless and have showers at the gym.

kelemvor posted...

I'm sorry, but didn't we already try this after the New Deal? Those housing projects are still all over the place, in every major city. Would you want to live in one of those units?

I'm not being an asshole or negative Nancy or whatever. Maybe we should try to update section 8 housing or expand/improve it somehow. I'm just reminding people who want Government housing to solve all our problems that we HAVE tried that in the past and it's had so-so results.

it should be mentioned that section 8 is a rental assistance program. i can't speak with confidence as to whether the new deal provided ownership rather than affordable rental, probably the latter, but i was proposing the former since ownership does instill some degree of vested interest in the well-being of properties that rental does not.

but to play the devil's advocate i suppose there is also a bit of a chicken-and-egg problem, as that vested interest in upkeep associated with ownership is likely downstream from the initial "investment" of person buying the property in the first place, which may not be the case of it's just given away.

but anyway, the root problem is the cost of housing and the factors driving it - supply vs demand, location vs demand, cost of production, etc. - rather than its availability, and that's likely what needs to be addressed in some way or another.

You don't need 20% and PMI is tax deductible. It's not that hard to buy a house, and there are many lenders out there that help people who aren't rich.