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Rent requirements in the US are nuts
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this post was submitted on 31 Aug 2023
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Our mortgage is $2600 month. My wife has a much better paying job than me. I make $2200 a month after taxes/deductions. She is currently going through cancer treatments and although everything is looking positive it really got me thinking about what the hell does life look like for my family if something happens to my wife?
I've had the same bus driving job for 23 years. I'm undereducated. A 2 bedroom, 1 bathroom apartment is $1600 month here. I don't know how I'd ever be able to take care of myself and two kids.
They want us to have 80k+ in school debt so you can be allowed to have mortgage debt or rent and own nothing. I don't know where I'm going with this but I'm just bummed out about life right now.
That's what life insurance polices are for. Will be pretty hard to get one with her cancer diagnosis though.
Are you not required to have a joint life assurance policy as a condition of a mortgage in the US?
lol no, the bank doesn’t care, they’ll just take your house if you can’t pay
You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don't give a shit.
I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.
Not anywhere that I've seen, just home owners insurance and mortgage insurance if you pay less than 20% down.
Nope, at least not for my mortgage. The only thing that was required was a home owners insurance policy.
Love how everyone in this subthread are sure they all live in the same country with the same rules and same banking system.
Globalization and capitalism babyy
Not a fan of the latter but that's life ☹️
You need to move to someplace you can afford.
The OP is another example... You can live alone in many places, but they chose to live in an expensive area. You can't complain about that and be taken seriously. I want to live in Beverly hills... but I can't afford it, so I don't live there.
This is such a bullshit take. I'm not even going to address why because you already know. Yes, I'm sure the place they're talking about with $1600/month rent is fucking Beverly Hills, you jackass. Lmfao
I was just thinking this. I spend $1300 a month on rent and it's so fuckin run down and dumpy. If Beverly hills only cost me $300 more a month, I'd find a way to pay the difference and make it work. But Beverly hills isn't that cheap. Because everything, even garbage apartments, are stupid expensive now.
Dude, $5000+/month - 5 figures / month mortgage payments, easy in Beverley Hills.
Here in southern california, $1300 a month would get you....a bus ticket out of town.
Right
https://www.huffpost.com/entry/affordable-housing-coronavirus-rent-evictions_n_5f0ccf72c5b6310dc157414b
This was 3 years ago and it's only gotten worse
OP's Mortgage: $2600/month
You: "I want to live in Beverly hills... but I can't afford it, so I don't live there."
Out of touch with reality? Check.
What really blows is when I bought my house 8 years ago, it was affordable. I now make almost 40% more and there is no way I could afford the same house. Mortgage, taxes and insurance (including flood insurance because the NFIP sucks) is less than $1,400. Once PMI is removed, it will be closer to 1,300, and once we finally remove flood insurance (because we are inland and the maps are outdated) it will be less than $1,100 a month.
I just don't see how millennials find homes anywhere remotely desirable in this market.
Even back at the end of 2019, we managed to find a house in a decent area that we could afford on my $60K/yr job. The mortgage was only $100 more a month than we were paying for a TINY “2” bedroom apartment. We managed to use our state’s first time homebuyer program to get a grant to pay to remove the PMI up front, which was a big help. I now make more money but I really think we couldn’t afford our house now (at least at the price online website estimate). It’s crazy and we never want to move if we can avoid it!
My daughter is only 13 but we're already expecting she's going to spend her 20s with us because of this.
You are a shit human.
Fuck You, and fuck that entire concept
No. No you can't. There's only a few bajillion articles since COVID about the unaffordability of housing in all 50 states.
I want to live in Atlantis, but I don't own a submarine, it's fictional, and the Atlantis council simply does not prioritize affordable housing,
Lmao, my PITI is 3300/month and I live in a 1000sqft rambler that’s in ok shape in the first city that’s considered affordable outside of the Seattle region. All my job prospects are here or in similar markets, and rent for something comparable isn’t far behind what I’m paying (was paying $3k/month for a 2 bed apartment before buying last year) for my house.
Are there cheaper markets? Yea. Are there jobs for me in those markets? Lmao, no.
I'm in exactly the same boat as you. Undereducated, lower paying job than my wife, mortgage, etc. I've frequently had panicked thoughts about what I would do if she died. And we have a kid, which makes it even worse.
I was never really scared of much until I had a kid.
Part of the reason my partner and I don't want kids. It's almost impossible to raise them alone and she has a preexisting condition that she wouldn't want to pass on to them. If she passes away I could always just go live in my car by the beach and be fine. Wouldn't be able to do that very well with a kid.