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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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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removed, it will be closer to 1,300, and once we finally remove flood insurance (because we are inland and the maps are outdated) it will be less than $1,100 a month.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.
It's a strange market to be sure, but one way or another I think it'll end. Either mortgage rates go way, way down, or prices, or both in the medium to long term.
A $2600/month mortgage is like a half million dollar house dude
They should absolutely move if the wife has cancer.
Umm...try looking up what $400,000 worth of debt will cost you monthly today (and what your existing equity plus debt and on-hand cash will even buy you in today's market).
I wouldn't move in this market at all if you can make your mortgage payments.
$400,000 will buy you a mansion where I live. My house is worth about half that, and it's quite nice.
👏 👏
Just simply be like this random dude on the Internet...live in his neighborhood and emulate his daily commute...he's the finest, most shining example.
Feeling down? Wife got cancer? Relocated from your entire friends, family, and your job? No worries, you'll have SCB from the Internet to keep you company.
Or just move literally anywhere in the Midwest with the equity from your half-million dollar home, and buy one for 150k, and get your wife treatment.
You can't possibly be this dumb, so I'm going to assume you had a bad day at work today. Hope it gets better.
Uselessly being a dick isn't going to make it better. Call a friend.
LOL. I'm having a lot of fun actually.
You're like a parody of all of the bad advice I've gotten in my life, and all of the worst of the fortune/CNN money/bloomberg clickbait non-sense that I've read over the years.
Maybe in the boonies but my point is Beverly Hills is not a $2600/month zone and what OP is paying is not unusual.
A 2000 sq ft 3 bed 2 bath in a good neighborhood goes for about that where I live, which is known to be in the lower CoL part of the country. The reason shit is so fucked up is that our overlords at huge mutual funds like Blackrock have bought up all the houses so that they can rent them to serfs and collect perpetual income for almost no risk.
Lol no it is not. I'm not sure why you'd want to pretend it is.
I actually live in a moderate CoL area and am a homeowner. I could sell my house right now and buy a house not 20 miles away for about half what my current house is worth, which is also not half a million fucking dollars.
Do you know how insane this sounds to someone from "flyover country?"
There's an entire neighborhood going up near me in the 200s. Amazing school system, right outside the city, easy access to parks/lakes/what have you.
Lol no it is not. It is because we restrict what housing can be built where and thus have insufficient housing.
Where should they move to that houses are less than half a million dollars these days, inner city Detroit?
Or, God forbid, outside of a major city.
My house is worth mid-200s (now, purchased for 140 about 8 years ago), in a very nice neighborhood. I have a pool, a literal white picket fence, and half an acre of property. My house is among the more expensive areas where I live.
There's an entire fucking country away from the coast buddy. Check it out. Or don't, and only move here when the breadwinner of your family has a potentially-fatal illness and you need to live somewhere less expensive that also has top-tier medical care nearby, which is what I suggested to OP.
I drove across the entirety of it multiple times, most people fly over it for a reason.
And thus property is cheaper.
Yeah cuz it fucking sucks.
"I'd rather be homeless than live in Ohio"
Oh be honest, you didn't have any empathy for anyone to begin with.
That's definitely why I recommended moving to a cheaper area. Because I lack empathy.
Meanwhile you insulted like 40 million people, but you're Mr Empathy.
Grow up, man.
Dude's talking about having a fucking bummer time with his wife dying of cancer and your first response is "MOVE NEAR ME PLEASE!".
We get it dude, Ohio sucks and you're not nearly as happy as you want to pretend you are...but like, not an empathetic response.
Also, there's no way Ohio has 40 million people in it.
Hope your day improves.
I live in Indiana. Nice try though.
Cool. Here's a 3 bed 4 bath, extremely nice house for 350, inside Indianapolis. It was literally the first listing on Zillow. Let me know if you want me to pull up something cheaper.
I live in Ohio. Our markets aren't that different . Now imagine you didn't live in the largest city in Indiana.
https://www.zillow.com/homedetails/8024-Milender-Blvd-Indianapolis-IN-46237/308925348_zpid/
Oh, sorry, more than 3/4 million. That's definitely totally affordable for someone moving into a new area with no job lined up.
350k is not 3/4 of a million dollars. It's barely over 1/4 of a million dollars. You also don't have to live inside Indianapolis, because that jacks up prices.
Thinking isn't hard man.
But if that's not good enough here's 3br 1bath also inside Indianapolis for 100k cheaper
https://www.zillow.com/homedetails/Indianapolis-IN-46219/1219903_zpid/
You are correct. I meant 1/4.
Where does this person get a job in this small Indiana town, by the way?
You do what everyone who actually lives in Indiana does, and isn't pretending to online for some weird reason, and commute.
Or you buy this 4br for 100k
https://www.zillow.com/homedetails/8331-Aspen-Ct-Indianapolis-IN-46226/1146679_zpid/
So you don't actually know in other words. Helpful. You know jobs aren't all interchangeable, right? They're not going to be going from driving a bus to working on a farm for even remotely the same pay.
Turns out you can drive a bus just about anywhere. My area has homes in the 100s and is hiring bus drivers right now. My friend's husband is literally a bus driver - my kids' bus driver, to be precise.
My best friend, who can't get a good job because he's a felon, closed on a house this week for 160k.
It's weird and kind of strangely insulting that you think most people in the Midwest are fucking farmers. We aren't.
A city bus driver or a school bus driver? Because the latter get paid shit and as for the former, they don't have those in small Indiana towns. So, try again. What job in a small Indiana town should they get? Name the job.
Weird.
Also Cincinnati is like 15 miles away from where I live. They're always hiring bus drivers.
Just stop lying dude. You're not from here. You think most Hoosiers are farmers for shits sake.
Edit: Hoosiers are what people from Indiana call themselves btw
I thought you said a small Indiana town. 15 miles from Cincinnati is a suburb, not a small Indiana town. So now you're not even being consistent. If you want to talk about small Indiana towns with affordable homes, talk about Vermillion County or something. I'm sure you can find a cheap house there. A job not so much.
By the way, who is paying their moving costs, you? And are you certain bus drivers get paid as much in Cincinnati as they are paid where OP lives? Can you assure them of that?
I don't live in Indiana and never pretended to. You did, so I pulled up Zillow listings to prove you wrong. I also didn't mention small towns - I exclusively linked homes inside Indianapolis.
My suburb outside Cinci has homes for 160k, which is drastically lower than 2/3 homes I've linked you. Move on in.
They don't need to be paid what OP is paid because A) OP doesn't make much money and B) his house is worth vastly more than most homes here.
You can stop trying to twist words and shit, too. Just admit you're wrong. It's good for you.
Wait, so you're saying in order to save money, they should move to a place with cheaper houses that pays less? Do you not see the problem there?
Don't forget to downvote this post.
Oh I won't, don't worry. You're lying and that's the entire point of downvotes - disputing the value of false information.
Where are you really from?
I'm from Terre Haute, Indidna and I have never made that a secret if you want to look through my comment history.
Don’t forget to downvote this post.
If you're from Terre Haute then you know housing prices in Terre Haute are nowhere near 500k, in fact, there are many houses sub-200k, so what exactly was the point of this exchange?
And again, I'll be downvoting all your posts here until you say something factual and meaningful. Don't worry.
You mean the ones in high crime neighborhoods? I'm sure they are sub-200k. You know what doesn't pay great here? Bus driving. So, again, cheaper house for lesser pay. What's the point?
His wife is potentially dying of cancer, so a cheaper house is necessary. Yep, sometimes that means a "less desirable" house - though I literally wouldn't be caught dead in Terre Haute. Your initial claim was that those houses did not exist. Then you've moved the goalposts left and right trying desperately to be correct.
Worse case scenario he could move to my neighborhood for, at most, 265, and live in a crime-free area with great schools.
I really don't understand what you think your argument here is. You're just spewing bullshit.
No, he said he couldn't afford to live in his current house if his wife died. If he was on a single income. If he had to move and find somewhere cheaper to live.
And your suggestion is, as far as I can tell, to move somewhere cheaper and take a lower paying job, putting him in the exact same situation.
But I'm more interested in you calling me a liar about where I live. Can you provide evidence that I am lying about that? Can you quote me saying I live somewhere else in another thread? Calling me a liar about that is quite the accusation and I don't think I can get past it and keep talking about this other subject until you address it. Sorry.
Everything you've claimed here is a lie of some sort, and it was reasonable, given your utter ignorance of Indiana, to think you were lying about that, too.
I kind of still do. You are, at your core, when no one can catch you, a fundamentally dishonest person.
Please back that up with evidence. Otherwise, that claim itself is a lie.
Remember, you said everything.
Even if you can find ten things that are lies, you now have to show that everything I have claimed is a lie.
Unless you yourself are lying.
The evidence is above, as Zillow postings denying your claims.
You're blocked now.
Convenient.
Last i checked my house is worth $176