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this post was submitted on 17 Mar 2024
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I don't make 200k, but together with my wife, we make a little under that. We both have cars, and both are paid off. I still have the first car I ever brought, which is a Nissan Sentra 2006 basic model. So, 17 years on the same car and hers is a 2015 Toyota. We do have 2 kids and brought a house in 2015. The last 4 years have been almost impossible to make ends meet, and all we try to do is survive with the very occasional do something for the kids. I have tons of housework I can't do but also can't pay for either. Because of this, we also can't move until it's taken care of, so we're kind of stuck here as well. We have no money to save or invest. Did we make some bad decisions? Sure, probably shouldn't have had kids for starters. They cost a fortune. But my point is we aren't doing anything crazy here, it's just that more and more things are taking our money and prices also went up. It sucks because all I want to do is live and get by, I don't really have any grandiose dreams of doing crazy things or buying tons of stuff. I just want to get by as my parents did, which seems impossible today.
How much did you pay for your house? Assuming you live in a HCOL area? Making almost 200k you shouldn't be struggling at all, unless you're living in some crazy high cost of living area.
I live in North NJ. From my understanding, it's about as bad as it gets. House was 330k 10 years ago. We also have crazy property taxes, so that alone is 13k a year. I also live in a very rural area which was the only option for the area if we wanted some space and also keep house prices semi cheap.
How damn costly is everything else there, that's crazy high for property taxes though.
Even if you do nothing, if you don't get into debt, you will have millions in equity in the house when it's paid off.
You've basically invested into real estate so you're saving money even if it doesn't go into your savings account.
We purchased the house for around 300k, and even with the market today, it's about 500k. Sure, it could go for higher whenever we do sell, but it's not an investment. With our current loan we will have paid over 500k over 30 years, so I really am not expecting to make out from this. The only way this makes me money is when I retire (which is close to payoff anyway) and move someplace way cheaper than we're we live now.
You're going to pay it off in what, like 25 years? Yeah, it will be worth over a million by then.
My dad bought his house for $600,000 in 2008 peak, and it is now worth maybe 2 million. It hasn't even been twenty years and it's more than tripled, despite being underwater on the mortgage in 2009 (owed more than market value)
Past performance is no guarantee of future results.
So? Someone spending $300,000 on loan shouldn't complain about not having money. Maybe manage finances better?
Like half the country should be so lucky to own their home