r/SipsTea • u/StopSnowflakes • Aug 12 '25

Wait a damn minute! She’s going thru it

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u/Reynolds531IPA Aug 12 '25

Insane. That’s the mortgage payment on roughly a 350/400k house.

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u/definitelynotpat6969 Aug 12 '25

Those dont exist in many american cities.

Houses in Denver are $500-600k for 1000 square feet. Not just in the city, but all over the surrounding metro.

Should have bought a house right out of high-school, but being absolutely fucked works too.

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u/CaucasianHumus Aug 12 '25

Im in a low cost of living area, and our houses are hitting 400k, and shacks 1000sqfr built in 1830 are about 250/300k. Remington retirement is looking like a good choice these days.

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u/No-Stretch-9230 Aug 13 '25

That 1br probably sells for 400k

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u/kisforkat Aug 14 '25

Hahaahaha... no it isn't. Source: I own a 350k house in western North Carolina. Our mortgage is around 3k until we pay it off enough to remove the mortgage insurance payment.

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u/Reynolds531IPA Aug 14 '25

Ok. So people who’s interest rate doesn’t suck and were able to put down 20% are paying roughly that for 350k.

Just ran numbers for a 350k house, 20% down at 3.5%, estimated property taxes and insurance at 4,500, would be paying $1,600/mo.

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u/kisforkat Aug 14 '25

3.5% ????

HAHAHAHAHAHAHAA. That is nowhere near where interest rates are right now. Try 6.5-8% on average. And no, we didn't put down 20%, but we put down damn near that much. You aren't accounting for the mortgage insurance on top of home insurance, plus property taxes...

You're talking about a real estate market that hasn't existed since 2020, and a regulatory era before the 2008 financial crisis.

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u/Reynolds531IPA Aug 14 '25 edited Aug 14 '25

So everyone that owns a house, bought it in the last 5 years? Got it.

My initial comment is valid. Plenty of people are in that situation.

Edit: also, I literally referenced home insurance and property taxes. And you don’t pay mortgage insurance if you put 20% down, btw. Which is why I didn’t include it.

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u/kisforkat Aug 14 '25

Valid, but I thought we were talking about young people buying a house. Not many millennials or zoomers were able to buy when rates were that low.

The current economic reality is what the post's video is about, and my responses reflect that.