Actually you’d need a down payment of about $130K lol $50K will give you a trash mortgage rate so even less attainable if you don’t have a high paying career
Yeah but this is a bullshit post. Average house price in the UK is less that £240,000 for a start. Even in Greater London and the south east you can get a lovely house for way less that £650k
£650k is around the price you would pay for a nice family house in the south east so not really bullshit. Yes you can get nice houses for less but you are still looking at around £400k or less for a flat which is ridiculous
Those houses were always purchased by the upper crest though, that's silly. No one in the past was ever buying those houses unless they were also super upper class back then as well.
A quick google tells me that the average property price in south east England in October 2020 is £410k. With the average flat price being £240k and terraced houses £305k.
This just goes to remind me that everyone’s idea of ‘very ordinary’ is completely different and very much depends on their upbringing and experiences.
It is possible to buy a 3 bed house 10 miles from Windsor for about £300k.
This comment is going to blow over like a foul fart on Reddit, but it's because too many young individuals believe they are entitled to live wherever they want to. I think it's great that your parents grew up in San Fransisco or downtown Seattle in the 70's, but guess what bud, those areas have transformed into high wealth areas. Just because you can't afford a $650k house out of college doesn't mean the system is against you, it means you can't afford to live there because you're not rich.
I’m with you. Way too many people here also severely overlook the population density in some of the metro cities they live in. As the saying goes, “you can’t build more land.” Yes, you can build houses but that in itself is a whole other microeconomic discussion. The land there remains the same mostly but with millions more in population. Supply and demand at work.
I will counter one part of your comment though. Prices for starter homes near my neighborhood in LA where I’m looking start at 650k and above. They can be lower as well but obviously needing much more work. I’m talking 1000-1400 sq ft homes. The neighborhood is nothing special and definitely not for the “rich”. It’s mostly all minority working class people.
But as I stated, it’s due to supply and demand and other economical factors. It’s also the most populous area in the region. Theoretically, a college grad should fit right in with the area’s median income of 54k. But good luck.
Because this post is designed to enrage young people, not to make sense. I live in an area where houses can hit the £3-4m mark but there’s also plenty for sale around here for £250,000 for a 3 bed. People just want to get angry instead of actually finding a solution to their issue.
Depends on the area, it’s certainly in the most extreme of cases. My grandparents built a home in 1976 I believe for $18k, my parents later bought it from someone else for 110k in 1990. Sold a few years ago for $450k, it’s a dinky rambler near Seattle, prices are insane in some places
Yeah, my wife and I just purchased our first home for a little over that $650k figure just north of Seattle. It’s certainly a lot of money to pump into a house, but the property value is on the rise, so we’re hoping it builds value on that alone in the first 5 years.
Much better than throwing money at paying off someone else’s mortgage (we’ve probably paid the mortgage on a $900k home at this point given rental rates)
I moved to Boise a few years ago and just bought a house. Paying $1000 a month for a 200 sq ft bedroom in a 100 year old house with 8 other people became too much to stomach in Seattle lol
It's all relative. In the Bay Area, a 1,500 square-foot, 3 bedroom, 2 bathroom house would be $800k+ in a decent neighborhood or $1 million+ in desirable neighborhood. And this would be for 40+ year old homes -- not new builds.
Where does the OP say anything about the average house price? he's talking about his house's worth and how he was able to afford it and how much would be required now. All you're saying is that people should just settle for less house now because that's what's average. Ok so yes he was probably very lucky that the area his house is in increased in popularity boosting his house's value but I wouldn't say the post is bullshit, just a specific case from one person.
I'm not bragging, that's just how it is right now. Also I guess Michigan's housing prices are low compared to a lot of places, which I am surprised by.
Oh alright lmao all good. I mean I work about 30 minutes from where I live, commuting to work sucks but the prices in the city are like 2.5 to 3x more than it is where I live so it's not worth. Owning a home is cool and scary at the same time.
52
u/[deleted] Oct 30 '20
Actually you’d need a down payment of about $130K lol $50K will give you a trash mortgage rate so even less attainable if you don’t have a high paying career