As a 28 year old guy in a relationship with a cumulative income near 160k home ownership seems sadly still unattainable. I live in Nashville mostly because where my work is but would ideally live somewhere smaller.
All that saying unless you're willing to move 30-40 minutes away from work to buy a home in the 400s that's maybe 1800sqft yo…
As a 28 year old guy in a relationship with a cumulative income near 160k home ownership seems sadly still unattainable. I live in Nashville mostly because where my work is but would ideally live somewhere smaller.
All that saying unless you're willing to move 30-40 minutes away from work to buy a home in the 400s that's maybe 1800sqft you will be stuck spending 500-600k on a 1200sqft run down house in an area that was once considered lower class (houses haven't changed, clientele has). Having done the math of a house that went for sale next to our rental for 515 (was originally 450k until the neighbors got a realtor, they bought for 410k 1.5 years prior) we would be spending 3,800$ a month for the place with a 50k down payment.
Talk about frustrating, making good money in a stable relationship and still getting boned by the housing market that you are forced to take part in due to work. If people want to know what it's like check out r/FirstTimeHomeBuyer on reddit. It's a sadly relatable place full of insane sellers, desperate buyers putting 50k over bid price, and general despondency
"... move 30-40 minutes away from work to buy a home in the 400s that's maybe 1800sqft you will be stuck spending 500-600k on a 1200sqft run down house in an area that was once considered lower class ..."
I'm also a higher earner. For most people that 30-40 minute drive house isn't really an option. I choose not to because that drive in rush hour is easily over an hour.
20% down, 2 bedrooms/1 bath, high interest rate, poor'ish part of town, and (for me) a struggle to make the payments. People working up in D. C. bought in Fredericksburg for an hour'ish commute.
Girl in my office is going for the hour away in the country. My main qualm is not being able to start earlier for family purposes. But it’s whatever, should be able to skip the starter home in a few years
As a 28 year old guy in a relationship with a cumulative income near 160k home ownership seems sadly still unattainable. I live in Nashville mostly because where my work is but would ideally live somewhere smaller.
All that saying unless you're willing to move 30-40 minutes away from work to buy a home in the 400s that's maybe 1800sqft you will be stuck spending 500-600k on a 1200sqft run down house in an area that was once considered lower class (houses haven't changed, clientele has). Having done the math of a house that went for sale next to our rental for 515 (was originally 450k until the neighbors got a realtor, they bought for 410k 1.5 years prior) we would be spending 3,800$ a month for the place with a 50k down payment.
Talk about frustrating, making good money in a stable relationship and still getting boned by the housing market that you are forced to take part in due to work. If people want to know what it's like check out r/FirstTimeHomeBuyer on reddit. It's a sadly relatable place full of insane sellers, desperate buyers putting 50k over bid price, and general despondency
"... move 30-40 minutes away from work to buy a home in the 400s that's maybe 1800sqft you will be stuck spending 500-600k on a 1200sqft run down house in an area that was once considered lower class ..."
You described a "starter home".
I'm also a higher earner. For most people that 30-40 minute drive house isn't really an option. I choose not to because that drive in rush hour is easily over an hour.
What was your starter home and salary buying?
20% down, 2 bedrooms/1 bath, high interest rate, poor'ish part of town, and (for me) a struggle to make the payments. People working up in D. C. bought in Fredericksburg for an hour'ish commute.
Girl in my office is going for the hour away in the country. My main qualm is not being able to start earlier for family purposes. But it’s whatever, should be able to skip the starter home in a few years