Home ownership is for upper class only?

eGremlin
eGremlin

Hey Veeky Forums! I live in one of the top-three US states for CHEAPEST real estate and LOWEST cost of living, but even an 800 sq ft house is like $150,000

Is owning a home only for people making a ton of money? I am nigh 30 and I still live with my mom and pay her rent for my room because it's too expensive to rent an apartment and it's too expensive to by a house.

Am I looking in the wrong places or is home ownership really only for people with lots of income?

AwesomeTucker
AwesomeTucker

@eGremlin
How the fuck is $150,000 a lot of money? That's like 3 years for a middle class dual income family.

StrangeWizard
StrangeWizard

traditionally 20% is considered the minimum you should have for a down payment. For a $150,000 property that would only be $30,000, if you can't save that much over the course of a few years then you need to find a better paying job.

happy_sad
happy_sad

@AwesomeTucker
@StrangeWizard

Nobody on either side of my family has a degree. I was an accidental pregnancy, born to a teenager. My family members live in trailers and work as janitors and shit. I am 30 years old and a virgin, but never moved out of my mom's place because she is poor and I have to help her pay her bills. I make the most money out of anyone in my family, which is ~$55,000 USD/yr

I have $20k saved now so I guess if you guys think I can just save another $10k I can do that. I just want some independence because I am 30 and I still can't do simple things like enjoy an alcoholic beverage at home because of my mother's fundamentalist Southern Baptist belief system. That's why I have been looking at houses recently. I guess I have already fucked my life up by waiting until I am 30 so I might as well fuck it up more and wait until I am 35 to move out and figure out how to make friends, etc.

cum2soon
cum2soon

@happy_sad

Nice life story Chet.

What a surprise that a pregnant hillbilly teen ended up a fundamentalist christian.

Have you tried killing yourself m8? Might be just the thing you're looking for

w8t4u
w8t4u

@eGremlin

You must not live in that cheap of a market. There are plenty of places you can get a decent small house for 30k.

askme
askme

@cum2soon

Have you tried killing yourself m8?

Yes, but after surviving that experience I believe I would rather buy a house

lostmypassword
lostmypassword

@w8t4u

The houses in the ghetto around here are like $27,000 but there are multiple shootings every month there and that area is known as the meth capital of the continental US

Methnerd
Methnerd

@askme
So you're a quitter that won't see your projects through to completion too, great.

Sharpcharm
Sharpcharm

@lostmypassword

I'm guessing you're living in a city. If you'd be willing to move somewhere that's 20 minutes from the city I'm sure you could find something very cheap in a nice area.

If you have to live in the city, pretty much any decent sized city, you're going to have to pay for that.

Skullbone
Skullbone

@happy_sad
Christ, what a waste of life you are. God surely weeps that twisted abominations like you didn't just stay in the condom like they were supposed to.

RavySnake
RavySnake

OP, are you from Oklahoma?

TurtleCat
TurtleCat

@Sharpcharm

I live 30 minutes from the city

@Skullbone

You sure are mean, bourgeois scum

LuckyDusty
LuckyDusty

@TurtleCat

Well, what city do you live 30 minutes from? That would make this a lot easier.

JunkTop
JunkTop

@happy_sad
DANG i thought my life was shit lmao.

Evil_kitten
Evil_kitten

@happy_sad
what do you do for a living?

you know if you want to make a clean break and you're in decent enough shape you're still young enough that you could join the military, it would get you out of your shitty living situation and after your tour is done you'd have GI bill to pay for college, AND they cover the down payment on your mortgage.

cum2soon
cum2soon

i refuse to believe that 55k isn't enough to rent an apartment

takes2long
takes2long

@LuckyDusty

I would prefer not to say

@JunkTop

Yeah I know right? I regret my own existence almost every day

@Evil_kitten

IT

I have too many mental health/physical health issues to join the military

I am pretty satisfied with my $55k/yr as it is more money by more than double anyone else I know irl makes

Poker_Star
Poker_Star

@eGremlin
Cheapest
$150,000 for 800 sq ft.

No.

It's like $100k for 1,400 sq ft where I'm currently staying.

Sharpcharm
Sharpcharm

@Poker_Star

You aren't in the same city.

Poor OP is so crazy that he can't even say what city he lives 30 minutes away from so there's no point in trying to help him.

FastChef
FastChef

@takes2long
Are you also a retard? Ffs how do you make 55k and not afford an apartment. This is also plenty of money to save for a house.

Lord_Tryzalot
Lord_Tryzalot

@cum2soon
@FastChef

I am not spending $800 on a tiny apartment, that is incredulous

With owning at least the money is going towards an investment

girlDog
girlDog

@eGremlin
Mortgage lending regulation is definitely overzealous post-2008, but you might consider starting with a nice trailer or manufactured home. You can get good ones for $20k-$80k, at least as a good place to start with. You could also buy the land some place, move a manufactured home on top of it, and get all the hook-ups you may need.

takes2long
takes2long

@Lord_Tryzalot
No the money is going towards interest you fucking idiot.

Flameblow
Flameblow

@takes2long

Maybe if you are buying a home and never planning to pay it off, like some millennial debt-monger

@girlDog

True. I found some trailers I could buy. This area has an abundance of tornadoes though so I am horrified of being killed by a tornado

SniperGod
SniperGod

@takes2long
fucking kek.

@eGremlin
55k income. Supposing you climbed to this number. wtf are you doing with your money. Even I can afford a nice appartment with not even 15k income (im a student)

VisualMaster
VisualMaster

@SniperGod

I'm saving it. I put about $2,200 a month into savings.

TechHater
TechHater

@Flameblow
If you're afraid of tornadoes, get a cellar.

FastChef
FastChef

@VisualMaster
then how do you not have enough for the down payment on a mortgage, just keep saving until you do

DeathDog
DeathDog

@FastChef

I'm not sure how much of my mother's hoarding I can take.... cat shit everywhere, user

Bidwell
Bidwell

@eGremlin

Let's say you divide our population in half by income, a bottom half and top half.

The top half can get a house. The bottom half can't.

You HAVE to save up for that down payment to own a home. And if you can't do that, no house. For all the people living paycheck to paycheck, buying a house is never gonna happen.

I wish they would bring things back to no money down home loans, but that shit wrecked the economy.

Skullbone
Skullbone

@Bidwell
omg does she have a pee pee?

Lunatick
Lunatick

@eGremlin
Why do you need to own a house? Unless you have a family with kids, you don't need it.

I can tell you want to build up your investment, but everyone has to pay to live. Even when the home is paid off it costs hundreds per month in taxes, utilities, plus maintenance and upkeep, insurance, shovelling and garden and lawn...

You want a house because then you'll feel like you've really "made it". Rent a decent apartment, you can continue to save. Are you trying to build a nest for a mate? You'll spend your free time on chores and upkeep.

A house is an anchor. What about when you are promoted or change jobs? You get a fiancee who doesn't like it, wants to live elsewhere? Be flexible. Rent.

AwesomeTucker
AwesomeTucker

@Skullbone

Her body is dripping wet, presumably from a pool or ocean.

PurpleCharger
PurpleCharger

@AwesomeTucker
so shes not turned on right now?

New_Cliche
New_Cliche

@Lunatick

Rent
throw away $10,000 - $15,000 year after year after year, with absolutely NOTHING to show for it

Buy
Spend an extra $5k - $10k per year on the associated shit (insurance, taxes, maintenance, etc...), and then every single dollar you send in on the mortgage goes into your home. So it's literally just money in the bank. Assuming you didn't make a fuck stupid decision like buy in the peak, and attempt to sell in the valley, then you can always sell the house in bad times if you need cash.

I used to hold out too man, but buying is such a better long term decision. Besides, renting is living like a nomad, like a hotel guest, you never have something that is your property, your domain.

Stupidasole
Stupidasole

@PurpleCharger

She's probably thinking about money. As these slutty little shoots of hers earn her money.

Dreamworx
Dreamworx

@New_Cliche
If you don't have or plan to have kids there is no point in buying a house desu

farquit
farquit

@DeathDog
so deal with it until you can by your own place or bite the bullet and get a shit apartment with room mates for a while

wtf do you want me to say?

PurpleCharger
PurpleCharger

@eGremlin
I'm building a 130 square meter country home 40 minutes from city centre for my mother and for me to spend Holidays in (pic related).

It is not upper class if you don't build an insanely large house that you will have to pay thousands a month for upkeep.

Why would you need such a large house anyway unless you have 10 children?

Also, 150'000$ per house isn't even that much, even in Eastern Europe.

Fuzzy_Logic
Fuzzy_Logic

@New_Cliche
Besides, renting is living like a nomad, like a hotel guest, you never have something that is your property, your domain.

while i also agree that ultimately, buying is better then renting, i have to chime in that the government is the only institution that owns land/property. long after you pay off your mortgage, your're just renting "your" land from the state.

PackManBrainlure
PackManBrainlure

@happy_sad
First off, your mom is not you burden to bare. Tell her to you have to start your life now. Next spend some of that money going to a 2 year college to get a skill to earn more money. Then take the remainder of the 20K and stack as much of your new salary onto it for a year. Then buy a house.

Supergrass
Supergrass

@happy_sad
Jesus christ just move out

I rent a 950 square foot comfy, clean, roomy townhouse with high celings and a breakfst bar for $800 in a medium sized city, it's not that hard.

Why do you have to buy a place? If you don't have the cash to buy right now, just rent. Plenty of people do it and it works out fine. It'll be better than living with your retarded mom.

Nude_Bikergirl
Nude_Bikergirl

@New_Cliche
throw away $10,000 - $15,000 year after year after year, with absolutely NOTHING to show for it

Except you get somewhere to live and don't have to be homeless or live with people you hate.

@farquit
If he makes 55k a year as a single guy he doesn't need roommates unless he lives in NYC or San Francisco. He can EASILY spend 1k a month on renting a pretty nice place.

eGremlin
eGremlin

@eGremlin
Perhaps try applying for jobs in cheaper cities. Good luck OP, I wish you all the best.

Soft_member
Soft_member

Just be glad you're not facing
900 sq ft house for $500K

And this is an hour away from SF.

Emberfire
Emberfire

@New_Cliche
You gonna overpay 2-3x the price if you take the 30 year mortgage.

Renting while hustling and getting your business off the ground, then buying most of it in cash is how its done.

VisualMaster
VisualMaster

@Soft_member
christ

eGremlin
eGremlin

@PurpleCharger
You're in eastern europe? how much did you spend on that. I want that so bad but americlap so it's probably illegal to want a normal sized home like that

Fuzzy_Logic
Fuzzy_Logic

@eGremlin
doubt that's actually the house he's building

idontknow
idontknow

@eGremlin
I haven't bought it yet, but I expect to pay around 80k EUR for it. I have only bought the land so far and will be starting talks with architects. I don't see why this building should be illegal.

lostmypassword
lostmypassword

@Fuzzy_Logic
I will be building a home in that style, yes.

Playboyize
Playboyize

@PackManBrainlure
Nigger are u srs

Someone pays for your shit for some twenty something years
Don't pay it back

That's not how you do business fgt

Gigastrength
Gigastrength

Why hasn't someone bought up a couple of those cheap houses in like a Gary Indiana and gentrified the shit out of the area? Could you do this and only allow white or Asian's in without facing a discrimination lawsuit?

Emberburn
Emberburn

@PackManBrainlure

he already makes 55k he doesn't need to get a meme degree from a shit cc

unless he has aspirations for a bachelors

Firespawn
Firespawn

@Gigastrength

no you cannot exclude based on race but you can just raise the price will exclude race indirectly

TalkBomber
TalkBomber

@idontknow
poland?

GoogleCat
GoogleCat

Here in the UK housing is in a massive bubble and getting 'on the ladder' now seems too little, too late. You could be left holding the bag so to speak! Housing is now used by individuals to extract wealth out of the economy, and as we all need housing of some sort we are held to ransom. Mainly in the UK this is old fucks and 'entrepreneurs' who prey on the young, poor and disadvantaged. The average UK person pays 41% after tax on rent! That's after tax, national insurance, student loans, etc... have been accounted for. This is just a transfer system of money for the holders of a particular asset (housing stock) from mainly poor, un-creditworthy, younger people. DESU I would rather hold cash, rent small, diversify and remain light-footed and ready to move. Depending on how the economies plays out over the next few years it may become wiser to buy.

Stupidasole
Stupidasole

@AwesomeTucker
USD or AUD
3 years for 150k? What is wrong with the US?

Illusionz
Illusionz

@GoogleCat

I don't know how anyone from our generation will ever own property without striking it rich or watching the bubble implode.

My parents came from a fishing village, saved to buy an average London house in the early 80s, and now three decades later they have several £million in property assets with no mortgage of their own to worry about. I've even bought my own flat with their money and pay them a interest so they get ROI.

The housing bubble is great desu. Long may young British people stay poor and homeless.

Techpill
Techpill

@AwesomeTucker
in germany thats like 10 years
but maybe your family doesn't eat food

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