Allied Gardens

[urbanrealtor]

[quote=BGinRB]I think 55 years old 2 bed / 1 bath housing unit is expensive @ $300K. What kind of income is required for that, like $60K/year with 20% down (loan would be 4x annual salary)? [/quote]

Well it might be expensive for some but others really like having a yard and a view.

As far as required income, I think a combined total of 48-50 a year would probably make that fly. We are talking payments of like $1350-1500 per month. I think most couples could afford that.

[temeculaguy]

We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.

Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.

Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.

[temeculaguy]

We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.

Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.

Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.

[temeculaguy]

We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.

Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.

Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.

[temeculaguy]

We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.

Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.

Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.

[temeculaguy]

We are not talking about those payments. 240k at 6.5% is $1519.96 P&I, tax and ins you are pushing 2k. 50k a year, you have to be kidding me. What is the take home on 50k, 3k a month, nice 2/3 income for housing.

Using bankrate’s qualifying calculator, 48k income (4k/mo) with 60k as a downpayment, 0 car payment, 0 credit cards, 0 debt, you would qualify for a purchase price of $225,857.68 and a loan of 165k.

Welcome to the brave new world of qualifying for loans. 66k income is the minimum to qualify for a 300k purchase price and a 240k loan, that also means no other debt or payments whatsoever. The reality is that most have a few payments here and there and the entry level income is closer to 75k.

[meadandale]

Well, these places were going for about $180-200k in 1998. They doubled in price between 1998 and 2003.

I paid about $350k for my 3/1 in AG in 2003. According to the inflation calculator these houses should be worth $268k based on a 1998 value of $200k.

http://www.bls.gov/data/inflation_calculator.htm

It sure would be nice if housing prices everywhere dropped back down to these levels. I’d be forced to walk away from my house, in that case, as I wouldn’t continue paying on something that was 30% under water.

Of course, that means that many of the CV homes that are selling for $1-1.5 million now would be selling for about about half that.

For instance, a friend of mine used to live in San Raphel in CV. They paid about $380k. They sold it a few years later for double that. There is one on the market right now for about $650k. The inflation adjusted price for this would be about $510k.

[meadandale]

Well, these places were going for about $180-200k in 1998. They doubled in price between 1998 and 2003.

I paid about $350k for my 3/1 in AG in 2003. According to the inflation calculator these houses should be worth $268k based on a 1998 value of $200k.

http://www.bls.gov/data/inflation_calculator.htm

It sure would be nice if housing prices everywhere dropped back down to these levels. I’d be forced to walk away from my house, in that case, as I wouldn’t continue paying on something that was 30% under water.

Of course, that means that many of the CV homes that are selling for $1-1.5 million now would be selling for about about half that.

For instance, a friend of mine used to live in San Raphel in CV. They paid about $380k. They sold it a few years later for double that. There is one on the market right now for about $650k. The inflation adjusted price for this would be about $510k.

[meadandale]

Well, these places were going for about $180-200k in 1998. They doubled in price between 1998 and 2003.

I paid about $350k for my 3/1 in AG in 2003. According to the inflation calculator these houses should be worth $268k based on a 1998 value of $200k.

http://www.bls.gov/data/inflation_calculator.htm

It sure would be nice if housing prices everywhere dropped back down to these levels. I’d be forced to walk away from my house, in that case, as I wouldn’t continue paying on something that was 30% under water.

Of course, that means that many of the CV homes that are selling for $1-1.5 million now would be selling for about about half that.

For instance, a friend of mine used to live in San Raphel in CV. They paid about $380k. They sold it a few years later for double that. There is one on the market right now for about $650k. The inflation adjusted price for this would be about $510k.

[meadandale]

Well, these places were going for about $180-200k in 1998. They doubled in price between 1998 and 2003.

I paid about $350k for my 3/1 in AG in 2003. According to the inflation calculator these houses should be worth $268k based on a 1998 value of $200k.

http://www.bls.gov/data/inflation_calculator.htm

It sure would be nice if housing prices everywhere dropped back down to these levels. I’d be forced to walk away from my house, in that case, as I wouldn’t continue paying on something that was 30% under water.

Of course, that means that many of the CV homes that are selling for $1-1.5 million now would be selling for about about half that.

For instance, a friend of mine used to live in San Raphel in CV. They paid about $380k. They sold it a few years later for double that. There is one on the market right now for about $650k. The inflation adjusted price for this would be about $510k.

[meadandale]

Well, these places were going for about $180-200k in 1998. They doubled in price between 1998 and 2003.

I paid about $350k for my 3/1 in AG in 2003. According to the inflation calculator these houses should be worth $268k based on a 1998 value of $200k.

http://www.bls.gov/data/inflation_calculator.htm

It sure would be nice if housing prices everywhere dropped back down to these levels. I’d be forced to walk away from my house, in that case, as I wouldn’t continue paying on something that was 30% under water.

Of course, that means that many of the CV homes that are selling for $1-1.5 million now would be selling for about about half that.

For instance, a friend of mine used to live in San Raphel in CV. They paid about $380k. They sold it a few years later for double that. There is one on the market right now for about $650k. The inflation adjusted price for this would be about $510k.

[BGinRB]

I just tried to think of model of a person who could really afford a $300K housing unit. I don’t see that person being interested in 55y old 2/1.
The only possibility I see would be a retiree with strong ties to the area.

[BGinRB]

I just tried to think of model of a person who could really afford a $300K housing unit. I don’t see that person being interested in 55y old 2/1.
The only possibility I see would be a retiree with strong ties to the area.

[BGinRB]

I just tried to think of model of a person who could really afford a $300K housing unit. I don’t see that person being interested in 55y old 2/1.
The only possibility I see would be a retiree with strong ties to the area.

[BGinRB]

I just tried to think of model of a person who could really afford a $300K housing unit. I don’t see that person being interested in 55y old 2/1.
The only possibility I see would be a retiree with strong ties to the area.

[Author]

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