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August 19, 2009 at 10:14 PM #447646August 19, 2009 at 11:05 PM #446878BGinRBParticipant
[quote=Eugene]
Once we drill down to the actual group of homebuyers, their median income will not be 70k any more, it will probably be closer to 100k.[/quote]In my little shop I have three first-time-home-buyers and two more are looking. They make $35-$55K/year and those that are married or have domestic partners have their combined income unchanged since the spouse is a pregnant student and the domestic partner is unemployed.
YMMV
August 19, 2009 at 11:05 PM #447070BGinRBParticipant[quote=Eugene]
Once we drill down to the actual group of homebuyers, their median income will not be 70k any more, it will probably be closer to 100k.[/quote]In my little shop I have three first-time-home-buyers and two more are looking. They make $35-$55K/year and those that are married or have domestic partners have their combined income unchanged since the spouse is a pregnant student and the domestic partner is unemployed.
YMMV
August 19, 2009 at 11:05 PM #447409BGinRBParticipant[quote=Eugene]
Once we drill down to the actual group of homebuyers, their median income will not be 70k any more, it will probably be closer to 100k.[/quote]In my little shop I have three first-time-home-buyers and two more are looking. They make $35-$55K/year and those that are married or have domestic partners have their combined income unchanged since the spouse is a pregnant student and the domestic partner is unemployed.
YMMV
August 19, 2009 at 11:05 PM #447481BGinRBParticipant[quote=Eugene]
Once we drill down to the actual group of homebuyers, their median income will not be 70k any more, it will probably be closer to 100k.[/quote]In my little shop I have three first-time-home-buyers and two more are looking. They make $35-$55K/year and those that are married or have domestic partners have their combined income unchanged since the spouse is a pregnant student and the domestic partner is unemployed.
YMMV
August 19, 2009 at 11:05 PM #447661BGinRBParticipant[quote=Eugene]
Once we drill down to the actual group of homebuyers, their median income will not be 70k any more, it will probably be closer to 100k.[/quote]In my little shop I have three first-time-home-buyers and two more are looking. They make $35-$55K/year and those that are married or have domestic partners have their combined income unchanged since the spouse is a pregnant student and the domestic partner is unemployed.
YMMV
August 20, 2009 at 6:17 AM #446913UCGalParticipantI would disagree with the military not buying houses. I live near Miramar – there are a LOT of homes owned (not rented) by officers in my ‘hood. I can think of 4 families within one block.
does it make financial sense for them… that’s a whole ‘nuther thing. The transaction costs of buying/selling every few years must be a killer… But military folks are buying.
And it’s not just my ‘hood. I have coworkers who are retired military, married to active duty military who own homes.
On a related point to your point… if seniors/retired folks have such low income, how are they going to pay their mortgages… The trend is to serially refi at 30 years… I know so many people that will have significant mortgage payments well into retirement. Either they know their retirement income (401k, SS, if they’re lucky – pension) will be large enough – or they are screwed.
August 20, 2009 at 6:17 AM #447105UCGalParticipantI would disagree with the military not buying houses. I live near Miramar – there are a LOT of homes owned (not rented) by officers in my ‘hood. I can think of 4 families within one block.
does it make financial sense for them… that’s a whole ‘nuther thing. The transaction costs of buying/selling every few years must be a killer… But military folks are buying.
And it’s not just my ‘hood. I have coworkers who are retired military, married to active duty military who own homes.
On a related point to your point… if seniors/retired folks have such low income, how are they going to pay their mortgages… The trend is to serially refi at 30 years… I know so many people that will have significant mortgage payments well into retirement. Either they know their retirement income (401k, SS, if they’re lucky – pension) will be large enough – or they are screwed.
August 20, 2009 at 6:17 AM #447444UCGalParticipantI would disagree with the military not buying houses. I live near Miramar – there are a LOT of homes owned (not rented) by officers in my ‘hood. I can think of 4 families within one block.
does it make financial sense for them… that’s a whole ‘nuther thing. The transaction costs of buying/selling every few years must be a killer… But military folks are buying.
And it’s not just my ‘hood. I have coworkers who are retired military, married to active duty military who own homes.
On a related point to your point… if seniors/retired folks have such low income, how are they going to pay their mortgages… The trend is to serially refi at 30 years… I know so many people that will have significant mortgage payments well into retirement. Either they know their retirement income (401k, SS, if they’re lucky – pension) will be large enough – or they are screwed.
August 20, 2009 at 6:17 AM #447516UCGalParticipantI would disagree with the military not buying houses. I live near Miramar – there are a LOT of homes owned (not rented) by officers in my ‘hood. I can think of 4 families within one block.
does it make financial sense for them… that’s a whole ‘nuther thing. The transaction costs of buying/selling every few years must be a killer… But military folks are buying.
And it’s not just my ‘hood. I have coworkers who are retired military, married to active duty military who own homes.
On a related point to your point… if seniors/retired folks have such low income, how are they going to pay their mortgages… The trend is to serially refi at 30 years… I know so many people that will have significant mortgage payments well into retirement. Either they know their retirement income (401k, SS, if they’re lucky – pension) will be large enough – or they are screwed.
August 20, 2009 at 6:17 AM #447696UCGalParticipantI would disagree with the military not buying houses. I live near Miramar – there are a LOT of homes owned (not rented) by officers in my ‘hood. I can think of 4 families within one block.
does it make financial sense for them… that’s a whole ‘nuther thing. The transaction costs of buying/selling every few years must be a killer… But military folks are buying.
And it’s not just my ‘hood. I have coworkers who are retired military, married to active duty military who own homes.
On a related point to your point… if seniors/retired folks have such low income, how are they going to pay their mortgages… The trend is to serially refi at 30 years… I know so many people that will have significant mortgage payments well into retirement. Either they know their retirement income (401k, SS, if they’re lucky – pension) will be large enough – or they are screwed.
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