UT Article: More First Time Homebuyers

[kewp]

Apparently you are all too poor to own a home, so they are just going to sit empty and rot forever.

Sorry, folks.

If you lose your job you can always squat in them, though.

[Eugene]

“Is it just me or is their idea of affordability completely out of whack. Quick rough calc – approx. 3k per month housing costs (not factoring in electric, water, etc.)/ take home pay (assuming no responsible stuff like 401k contribution) = 4.6k.”

monthly payment is $2269, property tax is roughly cancelled by mtg deduction. Married couple earning 82k will be paying at MOST 15k in all taxes combined (federal+state+ss+medicare) so their take home pay would be somewhere in 5.5-6k range.

[Eugene]

“Is it just me or is their idea of affordability completely out of whack. Quick rough calc – approx. 3k per month housing costs (not factoring in electric, water, etc.)/ take home pay (assuming no responsible stuff like 401k contribution) = 4.6k.”

monthly payment is $2269, property tax is roughly cancelled by mtg deduction. Married couple earning 82k will be paying at MOST 15k in all taxes combined (federal+state+ss+medicare) so their take home pay would be somewhere in 5.5-6k range.

[Eugene]

“Is it just me or is their idea of affordability completely out of whack. Quick rough calc – approx. 3k per month housing costs (not factoring in electric, water, etc.)/ take home pay (assuming no responsible stuff like 401k contribution) = 4.6k.”

monthly payment is $2269, property tax is roughly cancelled by mtg deduction. Married couple earning 82k will be paying at MOST 15k in all taxes combined (federal+state+ss+medicare) so their take home pay would be somewhere in 5.5-6k range.

[Eugene]

“Is it just me or is their idea of affordability completely out of whack. Quick rough calc – approx. 3k per month housing costs (not factoring in electric, water, etc.)/ take home pay (assuming no responsible stuff like 401k contribution) = 4.6k.”

monthly payment is $2269, property tax is roughly cancelled by mtg deduction. Married couple earning 82k will be paying at MOST 15k in all taxes combined (federal+state+ss+medicare) so their take home pay would be somewhere in 5.5-6k range.

[Eugene]

“Is it just me or is their idea of affordability completely out of whack. Quick rough calc – approx. 3k per month housing costs (not factoring in electric, water, etc.)/ take home pay (assuming no responsible stuff like 401k contribution) = 4.6k.”

monthly payment is $2269, property tax is roughly cancelled by mtg deduction. Married couple earning 82k will be paying at MOST 15k in all taxes combined (federal+state+ss+medicare) so their take home pay would be somewhere in 5.5-6k range.

[jpinpb]

I saw the headline and didn’t even bother to read it. The headline was enough for me to laugh. Almost every single credible economist out there is pretty much saying the real estate market will suck for at least another year. Anyone that held out this long would be quite foolish to run out and buy now. I look at houses out there for sale w/owners who are maxed out and can’t reduce that will be bank owned by year end. The more inventory, the lower the price. Why overextend yourself now, knowing if you buy, you will lose equity upon signing docs.

[jpinpb]

I saw the headline and didn’t even bother to read it. The headline was enough for me to laugh. Almost every single credible economist out there is pretty much saying the real estate market will suck for at least another year. Anyone that held out this long would be quite foolish to run out and buy now. I look at houses out there for sale w/owners who are maxed out and can’t reduce that will be bank owned by year end. The more inventory, the lower the price. Why overextend yourself now, knowing if you buy, you will lose equity upon signing docs.

[jpinpb]

I saw the headline and didn’t even bother to read it. The headline was enough for me to laugh. Almost every single credible economist out there is pretty much saying the real estate market will suck for at least another year. Anyone that held out this long would be quite foolish to run out and buy now. I look at houses out there for sale w/owners who are maxed out and can’t reduce that will be bank owned by year end. The more inventory, the lower the price. Why overextend yourself now, knowing if you buy, you will lose equity upon signing docs.

[jpinpb]

I saw the headline and didn’t even bother to read it. The headline was enough for me to laugh. Almost every single credible economist out there is pretty much saying the real estate market will suck for at least another year. Anyone that held out this long would be quite foolish to run out and buy now. I look at houses out there for sale w/owners who are maxed out and can’t reduce that will be bank owned by year end. The more inventory, the lower the price. Why overextend yourself now, knowing if you buy, you will lose equity upon signing docs.

[jpinpb]

I saw the headline and didn’t even bother to read it. The headline was enough for me to laugh. Almost every single credible economist out there is pretty much saying the real estate market will suck for at least another year. Anyone that held out this long would be quite foolish to run out and buy now. I look at houses out there for sale w/owners who are maxed out and can’t reduce that will be bank owned by year end. The more inventory, the lower the price. Why overextend yourself now, knowing if you buy, you will lose equity upon signing docs.

[Eugene]

“Not many people come out of college making 80k+, and 411k in SD is a townhome/condo generally. Also, the assumption of 10% down and using an ARM… didn’t they used to use 20% down and a 30 year? no wonder why we’re where we are now.”

Not many single people coming out of college think about buying a house right away, homebuyers are typically young couples. Two incomes easily add up to 80k even straight out of college. And 411k in SD is this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1320155

or this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1006701

or this (2466 sf)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1270408

or even this (92024 zip code)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1340125

With 20% down and 30 year you need slightly more than 80k, maybe 100k.

[Eugene]

“Not many people come out of college making 80k+, and 411k in SD is a townhome/condo generally. Also, the assumption of 10% down and using an ARM… didn’t they used to use 20% down and a 30 year? no wonder why we’re where we are now.”

Not many single people coming out of college think about buying a house right away, homebuyers are typically young couples. Two incomes easily add up to 80k even straight out of college. And 411k in SD is this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1320155

or this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1006701

or this (2466 sf)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1270408

or even this (92024 zip code)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1340125

With 20% down and 30 year you need slightly more than 80k, maybe 100k.

[Eugene]

“Not many people come out of college making 80k+, and 411k in SD is a townhome/condo generally. Also, the assumption of 10% down and using an ARM… didn’t they used to use 20% down and a 30 year? no wonder why we’re where we are now.”

Not many single people coming out of college think about buying a house right away, homebuyers are typically young couples. Two incomes easily add up to 80k even straight out of college. And 411k in SD is this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1320155

or this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1006701

or this (2466 sf)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1270408

or even this (92024 zip code)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1340125

With 20% down and 30 year you need slightly more than 80k, maybe 100k.

[Eugene]

“Not many people come out of college making 80k+, and 411k in SD is a townhome/condo generally. Also, the assumption of 10% down and using an ARM… didn’t they used to use 20% down and a 30 year? no wonder why we’re where we are now.”

Not many single people coming out of college think about buying a house right away, homebuyers are typically young couples. Two incomes easily add up to 80k even straight out of college. And 411k in SD is this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1320155

or this

http://www.redfin.com/stingray/do/printable-listing?listing-id=1006701

or this (2466 sf)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1270408

or even this (92024 zip code)

http://www.redfin.com/stingray/do/printable-listing?listing-id=1340125

With 20% down and 30 year you need slightly more than 80k, maybe 100k.

[Author]

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