- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: In the market for a house...
Posted on 5/8/24 at 9:51 am to jlovel7
Posted on 5/8/24 at 9:51 am to jlovel7
quote:
I think we are doing well and generally good savers, but even still it seems like a massive mountain to climb to afford a home. We really don't have too many extravagant expenses to cut out and even then, it feels like we're looking at close to $3500-$4000 a month in payments when you factor in insurance, mortgage, taxes, etc...
Probably going to have to move to a lower cost area or buy smaller. I don't think the math works out for a $500k house on a $160k income, especially at current interest rates. I would lower that search criteria to $350k at most.
We bought a $240k house in BR on a $130k household income a couple of years ago and that still feels like we're stretched on how much of our salary goes to mortgage/escrow.
The real kick in the nuts is that the houses that you're looking at probably would have been easily affordable 5 years ago, at $400k and 3.5% interest.
eta: Any option to buy land and build? Though that's an entirely new set of issues/time, and isn't necessarily cheaper unless you put in a ton of work yourself.
This post was edited on 5/8/24 at 9:58 am
Posted on 5/8/24 at 11:47 am to KamaCausey_LSU
quote:
Any option to buy land and build?
This is what I have done on every home I owned. Find an up-and- coming area and a new subdivision. Go in and purchase a lot. Over the next year or two, pay off the lot in full.
With 500K as the budget
The lot cost should not exceed 100K
The paid off lot will be your 20% down (100K)
Sounds like you have another 20% saved for a down payment (100K)
Even if the rate is current at 7% for a 500K total loan,
you will be at 1950/month for a 30 year @7%
ETA:
quote:
Stay in the townhome until rates go back under 5%.
Buy the lot NOW and pay it off in full while you wait for rates to drop.
This post was edited on 5/8/24 at 12:09 pm
Popular
Back to top
Follow TigerDroppings for LSU Football News