35% Down (128k) needed to buy average home in today's market

[Hey Julian!]

Wall Street isn't the problem, it's grandma and grandpa.

I initially thought this too, but that’s not true. Mom and pop owners don’t act like large corporations on a number of levels. Institutional investors have power to set the trend. Even with just 10% of the market they can easily influence rents in pockets which triggers the rest of the market to follow suit. This was just uncovered by the Feds who caught institutional investors with apartments complexes intentionally keeping apartments vacant using the input of software to keeps vacancies low and rents high. They would literally have vacant apartments than fully rented complex if the final number is higher with vacancies. It’s some truly evil shit.

 

[Thegooch]

I’ma go ahead sell drugs brb

U win the Internet today!! That's a good answer.

 

[durham]

Multi generations living under one roof may be the only way to help our kids have a chance to own a home.

That's what Asians and Indians do, and they seem to be doing just fine

 

[DragonXJC]

That's what Asians and Indians do, and they seem to be doing just fine

Patel motel cartel.

 

[godofwine]

LARGE investors are the problem

Well, white people wanted this capitalism shit, they got it full scale. Problem is, the monopolies that they were trying to get away from they allowed to build and the shit goes unchecked. The rich get richer and the poor don't have a shot

It's similar with the market for stores. If you want to open a store in a shopping center for your business, you got to go to one of these gigantic conglomerates and they act like the motherfuckers from Goodfellas - fuck you pay me.

Nobody coming into your store? Fuck you, pay me. Slow month? Fuck you, pay me. Supplier problems? Fuck you, pay me.

These giant conglomerates don't care if they have spaces open that haven't been rented in years, whereas if it was owned locally, those kind of empty spaces would hurt and this would allow for deals to be put in place.

If I have a tenant that has been constant on their rent but they're having a little bit of issues, a deal can be worked out lowering the rent with some benefits to both sides. That shit doesn't happen with a giant conglomerate.

Same with these houses, that Giant conglomerate doesn't care if the house is get rented at all.

America is near the end and it doesn't even know it

 

[TIMEISMONEY]

I'm just glad I bought when I did. And you had clowns on here were telling folks not to buy, renting is better. Well now you don't hardly have a choice.


I have a fixed rate. I'm paying 650 a month for my mortgage. Now my HOA has gone up to about 400 from like 240 when I bought. But still less than renting. I could rent this place out for 1800 or more easy.

Told fools on here to just buy SOMETHING. Stop waiting for the perfect deal. This was years ago. Better to own in a "bad" deal that you can rent out rooms or will be more affordable as you make more money over the years.

People are idiots. 2015 I bought a townhouse in a fl for 135k, $800/mortage, Hoa $300.

Today, that townhouse is worth $350k easy. I have it rented for $3k/month and it’s paid off completely. Real estate is how you come up

 

[TIMEISMONEY]

That's what Asians and Indians do, and they seem to be doing just fine

I bet Americans used to clown them

 

[850credit]

People are idiots. 2015 I bought a townhouse in a fl for 135k, $800/mortage, Hoa $300.

Today, that townhouse is worth $350k easy. I have it rented for $3k/month and it’s paid off completely. Real estate is how you come up

I'd love to know how many "renting is better" folks on here can't qualify to buy a home today.

 

[Dirtylakerie]

I saw this article yesterday. And was like fuck! I'm currently paying off my debt. And from time to time. I'll go on Zillow. And check out the areas Ill love to buy a house. I live near Cleveland. So I'm checking out places like Lyndhurst, Shaker, highland heights.

And after checking out the article. I'm not going to lie. I felt a little discouraged. But I know you got to keep on going.

 

[Tom Slick]

My grandfather with no college degree was able to work a union job, buy a house, a car, color tv, have a stay at home wife, and raise 7 kids. This country is shit now.

 

[praetor]

I initially thought this too, but that’s not true. Mom and pop owners don’t act like large corporations on a number of levels. Institutional investors have power to set the trend. Even with just 10% of the market they can easily influence rents in pockets which triggers the rest of the market to follow suit. This was just uncovered by the Feds who caught institutional investors with apartments complexes intentionally keeping apartments vacant using the input of software to keeps vacancies low and rents high. They would literally have vacant apartments than fully rented complex if the final number is higher with vacancies. It’s some truly evil shit.

The rest of the market doesn't follow suit though. Look at Orlando, institutional investors are 15% of the market and rents followed occupancy rates unlike what happened in Atlanta.

Nashville rents followed occupancy.





Austin



The areas with the biggest rent growth YoY weren't places with a sizable institutional presence.

Mom and pop have been raising rents at record levels for a long time.

 

[bgbtylvr]

Can you find something??? Sure. Location, location, location... We understand this, we've always understood this. But it wasn't that long ago when an avg person could afford a home in most metros. NYC, LA, the Bay not withstanding. The house my ex wife and I bought in 2016 was 205k... That basic ass, new build with a few options and upgrades sold for 418k last spring. Bruh... That shit is crazy, but indicative of the issue. Yes it was in Charlotte and Charlotte is growing. But avg people, scratch that. Avg couples can't get approved for that mortgage. Where they supposed to go if their job is in the city??? Everyone can't work from home and people still gotta live where the jobs are. This ain't simply folks having champagne taste and malt liquor money wanting to live in the thick of it. That house. Was barley inside 485 on Albemarle road. Not a bad area, but it wasn't trendy. We got an issue in the US from a housing pov and we can't be out here with them old talking points as to why people can't buy a home nowadays.

People must live within their means until they no longer need to. Most don’t have the 20% down no matter the home. Others have the money but have debt or their income doesn’t support the loan. Tons of reasons. First time buyers can’t be so choosy. Sometimes a commute is necessary; cacs do it to get away from us, we need to do it to get that starter home or nicer home. If you have the credit score and a down payment, there’s a home for you.

 

[850credit]

$25,000 First Time Home Buyer Grant - Eligibility and How to Apply

Dreaming of owning your first home? The $25,000 First Time Home Buyer Grant could make that dream a reality. This government aid aims to make homeownership

www.thecsc.org

 

[ArsenalCannon357]

Kinda agree but not all the way.

Regular ass old 80s and 90s subdivision houses that were 135k not long ago are 325k now. Using ATL for example you gotta go way out of the Metro Atlanta area almost to get something affordable. Even then it may be a war zone or redneck alley, take your pick.

I mean I almost bought 2 homes for 90k total in Macon and found 6 unit apartment building in Columbus for 270K. But those were investments...who wanna live out there if you have choices?

What( and when) part of Macon was that? I just saw a house in the HOOD ( UNIONVILLE) SELL FOR 185K and another for 90K three months ago.

 

[850credit]

What( and when) part of Macon was that? I just saw a house in the HOOD ( UNIONVILLE) SELL FOR 185K and another for 90K three months ago.

I'm sure they needed extensive work although they were currently rented. Before I could get down to look at them they were put under contract.

There's always deals out there, just gotta keep looking.

 

[kdogg3270]

Right. I think the problem is people want the 5 bed 6 bath room home and can’t afford that.

If it’s your first home, get a starter home, stay in it for 5 years, and build up that equity. Then you can sell it or rent it out while you have also been saving up during that time.

FYI - FHA applications have been increasing so there are people buying homes.

that's the exact route i took
new construction at that.

 

[DC_Dude]

that's the exact route i took
new construction at that.

Same here

 

[850credit]

Nashville home buyers will need at least $200,000 for a down payment, Zillow reports

Nashvillians will need to save for about 17 years in order to afford a home.

www.wsmv.com

 

[BATMAN]

I got a homie that is in Warner Robins area and sold some homes in Macon.
I can send his contact info if you or anyone else is interested. (Legit)

I'm sure they needed extensive work although they were currently rented. Before I could get down to look at them they were put under contract.

There's always deals out there, just gotta keep looking.

 

[850credit]

NBA Legend Dominique Wilkins Is Teaching People How To Get Wealthy Through Real Estate | Essence

Wilkins was recently announced as an investor and partner with Roots, the only real estate fund that creates wealth for both investors and renters per a news release.

www.essence.com

 

[850credit]

What( and when) part of Macon was that? I just saw a house in the HOOD ( UNIONVILLE) SELL FOR 185K and another for 90K three months ago.

Just an update.

Same properties are now listed at 179,900.

So I don't know if it was a typo or if someone bought and is flipping.

Still not a bad price.

If you're interested send me a PM

 

[850credit]

The average down payment for the typical US home reaches $127,750: Zillow

Monthly payments may be going down, but down payments and home insurance for new buyers are higher than ever.

www.foxbusiness.com

 

[COINTELPRO]

Somebody needs to link this up with the retirement thread. You are not 401k nothing with housing prices like that. I love to help out but I am going to let you suffer.

Housing prices are not like that everywhere. You just need to get the old timers to leave and put their shit on the market. They have income that does not tie them to any area. Many are stuck in some magical era living in fantasy land.

I saw one elderly person sue her landlord trying to get around rent control, she was not going anywhere renting for 30 years in San Francisco. Instead of just leaving and allowing the owner to adjust to market rates, nah I am screwing you. As soon as I get income not trying me to an area I am leaving with quickness from loserville.