How does a single person buy a house around here

[Anonymous]

People I know had dual income, parents help with down payments, GI bill, super low interest rates about 15 years ago, rented the basement while living on upper levels, sold a prior condo (or 2 if married) rolling over equity, rented the home or condo they were leaving to help lower the mortgage on the new home…

[Anonymous]

Anonymous wrote:In your shoes (single, no kids), I would have basically lived large on 80K, with housemates, and saved a boatload of money for a few years.

You assume that this kind of salary that you are making will remain so for the next few years. Be prepared for RIFs, AI, etc. Do not sink your money in real estate right now because you do not need it.

My advice is don't buy a house. Prices are artificially inflated. And if you do - don't look for a dream house. Look for a small starter home that you get at a decent price.

Sound advice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is a difference b/t affording something and buying something. Unless you have major savings and absolutely no bills, you can't afford a $1.5m house without making significant sacrifices in other parts of your life. $300k is not a lot of money. It's not bad, but it's not great.

It’s a huge amount and they can afford a house.

It is not a huge amount of money

after taxes, 401k, insurance they will be lucky to net 15k a month. while a healthy lifestyle, not "huge".

A 1M home is not huge if they live near the city, factor in taxes, etc, they are paying half their net in mortgage costs.

Also, it will take a while to save 300k on a 300k gross salary.

You'd have a point if homes under $1M didn't exist but they do and they're both freely available and affordable for OP and anyone else with a $300K income to purchase.

Hence why I said near the city. Sure they can go live a great life in Damascus but most single people realistically are living near urban centers/suburbs

There are also plenty of sub-$1M properties near and even in the city.

The fact that you don't know this only reinforces how out of touch, ignorant, and entitled you are.