Reply to Disgusted/Deflated. We make combines $350 & can't afford jack

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m always stunned by how many people defend these insane prices. Is this the forum for foreign investors?

Can I afford a shit shack on my $400 income? Yes, I can. But WHY would I spend $1.2 on a hideous 60s ranch house that needs to be gutted or a cheaply made, horribly designed townhome? But that’s about all I can get. Not wasting my money. [/quote]

Your problem is that standards changed so much that every MC/UMC Joe and Jane now demands to have 5000 sq.ft minimum with his and her walk in closets, showers, baths, a bunch of useless sitting/library/gym rooms, a room for each kid, with dedicated office and dedicated guest room, nice finishes that are trendy (god forbid it's the dated granite of wrong color cabinets, the horror!), no smells of any kind, high fancy ceilings and spacious halls, perfect floors and everything from the latest HGTV videos or designer home catalogs. And if the house falls short they don't want it and don't want to deal with fixing and remodeling anything.  Oh, they also want perfect immaculate outdoor spaces and not any annoying natural environment features like trees too close by or sloping or irregular shaped lots or busy streets or certain shape of cul-de-sac or whatever little nuisance irritates them.

I've been on this forum long enough to see all of these complaints over and over again from people you would think were born with a "golden spoon" or are making 7 figure incomes  :lol: but then they are crying how they cannot afford anything and how older generations or those who bought decade ago had it so easy and got all these "golden nuggets".  The "golden nuggets" are the old ranchers and split levels, cramped Cape Cods, and tiny colonials.   :lol: [/quote]

Curious- how old are you? Because we make a lot more than my corporate exec uncle did in the 80s but he could afford a really nice home and put three kids through fancy colleges. We’re renting in our 50s and if not for the GI bill, would be taking out college loans for the kids.

All these 70s ranch houses in the suburbs were built for single earner households and that person was likely a government accountant or retired Lt Col .  To own that same house now, you need a combined income of $400,000 a year.

I just don’t agree that I’m entitled for thinking $1 million should buy me more than a run down 80s colonial with a squatter in the basement. I really dislike most new construction but I’m also not willing to be house poor over something untouched since it was built in 1982.

I’m old enough to remember when $150,000 bought you a nice house and $300,000 was fancy. Now I need $1.4 in cash and waive inspections. Crazy.

[/quote]

But I still don’t get how you can have that income and equity and feel like you can’t spend $1.4M on a house?[/quote]

No equity. No family money. Job moved is every 2-3 years and sometimes overseas. Yes, we can stretch for a $1.4 mortgage, but here we get a 70s ranch or cheap, small new build.  I don’t see the point. Houses are no longer investments. And we’d be outbid by people paying all cash over asking anyway.  [/quote]

Someone whose job moves every 2-3 years shouldn't be buying anyway[/quote]

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