Anonymous
05/08/2014 13:26
Subject: 43% of home purchases are all cash
Anonymous wrote:Anonymous wrote:Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Do you live in the DC metro? Or are you married to a law partner? or you are are old. B/c with daycare running $3k/month for two kids, mortgage for a basic starter home at $3k/month, you have to clear $200k to 'save the other's income'.
No. We make HHI 180k. We aren't Asian (although I do agree they are good savers). We don't have children yet, but considering our mortgage is only $1500 on our 700k house, it won't be such a struggle with daycare. We lived on one income since we got jobs and saved 60k a year. We still take great overseas vacations and don't feel pinched at all.
Come back when you have kids. You are really fortunate and I say congratulations, but you come across as smug. Not everyone makes as much as you nor have they been as fortunate.
Anonymous
05/08/2014 13:26
Subject: 43% of home purchases are all cash
Anonymous wrote:Anonymous wrote:Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Do you live in the DC metro? Or are you married to a law partner? or you are are old. B/c with daycare running $3k/month for two kids, mortgage for a basic starter home at $3k/month, you have to clear $200k to 'save the other's income'.
No. We make HHI 180k. We aren't Asian (although I do agree they are good savers). We don't have children yet, but considering our mortgage is only $1500 on our 700k house, it won't be such a struggle with daycare. We lived on one income since we got jobs and saved 60k a year. We still take great overseas vacations and don't feel pinched at all.
You've been saving 60k/year for 7 years? Did you start out of college making almost $200k or are you just putting off children until your late 30s?
Why didn't you just take out bigger mortgage, put your savings into CD earning 2%, and then peel off some of that every month to augment mortgage? Basically CD would cover your interest and if rates rose, you would be golden.
Anonymous
05/08/2014 13:23
Subject: 43% of home purchases are all cash
Anonymous wrote:Anonymous wrote:Total housing bubble, led by investors this time and hot money fleeing QEs low rates. Definitely *different* than last credit bubble, much more similar to the tech bubble, which was also investor led.
Did you read the latest from the fed? They are concerned that values aren't going up fast enough.
Yes, because the Fed is trying to inflate our way out of the housing bubble. They want values to go up, and then have it push wages and overall inflation.
We are actually on the precipice of another depression, that's why the Fed is being so aggressive. They have succeeded to push up housing prices, but they have to exceed the past peak to stoke inflation like they want to.
Anonymous
05/08/2014 13:23
Subject: 43% of home purchases are all cash
Anonymous wrote:Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Man, that is foolish. The whole advantage of housing is cheap, tax deductible leverage coupled with a hedge against inflation and rising rates. By putting down 60%, you threw that all away?
Not to derail this thread, but we wanted a super low mortgage that we could afford on one income easily. Now that we have it, we're still saving 1/2 our incomes and investing the rest.
Anonymous
05/08/2014 13:21
Subject: 43% of home purchases are all cash
Anonymous wrote:Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Do you live in the DC metro? Or are you married to a law partner? or you are are old. B/c with daycare running $3k/month for two kids, mortgage for a basic starter home at $3k/month, you have to clear $200k to 'save the other's income'.
No. We make HHI 180k. We aren't Asian (although I do agree they are good savers). We don't have children yet, but considering our mortgage is only $1500 on our 700k house, it won't be such a struggle with daycare. We lived on one income since we got jobs and saved 60k a year. We still take great overseas vacations and don't feel pinched at all.
Anonymous
05/08/2014 13:20
Subject: 43% of home purchases are all cash
Anonymous wrote:Total housing bubble, led by investors this time and hot money fleeing QEs low rates. Definitely *different* than last credit bubble, much more similar to the tech bubble, which was also investor led.
Did you read the latest from the fed? They are concerned that values aren't going up fast enough.
Anonymous
05/08/2014 13:19
Subject: 43% of home purchases are all cash
Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Man, that is foolish. The whole advantage of housing is cheap, tax deductible leverage coupled with a hedge against inflation and rising rates. By putting down 60%, you threw that all away?
Anonymous
05/08/2014 13:18
Subject: 43% of home purchases are all cash
Total housing bubble, led by investors this time and hot money fleeing QEs low rates. Definitely *different* than last credit bubble, much more similar to the tech bubble, which was also investor led.
Anonymous
05/08/2014 13:17
Subject: 43% of home purchases are all cash
Anonymous wrote:Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Do you live in the DC metro? Or are you married to a law partner? or you are are old. B/c with daycare running $3k/month for two kids, mortgage for a basic starter home at $3k/month, you have to clear $200k to 'save the other's income'.
Anonymous
05/08/2014 13:15
Subject: 43% of home purchases are all cash
Only first time homebuyers put down just 20%!
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
On our second home we put down 60%. It's easy. Live your life on one income and save the other's income.
Anonymous
05/08/2014 13:14
Subject: 43% of home purchases are all cash
these comments are pretty spot on
Guest • 8 minutes ago
Lol. I laugh at all the asian bashing..
You know.. People use to say, "keeping up with the joneses down the street".
News flash.. The Joneses are broke. They ATM'd/HELOCed their home to death on worthless bling and couldn't afford to keep their homes...They don't live on the street anymore. They got foreclosed on or had to sell short.
The Wongs, Kwans, And Yamamotos live on the street now.. And you should try to keep up with the Wongs, Kwans, And Yamamotos.....Because chances are they have high paid STEM jobs or businesses, and they bought their homes with cash.....
Comment1234 > Guest • 2 minutes ago
The Chinese middle class saves 30-40% of their annual income, that is why they are doing so well. The American middle class became a nation of hyper consumers in the 70s and voluntarily redistributed their wealth to the "1%" that kept saving and investing. Consumerism is even rampant among the bottom of the 1% with doctors and lawyers who earn several hundred thousand per year being broke
Guest • 8 minutes ago
Lol. I laugh at all the asian bashing..
You know.. People use to say, "keeping up with the joneses down the street".
News flash.. The Joneses are broke. They ATM'd/HELOCed their home to death on worthless bling and couldn't afford to keep their homes...They don't live on the street anymore. They got foreclosed on or had to sell short.
The Wongs, Kwans, And Yamamotos live on the street now.. And you should try to keep up with the Wongs, Kwans, And Yamamotos.....Because chances are they have high paid STEM jobs or businesses, and they bought their homes with cash.....
Comment1234 > Guest • 2 minutes ago
The Chinese middle class saves 30-40% of their annual income, that is why they are doing so well. The American middle class became a nation of hyper consumers in the 70s and voluntarily redistributed their wealth to the "1%" that kept saving and investing. Consumerism is even rampant among the bottom of the 1% with doctors and lawyers who earn several hundred thousand per year being broke
Anonymous
05/08/2014 13:13
Subject: 43% of home purchases are all cash
these comments are pretty spot on
Guest • 8 minutes ago
Lol. I laugh at all the asian bashing..
You know.. People use to say, "keeping up with the joneses down the street".
News flash.. The Joneses are broke. They ATM'd/HELOCed their home to death on worthless bling and couldn't afford to keep their homes...They don't live on the street anymore. They got foreclosed on or had to sell short.
The Wongs, Kwans, And Yamamotos live on the street now.. And you should try to keep up with the Wongs, Kwans, And Yamamotos.....Because chances are they have high paid STEM jobs or businesses, and they bought their homes with cash.....
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Comment1234 > Guest • 2 minutes ago
The Chinese middle class saves 30-40% of their annual income, that is why they are doing so well. The American middle class became a nation of hyper consumers in the 70s and voluntarily redistributed their wealth to the "1%" that kept saving and investing. Consumerism is even rampant among the bottom of the 1% with doctors and lawyers who earn several hundred thousand per year being broke
Guest • 8 minutes ago
Lol. I laugh at all the asian bashing..
You know.. People use to say, "keeping up with the joneses down the street".
News flash.. The Joneses are broke. They ATM'd/HELOCed their home to death on worthless bling and couldn't afford to keep their homes...They don't live on the street anymore. They got foreclosed on or had to sell short.
The Wongs, Kwans, And Yamamotos live on the street now.. And you should try to keep up with the Wongs, Kwans, And Yamamotos.....Because chances are they have high paid STEM jobs or businesses, and they bought their homes with cash.....
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Comment1234 > Guest • 2 minutes ago
The Chinese middle class saves 30-40% of their annual income, that is why they are doing so well. The American middle class became a nation of hyper consumers in the 70s and voluntarily redistributed their wealth to the "1%" that kept saving and investing. Consumerism is even rampant among the bottom of the 1% with doctors and lawyers who earn several hundred thousand per year being broke
Anonymous
05/08/2014 13:13
Subject: 43% of home purchases are all cash
Wow.
Anonymous
05/08/2014 13:09
Subject: 43% of home purchases are all cash
Explains all the houses we lost.
Anonymous
05/08/2014 13:08
Subject: 43% of home purchases are all cash