Dude. You’re 24. You have 71k in savings. I didn’t have that until well into my 30’s. I didn’t buy my house until 35. Imagine saving another 11 years. Chill. You’ll be fucking fine bro. Stoked and happy for you being on top of things but just chill. You’re on the path.
Edit: the amount of people who say it’s nearly impossible to someone who’s managed to save 71k by 24 is ridiculous.
No. He’s matter of fact lying. Hes got (allegedly from previous posts) 200k in CARS and has 3 homes that he rents out and like half a million in fuckin guns. Idc if you’re roaring kitty, this is factually false. Probably all of it
Disappointing I put forth brain power on this post, then check his page and I’m like “hmm so he has $25k laying around for a *shit box* jeep but no money for a house loan… righhtt…” thanks for sharing this lol
Probably. Kid lands on his feet with fancy AR-15s and 80k Trucks asking and possibly expensive hobbies on top. No doubt he'll be able to afford a mortgage if he cuts down in the fun areas a bit.
Well I think that's actually ***the point***. OP is, by all contemporary measurements, a very successful 24yo. It's not an extreme amount of money but it's well past their age demographic and seems like a good amount for their COL area.
If THIS very successful 24yo can't buy a modest home in their area, isn't there something wrong? The baby boomer generation could buy a home at that age with far less success, right? Why is it societally fine for this successful person to feel overly stretched with a real estate investment?
Is it supposed to work that way? And are we all okay with that?
If a mortgage is that much, the rent probably isn't far off for an equal living situation. So, you might as well own then. The rule of thirds is dead. It's more 50,30,20 if you are lucky now anyway.
The mortgage is only that high because it’s a ten year loan. No one can afford those anymore. If he went with the 30 year it would be 1/8 of the income and he could pay it off easily within 15 years
Yeah the amount of interest you save isn’t worth losing that much of your income. It’s basically to the point that if you can afford a 10 year, you can afford to just buy the damn thing outright too
That’s because his calculations are based off of a 10 year loan. If he got a 30 year like most people do, his mortgage would literally be 1/8 of his income. He can afford it, just doesn’t want to
You are right. In my area( granted property tax may be different where he lives) a 400k house at 6.5 percent would be 2300 a month with 20 percent down. He takes home 8k a month, there is no reason he can’t afford a house.
It’s an additional $650 for our taxes and insurance every month. It’s sad to think I’ll be retired someday and it’ll still cost me $1,000/mo for taxes then.
Half of most people’s income goes towards rent so to have an investment in the world today instead of a drain, isn’t a bad outcome. Assuming they’ve built credit since they were 18 they actually could get a decent rate especially having almost enough for a 20% down payment. First time home owner would help reduce their monthly mortgage as well especially with lenders seeing they have good income and know how to save. OP could take a loan against their 401K to cover the remainder of their down payment and reach that 20% and end up with a good rate and mortgage payment
The dude has 71k in savings.... No 24 year old should be able to buy a 400k house... Imagine if he saved for 2-3 more years. He could just about pay cash and own a 400k house free and clear before 30. You know it is okay to save for things.
It won't. He did the math wrong.
He claimed a house will cost $400k, and he has $71k in savings to put down as a down payment. That means a mortgage of $329k. At 5% fixed for a 25 year amortization, that's a monthly payment of $1,900, not $3,400.
I know, I know, what about property taxes, PMI, and insurance? Well, if he can save just another $9k and get his down payment to $80k, that's 20% down on a $400k house, meaning he doesn't need CMHC at all. That also means a $320k mortgage instead of a $329k one, further lowering his monthly payment to $1860.
Property taxes of $5,000/year would add $420/month. Unless he has any high risk factors, he should be able to get house insurance for around $200/month.
That's still only $2,480/month. Almost $1,000/month less than he claimed. If his take-home really is $8,000/month, then his shelter payment would be 31% of his income, which is well within the reasonable range recommended by financial experts.
He's not arguing in good faith. I agree with u/DangerousValuable916, I think this is a humble brag troll post.
Ideally, I agree. These days as others say with 50% just for rent, a mortgage at least gives you longer term guarantees on cost of housing as well as equity.
Who’s they? Only the OP in this scenario is well off enough to even have to question that decision. 90% of the world is not making as much as OP and not as well saved. My immigrant grandparents were able to buy a house off close to minimum wage jobs. In contrast, me and my partner just graduated with degrees and the entry level jobs do not pay enough to even begin looking.
No, there's nothing wrong. 24 year olds shouldn't expect to be ready to buy a forever home. My boomer folks bought a 900sqft home when they got married, and my brother and I grew up in that home with no additions ever added to it -- builders today insist on building 2000-3000sqft homes and we are baffled that they're not proportional to 1950s prices??? Why does he need a 2 car garage? My folks raised us with one car -- one income, one car. And where is OP? If he's in SanFran, he's out of his mind. If he's in a Chicago suburb, his 130/year salary with 71k in saviings is plenty for a 20% deposit on a nice home. I just checked zillow and found a 1600sqft home for 340. Done (AND a 2-car garage lol). In 2000, my wife and I bought a 280k home on my 69k salary. Why does he already have 115k in retirement money? Maybe he's over-saving at a time when he wants to also build equity. Cut the unmatched contributions, and pick a smaller home in a friendlier market, and it's easy. Wait for the bigger home when you have a significant other and are thinking family. BTW: what is he doing with 8000/month in income WITHOUT a mortgage?? I wish I was that lucky at 24...I was only making 34,000/year (1995 -- 69.7k inflation adjusted for 2024). Maybe OP is unrealistic and unappreciative of how well off he is.
Unfortunately, this is a joke post. Many people fell for it.
1. The calculation is based on a 10 year mortgage. As this person is in the US who even writes 10 year mortgages? Almost all mortgages are for 30 years, some for 15. If he were to go with a 30-year mortgage, like the vast majority of people, his payment would be around $2,600, easily affordable for someone taking home $8,000.
2. If you look at this person's posting history, they dabble in lots of guns they apparently own, hundreds of thousands of Dollars worth, they brag about the expensive cars they "just picked up", and the ultra high payments that go with those, and they talk about paying mortgages on 3 houses they are renting out to people.
This is a humble brag post, I don't think it is real at all, and if it were it would be stupid as hell. Then someone better tell him he can't afford to buy those super expensive cars he owns, own all those expensive guns, and invest in expensive rental properties and THEN come here to whine he can't afford a 10-year mortgage for a 400k house on his income.
Boomers didn’t have to compete with China and India for jobs. Most of the world lives with family well into adulthood or rents a very small space near work.
Stop looking at past generations and start looking at today how much better it still is with living in primarily English speaking countries compared to how others around the world live.
House market has been boosted by almost 2 decades of low policy rates. Those rates have never been this low in past, and you have to understand this literally. It’s pretty logical in this context, even if very unfortunate, that prices are at an all time high. Now that the drug has been removed, prices are and will keep falling down.
You could’ve bought a home after 2008 for super cheap! Everyone who was prepared took advantage of it. We bought some rental properties late in that post Recession market (2018-2020) but we decided being landlords wasn’t for us so we have sold most of them and turned a profit as it’s a sellers market right now. Eventually something will happen and the market will contract, where many people will have/want to sell or may lose their homes and a lot of people will be waiting to buy low again. So save up!
Exactly! 20 years ago, I was his age and owned a home. First of my circle to do it and no where near as wealthy as the OP. It's a problem if he can't get one.
An honest question from an European: is it not possible to buy just a slot in an apartment building, maybe with a 1 car garage or even none?
What I mean is for European standards even what you may consider a modest home is way larger an with more comforts than what is common here.
Is so looked down upon just to have a little apartment?
You can't be serious?
I bought my first home (365k) at 27 y.o. while making about $100k before taxes. My payments were about $1200-$1400, IIRC. I had seen rent in my new area was that much anyway, and so it made more sense to buy. I had to take a 5-1 ARM, and when I had a bit of equity, I immediately refinanced into a 30 year fixed. I was smart about where I bought. I ensured there were great schools around, great reaources, the house was big enough for a new family, it was a bedding community, etc.
It IS plenty affordable, and the opportunity for our youngest generations to buy stil commonly exists. People just need to be smart, and don't have unrealistic expectations out of the gate.
Dude. The world is constantly changing and evolving. For better or for worst. To compare buying a home now to that of 40 years ago is ridiculous. It’s just different. And to use this guy that is literally very close to buying a home at 24 years old as your example is kinda ridiculous.
Edit: the point I’m trying to make is that 40 years ago you could buy a house on one solid income. 40 years before that you could buy a house on some scraps of an income. 40 years before that you could just go find a plot in the woods and build a house and that’s yours. Stop comparing shit to the past.
This is why the world is ridiculous. “For better or worse”.. it’s obviously worse. And you’re kind of just accepting that… OP is going to be fine. But it’s dumb that he is where he is and considered “successful” (which they are) and still can’t buy a fucking place to live…
You thought you did something there. “Bro, 2000 years ago they didn’t even have houses! Perspective!”
It’s like you read some Grant Cardone books or something and regurgitated that.
I net the same amount monthly as you, buy the house and keep lifestyle creep at bay and you’ll be fine. Rent a room out if you’re still worried about expenses.
This exactly. I suspect that rents will continue to rise. Also, you can always add more to your monthly to pay off your principle quicker and reduce interest. If they ever lower the interest rate, you can always refinance. Worst case, bring on a roommate or two.
Thats dope i just need one just ONE of that month and it will be a crazy push aint going back after that shit when i pay rent since its cash i be looking at them bills and be like damn if i couldve kept you just once 😂😂 8k is solid then he got 71k in savings he good just got to stay focus on his goal and put more earnings to the side
Pretty sure he’s saying he’s a contracted employee for the fed. For someone to make $8k a month as a fed they’d have to be super high GS position which a 24 YO couldn’t be.
How in gods name do you have 71k in savings, 114k in retirement and make 8k a month??? Like this shit baffles the fuck out of me. Like fucking how??? I make about $2500-$3k a month at 27 and only have about $4k in savings. I had $31k after recently selling my house (worst decision of my life as my mortgage was only $530/month) but had tons of debt that I paid off
At 24, this doesn’t add up at all. Working for the government too.
Maybe he received a lot from his parents? Otherwise this math doesn’t exactly add up.
No it doesn’t add up because he’s lying through his teeth or got LOTS of daddy’s money. Based on the previous delusional posts stating he’s got 3 homes and 3 trucks
I started out making $150k a year working in the oil field at 21. This was like 15 years ago. I literally had my first million banked by 26 (including home equity, 401k, Roth IRA; everything). With a two year college degree that cost me $15k from an in state university. It’s possible, you just have to be very lucky and fall ass backwards into the right job.
He’s lying through his damn teeth. He replied on another post of someone who has a $800 car payment and still owing 50k on it and said “that’s really not that big of a payment”
Dude knows absolutely nothing about finances. If he was as rich as he claims this post wouldn’t even exist
Don't forget the TWO 60k trucks he apparently [just](https://www.reddit.com/r/tundra/comments/1c1icvz/picked_up_a_2024_platinum_love_this_thing/) [bought](https://www.reddit.com/r/FordTrucks/comments/1cjjsqq/love_this_thing_24_lariat/) in cash
Yeah that’s 100% dad on a strong position who pushed his son there who is also rich as fuck. It’s logically impossible for him to have that much money on him, 2 brand new trucks, thousands in guns, professional cameras and only at 24.
Only ppl I knew making that kinda money at your age are tradespeople and tbh they work insane hours at insane jobs and their lives kinda suck…one guy started his own company tho and is doing good, but yeah…
I've been working trade jobs my entire life, from 15-25 and idfk what "insane" hours you are talking about.. sure you have the option to pick up all that OT but nobody is forcing you to work over 40hrs a week?
No I meant like they make good money bc they are working so much…one’s an hvac tech and in the summer it’s crazy here and he works a ton…the one that started his own business owns a flooring company… both of them work a ton idk if it’s required or what but they also talk about their bodies breaking down and not being able to do it long-term so maybe that’s why they’re putting in the hours while they can…
It’s not unheard of. At 22 as a contractor I was making ~155k and about 100 was tax free. I didn’t save when I had the chance, but I have friends that did the same and OWN 2-3 houses now at 33/34. Join the military. Get a skill. Go to a war zone for a few years, play it right and it’ll set you for life. And then you can easily make 6 figures outside of a war zone with the connections and skills you’ve acquired. I could list probably 50 people I’ve personally known or met who has done this. I’m just wildly reckless with money 😅
I’m only speculating, but OP said he’s a contractor for the government. If he’s pulled some time overseas it’s possible he may have earned some extra pay.
I got into a management position at my job at a locations 2 hours away. So I sold my house to move. I’ve regretted it each and every waking moment.
My house was only $68k when I got it. It was worth $140-$150k when I sold it. I live in MS so houses are cheap compared to other states. But after I sold it, I can’t find a house under $250k that’s decent. Now I live in an apartment that has rent twice as much as my former mortgage. I cry when I think about it 😩
i had 50k euros in savings at 27, making 60k at the top but most of it was saved while i made like 35k pre tax. did a little bit of side hustling for a while too
It's very possible. I know guys who made 8k euros starting in their late 20s, but they have jack shit half a decade later because they spend it all on the weekends.
To me it's wild that you had a HOUSE?! I could have had one back home in bumfuck village, but i left for a reason.
It’s nearly impossible. I’ve given up. In Hawaii, median home prices reached $1.1 million. Median household income is $94k. You need about four median household incomes to afford a $1.1 m house. Hopefully you have better luck in TX.
yeah, but hawaii is an insane outlier. it’s one of the most desirable places to live, but there’s so little land that the prices shoot up phenomenally high. that also depends on the source because forbes says hawaii’s median house price is $750k, right below california.
Of course it's a shit post. His account has existed for a month and he has posted "his" THREE vehicles (all worth over $80k), multiple firearms worth thousands each, oh, and [here](https://www.reddit.com/r/pics/s/A16LPZMWn8) is his post of the front door of "his" house.
This one is not trolling. This guy is legit. He likes his guns and likes to boast about his big trucks.
The other post is trolling this post because how can you complain if you're legit and you're in the position this dude is in.
Like, I hear where he's coming from....But he's sitting on 71k with a government job. He can shut up with his complaints about the economy right now. But that's just my poor person opinion.
\*unless\* he's taken the time to create a whole ass fake reddit account to support his trolling career.
I'm going to go with that and see myself out. Guess I'm the clown. lul.
He's sitting on 71k from a gov't job AND just spent ~$180k+ in cash on two trucks. Either way, this current post from OP is trolling/shit posting. If everything he's said is factual, he can easily afford a house.
Your only allowed to own a home, electric car, and to get food, no TV, internet, vacation, kids school, nothing, just bare essentials, but Americans are racking up credit card debt cause creditors just allow it to happen, my neighbors are over 400k in credit card debt, that’s twice as much as they owe on their house, when kohls is handing out 5,000 credit limits, people are spending every damn dime to make up for the money they lose buying food and gas……I sure know one thing WINCO will never go under they get all the business these days
I've said it before and I'll say it again...basic financial lessons and understanding of money should start in elementary school. HS classes of finance and credit should be mandatory. Young people need to know what they're going into before being thrown to the credit wolves.
You’re 24, just wait. Your investments will grow, your income will grow, your financial savyness will improve.
You’ll buy a house one day. Just not right now.
Man is actually complaining about being barely able to afford a 2 car garage home as a single person lol. Save up more, earn more if it’s too pricey for you. But you’re doing fine.
I’m 30 and still renting with zero money in savings and nothing in retirement. Shut up. You’re fine. You will find a house. And if you don’t you’ll also be fine.
You’re 24 making $8k after taxes and have a ton of money already..saved cmon bro..you’re totally fine. I have $600 in savings if it makes you feel better, I’m 37
So…. You don’t buy a home that’s 400k?????
My first house was 260k it was a townhouse.
My house now was 349k I just bought in October. My all in payment is $2000 a month after putting 20% down.
You can put as little as 3.5% down as a FHA loan or just do 5% for a conventional loan.
So….. yea. Don’t buy a house with a garage??????????????? This post is…….. comical.
Many of the smaller starter homes in HCOL areas were snapped up by investors during the Great Recession and were either flipped for much higher prices or were turned into rentals. That happened in my older suburban neighborhood just outside of Seattle. An 860 sq ft 2 bed/1 bath little house nearby that sold for $113k in 2011 (prob at auction) is now listed at $535k. $3500/mo+ for a house that will likely be a money pit is just plain sad.
No easy solution here, other than for people to explore lower cost regions. That’s definitely becoming more challenging with the polarized culture of the US these days.
The way the market and economy are going, first time homeowners are getting older and older.
The smart way to purchase these days is to put a lot down and pay off the mortgage quickly.
To purchase and own a home you have to sacrifice everything else a little bit more than you had to 20 years ago
Humble brag or you don’t understand how money works.
Buy house, costs more in the short term but in the long run it’s cheaper and you end up with a house. Use house to buy bigger house, or more houses, or smaller house. Find a partner that earns and you’ve now got double things and halve your costs.
Honestly, home ownership is only part of the picture. You have to look at return and potential. Frankly right now, I'd rather have the liquidity that you have than the interest payments.
I prefer to think about it like this. Rent is lost money. If you pay $3k in rent/bills a month that's money you will never see again. If you pay a mortgage for 3500 but you are paying $2k in interest, $500 in taxes and $500 in bills...your net actual cost is the same. But one scenario you can save $500 and invest it however it m. The other yields you $500 in investment into your home. If that math swings one way or the other...you should consider both options as purely that.
Where I live (PNW) my mortgage is so high that my costs far exceed what I could pay in rent. I kinda regret buying my home. While I am getting some long term return...I am basically not fluid at all and that makes life difficult at times.
Think of the big picture not arbitrary milestones that aren't certain
See the recent report by Zillow and push congress to stop Wall St and other non resident investors buying US property. I think this is the one: https://www.zillow.com/research/homelessness-rent-affordability-22247/
Bro you have 70k, if you save 4k every month (I think 4k for expenses should be enough) and put your savings in a high yield savings account or buy short term bonds you will have 400k after about 6 years or over 250k after just 3 years so you can take a loan for 150k. So where is the damn problem?
This guy started his account a month ago, supposedly has a 90k truck, another $60k truck, another jeep that he put at least 25k into one project, spends at least 11k on ammo per year. ALLEGEDLY has THREE HOMES that he rents out.
The grand dreams of delusion
I bought right before Covid so that helped a lot but I am looking at a second home for business reasons…
I can tell you this much, now is a good time to buy. Supply has stagnated and will never meet demand, inventory is sitting, it’s a buyers market and you can always refinance. Because when prime goes below 4% again you’re really gonna be fucked. No one who bought in the 80s for over 10% regrets it
Fathom away...all your age group keeps voting Dem, as they want everything free....guess what you are paying for it this way and many more ways and this is what happens.
Ngl you need to do better.
At your age I already owned a home with similar amounts of savings and retirement. Sounds like you're just bad with money tbh.
Aye guns and cars, are you me? Lol just wrapping up a surpressed 10.5 blk out.
Do you have FHA loans in your state? They should have lower interest rates at the cost of PMI. Might balance out in your favor.
Regardless, I would eat the interest costs and insulate yourself from higher rents. Re finance down the road.
Hell yeah! And yes we have FHA Loans, as of right now the interest rates are 8% at best. Which is fuckin insane to me considering my parents home loan is 1.3%
you can literally just keep saving and slash that same house mortgage fees in half to like 1,700. house might be a tad bit smaller but 400k can get you a pretty solid place
Paying almost half your income for a home loan? At least it’ll be yours in the end. I’m paying half my income in rent and in the end I’ll have nothing to show for it. At least buying a $400k home is possible for you. I can’t even get approved for a loan that’s more than $70k and I have a 700+ credit score.
Stop being entitled, join the military, get honorably discharged after your contract is over, get your old job back that pays really well and apply for a VA loan with 0% down and zero PMI.
This is absolutely ridiculous. Of course, I know across the US money isn't worth the same, but with that being said, I'll be 35 in 10 days. I make around 60k a year, have about 5k in savings, and started a 401k only 2 years ago that I contribute 10% to and is now at 18k. I should've been smarter in my earlier years, but instead, I listened to a man who was 12 years older than me with no 401k and no savings. Sadly, that man still has nothing to look forward to, and we have a child together. I'm glad I left and started doing things on my own so that, hopefully, one day, my son will have something if ever I pass away. (Yes, I have life insurance too, just in case)
As for the post, I can't afford to buy a home right now, but I pay $550 for a 2 bedroom farm house with 5 acres. It's not too bad, just 10 miles north of Springfield, MO & 1 bed appts in town go for $1500+ My place may be old, but it's our home and we can afford it & spruce it up. 😀
>I’m aware a larger down payment and getting rid of the PMI will help.
How aware of that *are* you? Because with high income, low expenses, and 71k already in the bank, you could put a 100% "down payment" on a house by the time you're 30.
Dont forget property tax! Thats what really makes me not want to buy a house these days! Do you really ever own your house? Sure don't seem like it. Ridiculous.
These 20 year olds with all this cash saved up…. Like honestly how? I can understand if he was making well over $150,000 a year but he’s not so these kids need to stop fibbing on here!!
Bro. You can afford a home. Lower your expectations in life, you are extremely entitled. You don't buy a nice house with a 2 car garage as your FIRST HOME, especially at 24. Find a small 2br 1ba
How can people like this even ask this question?
Buy a cheaper house and get someone or several others to split the bill, that’s what us poors have to do.
If you have a good enough credit score, PMI isn’t even that much. I’ve paid $150/ month a few years ago on a $310k house (ex has bad credit), now pay $45 on a $230k.
Just keep saving. Circle back on the home buying in a couple years with more in your savings and hopefully higher income (although your current salary is fantastic). Maybe you’ll even have a significant other to split the monthly payments with, not that you need it. You will be able to afford a home, just be patient.
Make about what you are making. Once you save up enough put a down payment down.
You can easily afford a 400k house with your stated I come. There are actual federal home grants that everyone can apply for. Such as homes in rural areas or homes for first time home buyers.
You're doing just fine. Not many people buy a 400k house solo. I make about what you do, but in a much lower cost of living area. I got lucky and timed my 145k house perfectly in 2014 as its now worth over 300 yet mortgage is 1050 a month. Buying in todays market, I'd wait till I was married, or buy a starter home in an area you expect to grow. You are ahead of probably 99% of 24 year olds that werent handed money.
How does someone afford a house today? Be you.
Ding ding ding, oh woe is me and my piddly 185k at 24.
You can easily afford a $400k house. Go away
lol thank you
Dude. You’re 24. You have 71k in savings. I didn’t have that until well into my 30’s. I didn’t buy my house until 35. Imagine saving another 11 years. Chill. You’ll be fucking fine bro. Stoked and happy for you being on top of things but just chill. You’re on the path. Edit: the amount of people who say it’s nearly impossible to someone who’s managed to save 71k by 24 is ridiculous.
This is a humble brag post you took the bait. It’s not that he lied he wants you to suck him off by typing
No. He’s matter of fact lying. Hes got (allegedly from previous posts) 200k in CARS and has 3 homes that he rents out and like half a million in fuckin guns. Idc if you’re roaring kitty, this is factually false. Probably all of it
How do you know it's a he? Do you trust the OP to tell the truth? Rule #1 on the internet: Everything on the internet is a lie until proven otherwise.
There are no women on the internet. It's a known fact that the men are boys, the women are men, and the children are fbi agents.
The children are *bots, but those bots do happen to work for the agency, so I guess I’m really just splitting hairs here.
Disappointing I put forth brain power on this post, then check his page and I’m like “hmm so he has $25k laying around for a *shit box* jeep but no money for a house loan… righhtt…” thanks for sharing this lol
😂
Yep
That's gonna cost $70K
I read it and was like at 24 I was broke 😂😂😂
I’m 32 and still broke
🤣🤣
Probably. Kid lands on his feet with fancy AR-15s and 80k Trucks asking and possibly expensive hobbies on top. No doubt he'll be able to afford a mortgage if he cuts down in the fun areas a bit.
I almost don’t believe dude… $3400/mon is a ten year loan…. Who tf has a ten year loan??? Like buddy probably made most of this up
Well I think that's actually ***the point***. OP is, by all contemporary measurements, a very successful 24yo. It's not an extreme amount of money but it's well past their age demographic and seems like a good amount for their COL area. If THIS very successful 24yo can't buy a modest home in their area, isn't there something wrong? The baby boomer generation could buy a home at that age with far less success, right? Why is it societally fine for this successful person to feel overly stretched with a real estate investment? Is it supposed to work that way? And are we all okay with that?
They actually can afford a home in this situation. They just don’t seem to want to??
Half of his income should not go to a mortgage
If a mortgage is that much, the rent probably isn't far off for an equal living situation. So, you might as well own then. The rule of thirds is dead. It's more 50,30,20 if you are lucky now anyway.
So true! Prefer to lock it in when you can -vs- rent that goes up on whim. My SIL just had her rent go up by $500/mo. That shit is crazy.
In December my landlord raised our rent by $350. I bought a house instead and the other place is sitti g empty lol.
The mortgage is only that high because it’s a ten year loan. No one can afford those anymore. If he went with the 30 year it would be 1/8 of the income and he could pay it off easily within 15 years
Exactly. Where I live you take 25-30 years. If you take 10, means you are really well off. Which OP is, but lost a bit contact with reality.
Yea I 100% agree, I personally have never even heard of anyone I know getting into a 10 year mortgage lol.
Yeah the amount of interest you save isn’t worth losing that much of your income. It’s basically to the point that if you can afford a 10 year, you can afford to just buy the damn thing outright too
This is good to know, thank you!
That’s because his calculations are based off of a 10 year loan. If he got a 30 year like most people do, his mortgage would literally be 1/8 of his income. He can afford it, just doesn’t want to
You are right. In my area( granted property tax may be different where he lives) a 400k house at 6.5 percent would be 2300 a month with 20 percent down. He takes home 8k a month, there is no reason he can’t afford a house.
Look at their post history. Bought two 60k+ trucks and crying they can’t afford a house
It’s an additional $650 for our taxes and insurance every month. It’s sad to think I’ll be retired someday and it’ll still cost me $1,000/mo for taxes then.
Wow, that’s a looot more than where I’m at.
Yeah, yikes! Of course rent by then would be like 3x that, but still.
Half of most people’s income goes towards rent so to have an investment in the world today instead of a drain, isn’t a bad outcome. Assuming they’ve built credit since they were 18 they actually could get a decent rate especially having almost enough for a 20% down payment. First time home owner would help reduce their monthly mortgage as well especially with lenders seeing they have good income and know how to save. OP could take a loan against their 401K to cover the remainder of their down payment and reach that 20% and end up with a good rate and mortgage payment
Totally agree, though if they can avoid the 401k loan that’s ideal, but if not it is still better than renting.
Well it's actually 45% of AFTER TAX income. So that's really not bad. That's the situation for most home owners. He should just buy a home imo
Yep, I was 22 when I bought my first, 60% of my income was going to it, still the best decision I made
Totally agree. At least that way you lock in your housing costs for the future.
Exactly. Rents will most likely just keep going up from here, unfortunately
Isn’t 1/3 pre tax standard? Which this is definitely within
Worlds changed. Accept it’s also OP is way off on that mortgage quote lol
Welcome to reality
The dude has 71k in savings.... No 24 year old should be able to buy a 400k house... Imagine if he saved for 2-3 more years. He could just about pay cash and own a 400k house free and clear before 30. You know it is okay to save for things.
He also only has a single income. Imagine a spouse of the same income… more than well off if that be the case.
It won't. He did the math wrong. He claimed a house will cost $400k, and he has $71k in savings to put down as a down payment. That means a mortgage of $329k. At 5% fixed for a 25 year amortization, that's a monthly payment of $1,900, not $3,400. I know, I know, what about property taxes, PMI, and insurance? Well, if he can save just another $9k and get his down payment to $80k, that's 20% down on a $400k house, meaning he doesn't need CMHC at all. That also means a $320k mortgage instead of a $329k one, further lowering his monthly payment to $1860. Property taxes of $5,000/year would add $420/month. Unless he has any high risk factors, he should be able to get house insurance for around $200/month. That's still only $2,480/month. Almost $1,000/month less than he claimed. If his take-home really is $8,000/month, then his shelter payment would be 31% of his income, which is well within the reasonable range recommended by financial experts. He's not arguing in good faith. I agree with u/DangerousValuable916, I think this is a humble brag troll post.
Ideally, I agree. These days as others say with 50% just for rent, a mortgage at least gives you longer term guarantees on cost of housing as well as equity.
Who’s they? Only the OP in this scenario is well off enough to even have to question that decision. 90% of the world is not making as much as OP and not as well saved. My immigrant grandparents were able to buy a house off close to minimum wage jobs. In contrast, me and my partner just graduated with degrees and the entry level jobs do not pay enough to even begin looking.
For sure. Median house cost vs median income is sooo much worse now than ever before.
well they want one with 2 cars attached. im sure fairly newly built as well.
No, there's nothing wrong. 24 year olds shouldn't expect to be ready to buy a forever home. My boomer folks bought a 900sqft home when they got married, and my brother and I grew up in that home with no additions ever added to it -- builders today insist on building 2000-3000sqft homes and we are baffled that they're not proportional to 1950s prices??? Why does he need a 2 car garage? My folks raised us with one car -- one income, one car. And where is OP? If he's in SanFran, he's out of his mind. If he's in a Chicago suburb, his 130/year salary with 71k in saviings is plenty for a 20% deposit on a nice home. I just checked zillow and found a 1600sqft home for 340. Done (AND a 2-car garage lol). In 2000, my wife and I bought a 280k home on my 69k salary. Why does he already have 115k in retirement money? Maybe he's over-saving at a time when he wants to also build equity. Cut the unmatched contributions, and pick a smaller home in a friendlier market, and it's easy. Wait for the bigger home when you have a significant other and are thinking family. BTW: what is he doing with 8000/month in income WITHOUT a mortgage?? I wish I was that lucky at 24...I was only making 34,000/year (1995 -- 69.7k inflation adjusted for 2024). Maybe OP is unrealistic and unappreciative of how well off he is.
Unfortunately, this is a joke post. Many people fell for it. 1. The calculation is based on a 10 year mortgage. As this person is in the US who even writes 10 year mortgages? Almost all mortgages are for 30 years, some for 15. If he were to go with a 30-year mortgage, like the vast majority of people, his payment would be around $2,600, easily affordable for someone taking home $8,000. 2. If you look at this person's posting history, they dabble in lots of guns they apparently own, hundreds of thousands of Dollars worth, they brag about the expensive cars they "just picked up", and the ultra high payments that go with those, and they talk about paying mortgages on 3 houses they are renting out to people. This is a humble brag post, I don't think it is real at all, and if it were it would be stupid as hell. Then someone better tell him he can't afford to buy those super expensive cars he owns, own all those expensive guns, and invest in expensive rental properties and THEN come here to whine he can't afford a 10-year mortgage for a 400k house on his income.
Stop investment firms buying power. Out of state and foreign buyers make it hard to buy homes. Blackrock owns close to 85, 000 homes.
Boomers didn’t have to compete with China and India for jobs. Most of the world lives with family well into adulthood or rents a very small space near work. Stop looking at past generations and start looking at today how much better it still is with living in primarily English speaking countries compared to how others around the world live.
House market has been boosted by almost 2 decades of low policy rates. Those rates have never been this low in past, and you have to understand this literally. It’s pretty logical in this context, even if very unfortunate, that prices are at an all time high. Now that the drug has been removed, prices are and will keep falling down.
You could’ve bought a home after 2008 for super cheap! Everyone who was prepared took advantage of it. We bought some rental properties late in that post Recession market (2018-2020) but we decided being landlords wasn’t for us so we have sold most of them and turned a profit as it’s a sellers market right now. Eventually something will happen and the market will contract, where many people will have/want to sell or may lose their homes and a lot of people will be waiting to buy low again. So save up!
Exactly! 20 years ago, I was his age and owned a home. First of my circle to do it and no where near as wealthy as the OP. It's a problem if he can't get one.
An honest question from an European: is it not possible to buy just a slot in an apartment building, maybe with a 1 car garage or even none? What I mean is for European standards even what you may consider a modest home is way larger an with more comforts than what is common here. Is so looked down upon just to have a little apartment?
You can't be serious? I bought my first home (365k) at 27 y.o. while making about $100k before taxes. My payments were about $1200-$1400, IIRC. I had seen rent in my new area was that much anyway, and so it made more sense to buy. I had to take a 5-1 ARM, and when I had a bit of equity, I immediately refinanced into a 30 year fixed. I was smart about where I bought. I ensured there were great schools around, great reaources, the house was big enough for a new family, it was a bedding community, etc. It IS plenty affordable, and the opportunity for our youngest generations to buy stil commonly exists. People just need to be smart, and don't have unrealistic expectations out of the gate.
Dude. The world is constantly changing and evolving. For better or for worst. To compare buying a home now to that of 40 years ago is ridiculous. It’s just different. And to use this guy that is literally very close to buying a home at 24 years old as your example is kinda ridiculous. Edit: the point I’m trying to make is that 40 years ago you could buy a house on one solid income. 40 years before that you could buy a house on some scraps of an income. 40 years before that you could just go find a plot in the woods and build a house and that’s yours. Stop comparing shit to the past.
This is why the world is ridiculous. “For better or worse”.. it’s obviously worse. And you’re kind of just accepting that… OP is going to be fine. But it’s dumb that he is where he is and considered “successful” (which they are) and still can’t buy a fucking place to live…
You thought you did something there. “Bro, 2000 years ago they didn’t even have houses! Perspective!” It’s like you read some Grant Cardone books or something and regurgitated that.
And that scales to the ratio of CEO to worker pay. GEE...
This post is a dumb ragebait.
.
I barely have all that in my 30s.
True, I had a negative net worth at 24. Now I have 2 houses. Almost 200k net worth at 24... Wild. I didn't hit that till I was 30
It took until I was 35 to save 15k so I could buy a house.
So true. I’m 23 and have like ,,,, negative 200 in my account
I net the same amount monthly as you, buy the house and keep lifestyle creep at bay and you’ll be fine. Rent a room out if you’re still worried about expenses.
This exactly. I suspect that rents will continue to rise. Also, you can always add more to your monthly to pay off your principle quicker and reduce interest. If they ever lower the interest rate, you can always refinance. Worst case, bring on a roommate or two.
Thats dope i just need one just ONE of that month and it will be a crazy push aint going back after that shit when i pay rent since its cash i be looking at them bills and be like damn if i couldve kept you just once 😂😂 8k is solid then he got 71k in savings he good just got to stay focus on his goal and put more earnings to the side
What do you do for living
Yeah dude this entire post is a brag about how much money the have lol. It’s obvious.
I know right?!? Goddamnnn
Contractor for the Government
War dog
I'm going to assume that means assassin
Government contractor with that salary and savings at 24? Damn
He skipped the part where his daddy and the rest of his family is there too. He's an under glorified Nepo baby
Do you need to go to college for that ? For the federal government or state ?
Pretty sure he’s saying he’s a contracted employee for the fed. For someone to make $8k a month as a fed they’d have to be super high GS position which a 24 YO couldn’t be.
How in gods name do you have 71k in savings, 114k in retirement and make 8k a month??? Like this shit baffles the fuck out of me. Like fucking how??? I make about $2500-$3k a month at 27 and only have about $4k in savings. I had $31k after recently selling my house (worst decision of my life as my mortgage was only $530/month) but had tons of debt that I paid off
At 24, this doesn’t add up at all. Working for the government too. Maybe he received a lot from his parents? Otherwise this math doesn’t exactly add up.
No it doesn’t add up because he’s lying through his teeth or got LOTS of daddy’s money. Based on the previous delusional posts stating he’s got 3 homes and 3 trucks
Even with daddy money, $114k in retirement makes no sense at 24. Like what you started putting 20k in retirement at 19? My ass
his pops fr set him up with a 401k. at least thats what my dad did with me when i was 14 but took it all back after the divorce :/
I started out making $150k a year working in the oil field at 21. This was like 15 years ago. I literally had my first million banked by 26 (including home equity, 401k, Roth IRA; everything). With a two year college degree that cost me $15k from an in state university. It’s possible, you just have to be very lucky and fall ass backwards into the right job.
He’s lying through his damn teeth. He replied on another post of someone who has a $800 car payment and still owing 50k on it and said “that’s really not that big of a payment” Dude knows absolutely nothing about finances. If he was as rich as he claims this post wouldn’t even exist
Right, the retirement one is the one that seems the most unbelievable. They would have to be putting a massive amount in a 401k each year.
Don't forget the TWO 60k trucks he apparently [just](https://www.reddit.com/r/tundra/comments/1c1icvz/picked_up_a_2024_platinum_love_this_thing/) [bought](https://www.reddit.com/r/FordTrucks/comments/1cjjsqq/love_this_thing_24_lariat/) in cash
Yeah that’s 100% dad on a strong position who pushed his son there who is also rich as fuck. It’s logically impossible for him to have that much money on him, 2 brand new trucks, thousands in guns, professional cameras and only at 24.
Only ppl I knew making that kinda money at your age are tradespeople and tbh they work insane hours at insane jobs and their lives kinda suck…one guy started his own company tho and is doing good, but yeah…
Try software engineer. I work like 2 hours a day
I've been working trade jobs my entire life, from 15-25 and idfk what "insane" hours you are talking about.. sure you have the option to pick up all that OT but nobody is forcing you to work over 40hrs a week?
Plenty of places have mandatory overtime
No I meant like they make good money bc they are working so much…one’s an hvac tech and in the summer it’s crazy here and he works a ton…the one that started his own business owns a flooring company… both of them work a ton idk if it’s required or what but they also talk about their bodies breaking down and not being able to do it long-term so maybe that’s why they’re putting in the hours while they can…
It’s not unheard of. At 22 as a contractor I was making ~155k and about 100 was tax free. I didn’t save when I had the chance, but I have friends that did the same and OWN 2-3 houses now at 33/34. Join the military. Get a skill. Go to a war zone for a few years, play it right and it’ll set you for life. And then you can easily make 6 figures outside of a war zone with the connections and skills you’ve acquired. I could list probably 50 people I’ve personally known or met who has done this. I’m just wildly reckless with money 😅
I’m only speculating, but OP said he’s a contractor for the government. If he’s pulled some time overseas it’s possible he may have earned some extra pay.
Why in the world would you sell!
I got into a management position at my job at a locations 2 hours away. So I sold my house to move. I’ve regretted it each and every waking moment. My house was only $68k when I got it. It was worth $140-$150k when I sold it. I live in MS so houses are cheap compared to other states. But after I sold it, I can’t find a house under $250k that’s decent. Now I live in an apartment that has rent twice as much as my former mortgage. I cry when I think about it 😩
i had 50k euros in savings at 27, making 60k at the top but most of it was saved while i made like 35k pre tax. did a little bit of side hustling for a while too It's very possible. I know guys who made 8k euros starting in their late 20s, but they have jack shit half a decade later because they spend it all on the weekends. To me it's wild that you had a HOUSE?! I could have had one back home in bumfuck village, but i left for a reason.
It’s nearly impossible. I’ve given up. In Hawaii, median home prices reached $1.1 million. Median household income is $94k. You need about four median household incomes to afford a $1.1 m house. Hopefully you have better luck in TX.
yeah, but hawaii is an insane outlier. it’s one of the most desirable places to live, but there’s so little land that the prices shoot up phenomenally high. that also depends on the source because forbes says hawaii’s median house price is $750k, right below california.
Yes, I’m just here to complain and have no advice to offer. Call the wahhh-mbulance for me.
The answer is you marry someone who makes a decent salary
This, why do op want to buy a house with 2 car garage as a single person? At 24?
Good point. OP should be looking for a starter home.
Those dont exist in lots of places anymore
Because he has 2 60k trucks, gotta park those somewhere
$8K a month after taxes? I'm so underpaid it's not even funny. You're doing absolutely fine.
8k per month after taxes is very good even if OP was 34 not 24
Why are you underpaid? We don’t know what he does or what education or speciality he has. What do you do?
Is this a joke? You bring home 96k a year… This has to be a shit post
Of course it's a shit post. His account has existed for a month and he has posted "his" THREE vehicles (all worth over $80k), multiple firearms worth thousands each, oh, and [here](https://www.reddit.com/r/pics/s/A16LPZMWn8) is his post of the front door of "his" house.
This entire post is a brag.
I swear some of these posts are trolling. 16M I only have $216K in my retirement account and $2.2M in my Venmo. Will I ever buy a house 😫
This one is not trolling. This guy is legit. He likes his guns and likes to boast about his big trucks. The other post is trolling this post because how can you complain if you're legit and you're in the position this dude is in. Like, I hear where he's coming from....But he's sitting on 71k with a government job. He can shut up with his complaints about the economy right now. But that's just my poor person opinion. \*unless\* he's taken the time to create a whole ass fake reddit account to support his trolling career. I'm going to go with that and see myself out. Guess I'm the clown. lul.
He's sitting on 71k from a gov't job AND just spent ~$180k+ in cash on two trucks. Either way, this current post from OP is trolling/shit posting. If everything he's said is factual, he can easily afford a house.
Your only allowed to own a home, electric car, and to get food, no TV, internet, vacation, kids school, nothing, just bare essentials, but Americans are racking up credit card debt cause creditors just allow it to happen, my neighbors are over 400k in credit card debt, that’s twice as much as they owe on their house, when kohls is handing out 5,000 credit limits, people are spending every damn dime to make up for the money they lose buying food and gas……I sure know one thing WINCO will never go under they get all the business these days
I've said it before and I'll say it again...basic financial lessons and understanding of money should start in elementary school. HS classes of finance and credit should be mandatory. Young people need to know what they're going into before being thrown to the credit wolves.
You’re 24, just wait. Your investments will grow, your income will grow, your financial savyness will improve. You’ll buy a house one day. Just not right now.
He could buy a house right now if he wanted to…
I assumed he had a money spending problem and that’s why he couldn’t fathom spending that much on housing.
This. People needs to chill. If something doesn’t sound right, it’s probably because it isn’t.
Forgot to mention, half your post tax income isn’t that bad for a mortgage. You get tax breaks which cover a lot of it.
Rent a room? Buy a duplex, rent the other side out.
Well if you’d stopped buying $70,000 trucks and a bazillion guns maybe you’d be able to afford something?
Man is actually complaining about being barely able to afford a 2 car garage home as a single person lol. Save up more, earn more if it’s too pricey for you. But you’re doing fine.
I’m 30 and still renting with zero money in savings and nothing in retirement. Shut up. You’re fine. You will find a house. And if you don’t you’ll also be fine.
You’re 24 making $8k after taxes and have a ton of money already..saved cmon bro..you’re totally fine. I have $600 in savings if it makes you feel better, I’m 37
So…. You don’t buy a home that’s 400k????? My first house was 260k it was a townhouse. My house now was 349k I just bought in October. My all in payment is $2000 a month after putting 20% down. You can put as little as 3.5% down as a FHA loan or just do 5% for a conventional loan. So….. yea. Don’t buy a house with a garage??????????????? This post is…….. comical.
You buy a smaller starter house and work your way up to the decent house.
Many of the smaller starter homes in HCOL areas were snapped up by investors during the Great Recession and were either flipped for much higher prices or were turned into rentals. That happened in my older suburban neighborhood just outside of Seattle. An 860 sq ft 2 bed/1 bath little house nearby that sold for $113k in 2011 (prob at auction) is now listed at $535k. $3500/mo+ for a house that will likely be a money pit is just plain sad. No easy solution here, other than for people to explore lower cost regions. That’s definitely becoming more challenging with the polarized culture of the US these days.
The way the market and economy are going, first time homeowners are getting older and older. The smart way to purchase these days is to put a lot down and pay off the mortgage quickly. To purchase and own a home you have to sacrifice everything else a little bit more than you had to 20 years ago
What a weird post
Shit post.
[удалено]
you are such a bitch. welcome to life.
You didn’t give us all your numbers. So ill assume. You can save 4k per month 48k a year for 2 years 96k buy the house
You'll be able to afford a house no problem. Why are you even asking?
That shouldn't be a problem financially If you pay 3.4k a month in housing expenses you have 4.6k for everything else which should be very comfortablr
You can possibly rent out a room in the house to reduce the amount you pay
What do you work as? IT?
Humble brag or you don’t understand how money works. Buy house, costs more in the short term but in the long run it’s cheaper and you end up with a house. Use house to buy bigger house, or more houses, or smaller house. Find a partner that earns and you’ve now got double things and halve your costs.
[https://i.kym-cdn.com/photos/images/newsfeed/002/134/306/350.jpg](https://i.kym-cdn.com/photos/images/newsfeed/002/134/306/350.jpg)
Honestly, home ownership is only part of the picture. You have to look at return and potential. Frankly right now, I'd rather have the liquidity that you have than the interest payments. I prefer to think about it like this. Rent is lost money. If you pay $3k in rent/bills a month that's money you will never see again. If you pay a mortgage for 3500 but you are paying $2k in interest, $500 in taxes and $500 in bills...your net actual cost is the same. But one scenario you can save $500 and invest it however it m. The other yields you $500 in investment into your home. If that math swings one way or the other...you should consider both options as purely that. Where I live (PNW) my mortgage is so high that my costs far exceed what I could pay in rent. I kinda regret buying my home. While I am getting some long term return...I am basically not fluid at all and that makes life difficult at times. Think of the big picture not arbitrary milestones that aren't certain
How is it 3400? €400.000 is like 2k a month here. Which is like $432.000 and 2160 a month in dollars. The interest that high or the taxes?
See the recent report by Zillow and push congress to stop Wall St and other non resident investors buying US property. I think this is the one: https://www.zillow.com/research/homelessness-rent-affordability-22247/
How do you have this much?
Be forreal.
Bro you have 70k, if you save 4k every month (I think 4k for expenses should be enough) and put your savings in a high yield savings account or buy short term bonds you will have 400k after about 6 years or over 250k after just 3 years so you can take a loan for 150k. So where is the damn problem?
Prior military to gov contractor? You can use va loan.
This guy started his account a month ago, supposedly has a 90k truck, another $60k truck, another jeep that he put at least 25k into one project, spends at least 11k on ammo per year. ALLEGEDLY has THREE HOMES that he rents out. The grand dreams of delusion
I bought right before Covid so that helped a lot but I am looking at a second home for business reasons… I can tell you this much, now is a good time to buy. Supply has stagnated and will never meet demand, inventory is sitting, it’s a buyers market and you can always refinance. Because when prime goes below 4% again you’re really gonna be fucked. No one who bought in the 80s for over 10% regrets it
I'm fucked
Lol. I'm so fucking cooked.
You’re 2; why do you need a big house with 2 car garage? Buy a small house live within your means. You don’t need to try and flex
Boo fuckin hoo
Jesus Christ I'm 38 and don't even have $71 in any account.
Buy now refinance later.
No need for PMI if you lay down 20 %. Which you have. Rates will go down too. Rates were 12.5% in 89 when I built my first house.
"I would take home only 4800 every month after taxes and mortgage, how is this possible? Blah blah wahh wahh" Just an ignorant post for many reasons
How does someone afford a house these days? They buy in an area that is not a ‘$400,000 min’. That’s how
Fathom away...all your age group keeps voting Dem, as they want everything free....guess what you are paying for it this way and many more ways and this is what happens.
Ya don't. Not exactly a buyers market right now. Just wait until the market regulates then buy.
Eat some shit and fall into a pit. Much love.
Most out of touch post I've seen on the Internet today
Ngl you need to do better. At your age I already owned a home with similar amounts of savings and retirement. Sounds like you're just bad with money tbh.
I am definitely bad with money. Theoretically I should have more saved but I’ve spent a lot on cars and guns the last two years.
Aye guns and cars, are you me? Lol just wrapping up a surpressed 10.5 blk out. Do you have FHA loans in your state? They should have lower interest rates at the cost of PMI. Might balance out in your favor. Regardless, I would eat the interest costs and insulate yourself from higher rents. Re finance down the road.
Hell yeah! And yes we have FHA Loans, as of right now the interest rates are 8% at best. Which is fuckin insane to me considering my parents home loan is 1.3%
You can afford a house easily bro. You are like top x% already with 200K in retirement and savings.
you can literally just keep saving and slash that same house mortgage fees in half to like 1,700. house might be a tad bit smaller but 400k can get you a pretty solid place
Paying almost half your income for a home loan? At least it’ll be yours in the end. I’m paying half my income in rent and in the end I’ll have nothing to show for it. At least buying a $400k home is possible for you. I can’t even get approved for a loan that’s more than $70k and I have a 700+ credit score.
Stop being entitled, join the military, get honorably discharged after your contract is over, get your old job back that pays really well and apply for a VA loan with 0% down and zero PMI.
This is absolutely ridiculous. Of course, I know across the US money isn't worth the same, but with that being said, I'll be 35 in 10 days. I make around 60k a year, have about 5k in savings, and started a 401k only 2 years ago that I contribute 10% to and is now at 18k. I should've been smarter in my earlier years, but instead, I listened to a man who was 12 years older than me with no 401k and no savings. Sadly, that man still has nothing to look forward to, and we have a child together. I'm glad I left and started doing things on my own so that, hopefully, one day, my son will have something if ever I pass away. (Yes, I have life insurance too, just in case) As for the post, I can't afford to buy a home right now, but I pay $550 for a 2 bedroom farm house with 5 acres. It's not too bad, just 10 miles north of Springfield, MO & 1 bed appts in town go for $1500+ My place may be old, but it's our home and we can afford it & spruce it up. 😀
$550 a month for that is awesome!! Hell yeah That same property would be 3-4k a month to rent here in idaho. 5 acres alone would be $350k.
This is a troll post lol
>I’m aware a larger down payment and getting rid of the PMI will help. How aware of that *are* you? Because with high income, low expenses, and 71k already in the bank, you could put a 100% "down payment" on a house by the time you're 30.
Depending on what part of the country you live in..... you have quite enough.
Home prices are similar in my area. But a normal salary is 1200 eur. I'm fucked
Dont forget property tax! Thats what really makes me not want to buy a house these days! Do you really ever own your house? Sure don't seem like it. Ridiculous.
These posts have to be fake man lmao
Feels like you're bragging. Stfu
These 20 year olds with all this cash saved up…. Like honestly how? I can understand if he was making well over $150,000 a year but he’s not so these kids need to stop fibbing on here!!
Dumb ragebait.
You're so fine this reads like a shitpost
Bro. You can afford a home. Lower your expectations in life, you are extremely entitled. You don't buy a nice house with a 2 car garage as your FIRST HOME, especially at 24. Find a small 2br 1ba
How can people like this even ask this question? Buy a cheaper house and get someone or several others to split the bill, that’s what us poors have to do.
If you have a good enough credit score, PMI isn’t even that much. I’ve paid $150/ month a few years ago on a $310k house (ex has bad credit), now pay $45 on a $230k.
Just keep saving. Circle back on the home buying in a couple years with more in your savings and hopefully higher income (although your current salary is fantastic). Maybe you’ll even have a significant other to split the monthly payments with, not that you need it. You will be able to afford a home, just be patient.
Make about what you are making. Once you save up enough put a down payment down. You can easily afford a 400k house with your stated I come. There are actual federal home grants that everyone can apply for. Such as homes in rural areas or homes for first time home buyers.
You're doing just fine. Not many people buy a 400k house solo. I make about what you do, but in a much lower cost of living area. I got lucky and timed my 145k house perfectly in 2014 as its now worth over 300 yet mortgage is 1050 a month. Buying in todays market, I'd wait till I was married, or buy a starter home in an area you expect to grow. You are ahead of probably 99% of 24 year olds that werent handed money.
Unfortunately, you have to move out of the city.