• YoBuckStopsHere@lemmy.world
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    1 year ago

    No, you just have to save money for a down payment. It’s not easy but you put that down and then you’re paying about $1500 to $2500 a month.

    • foggy@lemmy.world
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      1 year ago

      …for a $400,000 home, to pay $2,000 a month with current interest rates, your downpayment would need to be 50%>

      You would need $200,000 cash in hand.

      • captainlezbian@lemmy.world
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        1 year ago

        Can you not do that? Maybe try budgeting and learning a marketable skill like programming or plumbing instead of having a degree in gender studie /s

        • FrankTheHealer@lemmy.world
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          1 year ago

          I dare you to post on a programming community, asking how long it would take for the average software developer to save 200k USD. Maybe only if you are a senior developer working for a huge silicon valley company. Or maybe working in a niche role that no one else can do so you can negotiate a better salary.

          But the average college graduate coming into that field is not making anywhere near enough to save 200K. Especially not in the US because of student loans. And likely not overseas either because the IT sector isn’t as big as it would be in the US.

          For context, I live in Ireland, and while we do have a lot of big companies setting up shop here, literally just for tax reasons, and we have most university courses paid for by the government (aside from 3k that most students must pay themselves). But even despite all that, the cost of living is horrendous here. Nobody that doesn’t already come from wealth would be able to save 200K.

          So respectfully, you need a reality check if you think that just by having a marketable skill, one can realistically achieve what’s necessary to own their own home in this day and age.

          • captainlezbian@lemmy.world
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            1 year ago

            I tagged it sarcasm for a reason. My wife has a CS degree I know exactly how bad it is for programmers. Also I’m an engineer. Together we might have enough money that we could theoretically raise a small family and own a house if we’re frugal.

      • YoBuckStopsHere@lemmy.world
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        1 year ago

        You’ll probably have enough saved around age 28-30 in most cities. It seems large but it’s doable. Then you just have to get through the bidding war.

            • jackalope@lemmy.ml
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              1 year ago

              Your experiences aren’t universalisable. Part of growing up into an adult, is understanding that. The inability to understand that is quite literally “arrested development”.

              • SaakoPaahtaa@lemmy.world
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                1 year ago

                Of course there’ll be edge cases, but generally yes. Just save money, stop bitching, buy a house from outside the city centre. Some tips for yall, that you’re not gonna listen as you’re already knee-deep in memes and self-sorrow. Sad

                  • SaakoPaahtaa@lemmy.world
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                    1 year ago

                    That is your baseless opinion fueled by an emotional reaction to being told to work for your dreams. Lack of discipline would be a bigger problem in my honest opinion.

    • Bonskreeskreeskree@lemmy.world
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      1 year ago

      Average entry level home in my state is over 250k. 20% down payment is 50k. How many years will it take for someone actually making 115k to save that up? Stop boot licking

      • WarmSoda@lemm.ee
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        1 year ago

        You call someone that can’t afford a house a bootlicker, and your also calling someone that can afford a house a bootlicker.

        Pick your lane dude

    • Lettuce eat lettuce@lemmy.ml
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      1 year ago

      Oh, that’s all? Wow! So simple! I guess to be a millionaire, you just have to save a million dollars, it’s not easy, but once you have put aside a million dollars, you’re a millionaire, simple as that!

      Shut up.

    • MucherBucher@feddit.de
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      1 year ago

      Broski where do you live? Try saving 200k or whatever it takes to make a sensible downpayment wherever you live. Remember, while saving that money, you still pay for rent and logically, rent didn’t go down either.

      • YoBuckStopsHere@lemmy.world
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        1 year ago

        I can tell you’ve never bought a house if you think you need $200K to do it. It’s more like $20K down and you refinance after a year to get a lower interest rate.

        • MucherBucher@feddit.de
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          1 year ago

          I can tell your house is nothing like what I’d wanna live in. If you can get a house for maybe 70k, yeah a downpayment of 20k works.

          In most places a house will likely be 500k or above. Let’s just say 500k for the sake of argument… it’s a simple number for your simple brain. You’ll have to pay at least 20% up front. That’s 100k in my example. However, that’s quite an unreasonable thing to do in recent years, so I better suggest your downpayment be more than 30%, or 150k in this example. Generally, 40% is s very good downpayment in terms of long term financial security… that’s already 200k. So yes. 200k is what the average person should expect. 20k wouldn’t even get you the land.

          • YoBuckStopsHere@lemmy.world
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            1 year ago

            Oh, now a basic home isn’t good enough for you. Let me guess, it needs a swimming pool, three car garage, and a finished basement, too.

            Yes, $20K down will get you a standard 3 bedroom home. You want to have a McMansion which is unaffordable for 99% of the American public.

            • ccunix@lemmy.world
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              1 year ago

              There comes a point where a basic house is not enough. For example, someone who starts a family and career before buying late.

              By the time I bought my first house I had 2 teenagers, a work from home job (need a dedicated office) and a sick mother-in-law who is dependent on us. Add to that, I am an expat, so I want my sister to be able to come and visit (a nice-to-have I admit). The “starter” home for my family has 5 bedrooms!

            • MucherBucher@feddit.de
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              1 year ago

              20k will not get you a 3 bedroom home. Do you by chance live in West Virginia? Their median home values is under 200k, and even then, 20k won’t get you there. Trust me homeboy, 20k will not get you far, not even in the cheapest of regions.

              The median US house value is 430k. The lowest legal downpayment is 3%, but that’s plain stupid. Financially, anything under 20% makes no sense. Your mortgage will be super high and you’ll have to pay for morgage insurance which you don’t have to do if you do a downpayment above 20%.

              Also, if it’s so cheap and easy to buy a house, why isn’t everyone buying a house right now? The majority of millenials and forward are renting and you’re telling me half a year of rent is enough for them to get a house? Clearly they would have figured that one out by now.

              Just so you understand my living standards. I do not own a car at all. I could financially afford one, but that wouldn’t be a sensible investment.