I live in Michigan (where the market SUCKS in every aspect) and orginally bought my home for $60,000 and after 3 years refinanced it at $100,000 (yes I have/had that much equity) to get rid of credit cards/loans and make more improvements. Is $100,000 a lot to owe on a home? PS- I purchsed my home where I was 19, I am now almost 23. Tell me what you think!
2006-10-08 07:49:25 · 14 answers · asked by SadToday22 3 in Business & Finance ➔ Renting & Real Estate
I don't know anyone who owes so little on their home! Assuming your home isn't a total dump, I wouldn't be at all worried about owing that much on your home.
2006-10-08 07:52:20 · answer #1 · answered by annika_grace 3 · 1⤊ 0⤋
It depends on the area... In my area 100k would be a fortune to owe on a home that you bought 3 years ago at 60k. If you owe more on your house than you could get for it if you sold it, then you owe too much.
2006-10-08 07:52:47 · answer #2 · answered by ? 5 · 0⤊ 0⤋
No and if the bank refinanced then the home is worth atleast the amount you owe.
2006-10-08 09:36:54 · answer #3 · answered by Not Laughing w/ U 3 · 0⤊ 0⤋
It depends on your income. If you have enough to support it - no worries. If you are barely making ends meet, then maybe it is a lot to owe. Also, look on Zillow and see what your house is worth. You do not want to be upside down and not enough income to support it.
2006-10-08 07:56:34 · answer #4 · answered by Vegas 2 · 0⤊ 0⤋
In Michigan it is, I just saw a home on craigslist.com in Michigan and it was selling for about $17000. But maybe you are in a better area.
2006-10-08 09:59:51 · answer #5 · answered by T-girl 3 · 0⤊ 0⤋
If you owe more than what your house is worth, then yes.
2006-10-08 07:58:00 · answer #6 · answered by NickyO 3 · 0⤊ 0⤋
No, sounds about right for an average home.
2006-10-08 07:51:30 · answer #7 · answered by starrynight1 7 · 0⤊ 0⤋
100,000 is not a lot for a house. houses in my area are at an average of 175,000 to 220,000
2006-10-08 07:51:21 · answer #8 · answered by Coltsgal 5 · 0⤊ 0⤋
Depends on your income. Your payment should be no more than 35% of your gross pay.
2006-10-08 08:03:21 · answer #9 · answered by green star 3 · 0⤊ 0⤋
yes
2006-10-08 07:56:28 · answer #10 · answered by matt 2 · 0⤊ 0⤋