I mean a 180,000 home is approx 1500/mo, and someone making 32,000 gets paid about 2 grand/ mo after taxes.
2007-07-08 18:48:11 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I grew up in a motel, then moved to an apartment. We had trouble with $500 a month with food and other bills, I don't know how people do it, but right now an apt. is a mansion to me.
2007-07-08 18:58:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hmmm... The average also includes billionaires like Bill Gates and Warren Buffett, and multimillionaire corporate CEOs who inflate the average number. I think we should look at median income more than average. Most entry-level full time jobs I see advertised offer salaries in the mid 20s, which is below average. Well, you did say first home age person not first job person so I guess you're right.
With first-time home buyer programs (and of course, a working spouse) it's doable if you've been working and saving for 5-10 years. But I don't see incomes keeping up with prices at this rate. Maybe repos will be the answer.
2007-07-10 04:47:44 · answer #2 · answered by Vulcan_guy 6 · 0⤊ 0⤋
The average person can't afford the average home but they can combine with a spouse if each makes 32K they will have 64K and can qualify for the loan then they can get roommates, rent out the garage for storage or work a second job to get more money.
Or the person could go ahead and earn more than average before buying a home. Average includes housewives students and retired people earning extra income so a young first home age person working full time should earn more than average.
2007-07-08 19:10:27 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
You're right- for lots of people, home ownership is out of reach without some form of help. It's much more difficult now than it was 10 or 20 years ago.
Sparkles- you are aware that in many, many cities you can't even find ANY homes for under $200,000? And that in states where such houses might exist, there may not be jobs? You can take your chances on foreclosures and auctions, but that's not an option for everyone.
2007-07-08 18:58:16 · answer #4 · answered by C-Man 7 · 1⤊ 0⤋
Maybe somebody gave them a large downpayment as a gift? Maybe Mom or Grandparents? Of course, they could've saved but I bet alot of people are getting those ARM's where they pay interest only for first 5 years.
Year 6 principal kicks in and the payment goes thru the roof.
2007-07-08 18:52:21 · answer #5 · answered by Belle 2 · 0⤊ 0⤋
Depends where you live. Believe it or not, there are homes in some states that are even below $50,000. Amazing isn't it. CA Lender
2016-05-17 09:15:51 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Ask your realtor about HUD repossesions. We just bought one for thirty-five thousand dollars. It has five bedrooms, two baths, LR, DR, huge kitchen, stockade fence around yard and a six car garage. Also has brand new windows, central air and water heater. It needs a little work, but for only thirty-five thou, we can do that.
Try it and see!!
2007-07-08 18:58:44 · answer #7 · answered by Anonymous · 1⤊ 0⤋
By not buying a $180,000 home. You buy something more you can afford.
C-Man, you are right, and I am sorry. I live where there are more affordable homes. I nanny for a couple who live in a $375,000 home, and mine is only $75,000.
2007-07-08 18:51:32 · answer #8 · answered by Sparkles 7 · 0⤊ 1⤋
Mortgage. You pay what you can, and then you pay the rest by instalments. It can take over 10 years to pay just the interest.
2007-07-08 18:52:45 · answer #9 · answered by Anonymous · 0⤊ 0⤋