Could you afford to buy your own home now?

[grapefruitjellybean]

Luckily we could. We bought our condo in 2014 and our townhouse in 2017. Both properties have doubled in price. I’m currently looking at houses and for $2m you’ll get a 3 bed 3 bath basic house that would need an additional $500k in renovations. I have no clue how our kids will be able to afford to buy anything.

 

[MamaBelle4]

Luckily we could. We bought our condo in 2014 and our townhouse in 2017. Both properties have doubled in price. I’m currently looking at houses and for $2m you’ll get a 3 bed 3 bath basic house that would need an additional $500k in renovations. I have no clue how our kids will be able to afford to buy anything.

House hunters is about to get a real gritty reboot.

 

[grapefruitjellybean]

House hunters is about to get a real gritty reboot.

At this rate they will live with us forever!

 

[otten]

Yes because we only bought it last year and besides that, we've been lucky enough to get some significant raises in the last year.

 

[LSUmiss]

Yes we are actually selling it now & buying another one about 70,000 more than the one we have. It’s a move that we had been planning for awhile & just happy we should get a decent amount for our current house.

 

[martikus]

Technically yes but we make a lot more than we did 14 years ago. If this was 14 years ago with todays prices we couldn’t even afford this town. The housing prices are insane now.

 

[Turn the Page]

We recently refinanced and basically, assuming the same interest rate and a purchase price of what it appraised for and assuming a 20% down payment we could afford our house on a 30 yr fixed.

Due to how much property values have increased since we bought we essentially only financed 50% of the value on a 15 year fixed. Assuming the above scenario the payment is about the same. We may be able to afford purchasing our home with the 20% downpayment at 15 years but it would be a stretch I wouldn't be comfortable with.

 

[paul127]

Yes, but with the market these days I would still be in the same boat. I like not having a big mortgage payment.

 

[Sweetpancake]

We definitely couldn't! We built our home about 4 years ago and we're so greatful we did at that time. We could have never forseen just how much homes would go up in price. My younger sibling just bought her first house and it was insanely expensive and she got WAY less than what we did a short 4 years ago.

 

[Miffy]

Probably not, and we just bought our house last fall! That's how much house prices have escalated where we live, and they so far haven't been affected by the rising mortgage rates. Low inventory and high demand here.

 

[DCLMP]

At this rate they will live with us forever!

Mine are 17 and 19 and I feel the same way. My husband wants to retire in Florida in 10 years and says we can give them this house. I'm not sure how he thinks we can afford that. I just take things one day at a time and hope for the best.

 

[kanerf]

It is silly to think about a 3 Bedroom 2 Bath cracker box is now an Estate based on the cost.

 

[soccerdad72]

We would be able to - but at the market we're in right now, buying something else would be a different story.

 

[Darcy03231]

No. We bought on a lake 7 (almost 8) years ago. Our value has increased by about 75%.

 

[MamaMermaid]

Doubtful. We bought in 2013 for $231k; Zillow says it's $514,700...

 

[Minnesota!]

Yes. We bought for 130 in 2014 or so? And it would sell for about 250 now. We want to sell and move out of the cities, but it is hard when everything is rooted here. Sigh. I could do a lot with that cash and the extra cash in my budget..

 

[TB'sWidow]

Nope

 

[Mysterian]

In these trying times, even this three bedroom, one garage beauty is roughly $200K.

 

[patm95]

We could afford it, but I don't feel it would be worth it at the current market value.

 

[longboard55]

I have been hearing this for the last 40 years