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The Scuppers This is a new forum for the not necessarily fishing related topics... |
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09-02-2019, 04:37 PM
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#31
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Seldom Seen
Join Date: May 2001
Posts: 10,505
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Quote:
Originally Posted by The Dad Fisherman
That's not what I said, I said it costs $14 an hour to pay for that mortgage.
Posted from my iPhone/Mobile device
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14 net I believe is what you mean?
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“Americans have the right and advantage of being armed, unlike the people of other countries, whose leaders are afraid to trust them with arms.” – James Madison.
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09-02-2019, 04:45 PM
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#32
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Registered User
Join Date: Sep 2003
Location: Libtardia
Posts: 21,591
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Quote:
Originally Posted by The Dad Fisherman
If we round up to $15 an hour and assume a third of your salary goes towards it, that means you can afford it at $45 an hour, which is well below $100 an hour.
Posted from my iPhone/Mobile device
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You did it! Congrats !
Posted from my iPhone/Mobile device
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09-02-2019, 05:02 PM
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#33
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Super Moderator
Join Date: Sep 2003
Location: Georgetown MA
Posts: 18,189
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Quote:
Originally Posted by nightfighter
14 net I believe is what you mean?
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Yep. Which I could have been clearer on. So probably closer to $18-$19 gross.
Someone is laboring under the delusion you need to make $208,000 a year to afford it, or that for some reason people working at Micky-D's are entitled to a half million dollar home.
Last edited by The Dad Fisherman; 09-02-2019 at 05:26 PM..
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"If you're arguing with an idiot, make sure he isn't doing the same thing."
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09-04-2019, 05:53 AM
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#34
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Registered User
Join Date: Jan 2006
Posts: 1,698
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Spent most of my life building homes.......right now we are finishing up a 34 lot subdivision.....all sold out in two years. Lots of first time home buyers. I have no clue as to the income these young people are making. These are not starter homes like myself and others built in the seventies, when we couldn't afford to have it all. These first time buyers today want and expect a lot more when they buy a new home. Two car garages, central ac, granite countertops, three bathrooms, hardwood floors throughout, custom kitchen... most are driving brand new vehicles to boot. In this market it would be very difficult to build/sell a basic home without the amenities above.
Kind of like poor people today as opposed to when I grew up.
Todays poor people are overweight, wear brand new clothes/shoes, have cars and cell phones, jewelry, tatoos, ebt cards...My how times have changed.
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09-04-2019, 02:19 PM
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#35
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Registered User
Join Date: Nov 2000
Location: Warwick RI,02889
Posts: 11,757
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GEEZ I thought I was in the political forum by mistake ><><>
buying more than you can afford put me thru my wifes final years <><><
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ENJOY WHAT YOU HAVE !!!
MIKE
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09-04-2019, 06:43 PM
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#36
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Moderator
Join Date: Oct 2000
Location: 4 hours from my favorite place
Posts: 5,366
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Quote:
Originally Posted by Clammer
GEEZ I thought I was in the political forum by mistake ><><>
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holy &$%* I thought the same thing!
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Simplify.......
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09-05-2019, 01:45 AM
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#37
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Registered User
Join Date: Nov 2003
Location: RI
Posts: 21,231
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Quote:
Originally Posted by The Dad Fisherman
Yep. Which I could have been clearer on. So probably closer to $18-$19 gross.
Someone is laboring under the delusion you need to make $208,000 a year to afford it, or that for some reason people working at Micky-D's are entitled to a half million dollar home.
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Close to it, I think I applied the 30% after tax which raised it a bit.
480,000 principal + PMI @5% (likely much higher for a first loan) @30 years = 2577/month
10k average real estate taxes + 2k average property insurance = 12k
Monthly payment = 3,670
30% threshold = x*.30 = 3670 = 12,233/month gross
146,796/yr / 2000 hrs = 73.4 an hour gross wage.
Which is likely low as I don't think a first time home buyer with that size of a loan is even going to get 5%, so the answer is likely over 80/hr.
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09-05-2019, 06:27 AM
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#38
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Registered User
Join Date: Jan 2006
Posts: 1,698
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The idea of a first time home buyer purchasing a $480,000 home with little or no down payment is just plain stupid. They should be looking at an older existing home at half that price.
Anyone planning to buy a home should be saving every dollar they can towards their downpayment. You dont just decide you want it and must have it......you have to save and sacrifice......and not expect it to be laid at your feet because you deserve it.
We are building new homes right now, with all the amenities, in the high 300's, and they are selling faster than we can build them. So thats $100,000 less than the example given.
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09-05-2019, 09:53 PM
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#39
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Moderator
Join Date: Oct 2000
Location: 4 hours from my favorite place
Posts: 5,366
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Quote:
Originally Posted by spence
Close to it, I think I applied the 30% after tax which raised it a bit.
480,000 principal + PMI @5% (likely much higher for a first loan) @30 years = 2577/month
10k average real estate taxes + 2k average property insurance = 12k
Monthly payment = 3,670
30% threshold = x*.30 = 3670 = 12,233/month gross
146,796/yr / 2000 hrs = 73.4 an hour gross wage.
Which is likely low as I don't think a first time home buyer with that size of a loan is even going to get 5%, so the answer is likely over 80/hr.
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I admittedly edited my entire grumpy old fart post.....So let's start over ....if the old rule of thumb is 30% of your income is what you can afford for mortgage it means if you make $100K a year that would equal a $$2500 a month mortgage which to me at least seems a little high since a third goes to taxes and a third to pay everything else and live on. 16 years ago we were approved for a home loan twice what we knew we could comfortably afford or roughly $350K....glad we didnt do it. Many ended up in foreclosure, bankruptcy or both, never to own the "dream".
Last edited by Jenn; 09-05-2019 at 11:09 PM..
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Simplify.......
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