I know it sounds crazy, but anybody making 100k combined w/spouse

[D_House 0]

-40-

[KSB2424 3,148]

I've never seen a hearse pulling a u-haul

[Force of Two 0]

I make about 50K and my wife has been staying home with the kids for the last 5+ years and most likely won't go back for another 3-4 years and we are doing great. We own in a very nice 3 bedroom, 2 bath with about a half acre that we got right before the real estate boom while many of our friends are maxed out in McMansions in devolpments that don't even have a yard. We own 2002 and 2005 autos that are paid in full and have about 30K in money markets and mutual funds to hold us over.

 

Bottom line, if you don't waste time and money trying to keep up with the Jones' , you should be fine. No excuse for someone making over a 100K to be struggling unless they are wasting money on stuff they don't need.

 

Easier said then done when you were able to purchase a house prior to the housing boom.....If I was able to get into my house just 3 years earlier then I would have a ton of money in the bank.

[brinett9 0]

I've never seen a hearse pulling a u-haul

You should visit the South some time.

 

Good BBQ!

[Joe Carcuss 0]

Easier said then done when you were able to purchase a house prior to the housing boom.....If I was able to get into my house just 3 years earlier then I would have a ton of money in the bank.

 

True. My wife and I sometimes joke that we wouldn't be able to afford to move into our neighborhood if we were buying today. I feel sorry for the guys that couldn't afford to or waited to buy a house. Prices have finally started to come down but now that the interest rates are up and show no sign of coming back down anytime soon, houses in desirable areas are still not affordable.

 

That said, sometimes it is better to go smaller and save money then to tie up every cent into a "show" house....

[Electric Mayhem 35]

That said, sometimes it is better to go smaller and save money then to tie up every cent into a "show" house....

 

depends. If it will hold/go up in value than it is just another investment like anything else.

[Force of Two 0]

True. My wife and I sometimes joke that we wouldn't be able to afford to move into our neighborhood if we were buying today. I feel sorry for the guys that couldn't afford to or waited to buy a house. Prices have finally started to come down but now that the interest rates are up and show no sign of coming back down anytime soon, houses in desirable areas are still not affordable.

 

That said, sometimes it is better to go smaller and save money then to tie up every cent into a "show" house....

 

Cant agree with you more....Im complaining in the thread but its not really that bad....Daycare is the real headache but once thats gone and were able to go back to a single car payment at the most then things will open up. I firmly believe in buying a house in good area rather than a bigger or cheaper house in a bad school district crap area. My house is about 75K more than what I paid for it based on what other houses in the neighborhood are going for recently....so its not that bad.

[TheNewGirl 1,473]

True. My wife and I sometimes joke that we wouldn't be able to afford to move into our neighborhood if we were buying today. I feel sorry for the guys that couldn't afford to or waited to buy a house. Prices have finally started to come down but now that the interest rates are up and show no sign of coming back down anytime soon, houses in desirable areas are still not affordable.

 

That said, sometimes it is better to go smaller and save money then to tie up every cent into a "show" house....

 

But even the smaller houses aren't that great around here. Something that's 900 sq ft is STILL selling for over 250 or 300K. My brother is single and was looking into buying a home and BARELY qualifies for 300K on his own. Now, it's his own problem that he wants a bigger house and not buy a condo or something, I know that. But some people don't have a choice and weren't lucky enough to get in, or not old enough, before the housing boom.

[Joe Carcuss 0]

depends. If it will hold/go up in value than it is just another investment like anything else.

 

But if you can't afford to make the mortgage payments, then it won't be an "investment" for very long and you won't ever really get to profit from it. Most people in that situation run up huge credit card debt and wind up using any profit made from selling their homes to get even.

 

Never go for the "max" you are approved for. Banks will approve people for way more then they can afford because they know they can always take the house.

[Force of Two 0]

But if you can't afford to make the mortgage payments, then it won't be an "investment" for very long and you won't ever really get to profit form it. Most people in that situation run up huge credit card debt and wind up using any profit made from selling their homes to get even.

 

Never go for the "max" you are approved for. Banks will approve people fro way more then they can afford because they know they can always take the house.

 

Again completely true....

[Joe Carcuss 0]

But even the smaller houses aren't that great around here. Something that's 900 sq ft is STILL selling for over 250 or 300K. My brother is single and was looking into buying a home and BARELY qualifies for 300K on his own. Now, it's his own problem that he wants a bigger house and not buy a condo or something, I know that. But some people don't have a choice and weren't lucky enough to get in, or not old enough, before the housing boom.

 

That sucks.....he may have to consider moving to another area where property is cheaper. Unless you travel a lot, paying rent is the worst waste of money anyone can do. All you do is create equity for someone else while throwing away thousands of dollars that you can never get back.

[brinett9 0]

Look at the long term situation on a fixed mortgage. I bought a smallish house for $250 in 2001, refied a couple of times.

 

Five years later, you can't get an apartment here for my mortgage payment.

 

The mortgage payment will stay the same for 25 more years. Taxes and insurance will go up a bit.

 

Imagine what my housing cost will look like in 10 years! I don't know the future, but it seems likely that my mortgage will be chicken feed compared to most people's housing costs.

 

And yes, I plan to stay in this house.

[Joe Carcuss 0]

Look at the long term situation on a fixed mortgage. I bought a smallish house for $250 in 2001, refied a couple of times.

 

Five years later, you can't get an apartment here for my mortgage payment.

 

The mortgage payment will stay the same for 25 more years. Taxes and insurance will go up a bit.

 

Imagine what my housing cost will look like in 10 years! I don't know the future, but it seems likely that my mortgage will be chicken feed compared to most people's housing costs.

 

And yes, I plan to stay in this house.

You did the right thing. I have a few single buddys that are still waiting for the "bubble to burst" and haven't bought yet. I keep telling them that so called "bubble" is NEVER going to burst outside of some really over priced areas of Cali, NYC, etc....otherwise safe communities with good schools will continue to stay the same or go up. The sooner you buy, the more you save in the long run!

[brinett9 0]

You did the right thing. I have a few single buddys that are still waiting for the "bubble to burst" and haven't bought yet. I keep telling them that so called "bubble" is NEVER going to burst outside of some really over priced areas of Cali, NYC, etc....otherwise safe communities with good schools will continue to stay the same or go up. The sooner you buy, the more you save in the long run!

Yeah, you have to weigh:

 

Articles in dumbass magazines

 

vs.

 

300 years of continuous property value increase (Boston area)

[Mr Steak 0]

Wife and I have always had a problem saving cause we like to spend money. Doesn't matter how much income we have, always goes out. Oh well, might as well enjoy it.

[brinett9 0]

I'm largely relying on the 'getting hit by a bus' method of retirement planning.

[Patriotsfatboy1 1,432]

I can see it being an issue. Two people, each making $50k a year with two kids in daycare could easily run into problems by living in an area where home prices are high. While you have to live within your means (whatever those are), I could see people living paycheck to paycheck very easily.

 

However, I also see people living paycheck to paycheck on $300k per year.

 

My wife stays at home and I figure that we break even on that deal in that I don't have to pay for daycare, babysitters, or deal with the issue of a sick child being sent home. I pull in the $$ for the family and it is not a problem. I make more than $100k (who doesn't on this board) and we don't spend nearly as much as we could be spending. But I could definitely see this type of thing happening even with conservative spending.

[Gephardt69 0]

100k? just ask latrell spreewell or carmelo anthony how tough it is to get by on 70-100 times that! plus all the lottery winners who take a lump sum then wind up in poverty 5 years later. based on that I'm not sure how anyone could scrape by on a mere 100k.

[TheNewGirl 1,473]

That sucks.....he may have to consider moving to another area where property is cheaper. Unless you travel a lot, paying rent is the worst waste of money anyone can do. All you do is create equity for someone else while throwing away thousands of dollars that you can never get back.

 

While I agree with you, I have to say that there are very few places that are "cheaper" these days. In almost all of CA, good luck finding something cheaper. That said, my brother is CLEARLY a momma's boy and will probably NEVER move away.

[Alias Detective 1,394]

yes

[[echo] 82]

my wife and i are at about 160k

[TheNewGirl 1,473]

On 4/24/2006 at 8:51 AM, TheNewGirl said:

 

While I agree with you, I have to say that there are very few places that are "cheaper" these days. In almost all of CA, good luck finding something cheaper. That said, my brother is CLEARLY a momma's boy and will probably NEVER move away.

HA! This is funny, as he did move away about 5 years ago. After being stuck in a home that he bought, and then the market crashed and he was under about $200k. Messed up his credit and just this year is trying to buy a house again in a new state, married with two kids now, too. 

[edjr 6,580]

in 2006, my soon to be wife and I were making right around 100k and I owned nothing, lived in an apt and had no dishwasher

My baby momma and I make twice that now and own multiple properties and cars

[RLLD 4,201]

Income is relative to location too.

[MLCKAA 565]

Combined we make $255k per year before any bonuses.

However, that number was dramatically lower just 5 years ago.  We got comfortable living lean and now, as a result, we’re debtless with all this income.  Just made the only splashy purchase of our lives recently.

Kids are the finance killer.  When they’re young it’s diapers and daycare.  When they’re older it is hobbies, sports, clubs, cars, college.

[JustinCharge 2,397]

take out a big fat a s s mortgage and buy crypto.  at least thats what ive been told.

[EternalShinyAndChrome 4,040]

On 4/23/2006 at 8:42 AM, Force of Two said:

Try nearly 140K...and still living paycheck to paycheck....(I cant wait for my youngest to start school)

 

On 4/23/2006 at 8:46 AM, swirvenirvin said:

Either you live in a very high priced area or you are wasting money on expensive cars and a house you can't afford

Pretty sure it's probably blow and hookers.

[JustinCharge 2,397]

On 4/24/2006 at 7:46 AM, Force of Two said:

 

Easier said then done when you were able to purchase a house prior to the housing boom.....If I was able to get into my house just 3 years earlier then I would have a ton of money in the bank.

Go on zillow.  look at washington state.  price range 185k to 250k.  tons and tons of homes.  

usually the response to this is either "oh i need a mcmansion" or "its too far away".  see, living beyond your means is what you are telling me.

[Strike 5,439]

1 minute ago, JustinCharge said:

Go on zillow.  look at washington state.  price range 185k to 250k.  tons and tons of homes.  

You obviously don't mean Seattle.

[JustinCharge 2,397]

42 minutes ago, Strike said:

You obviously don't mean Seattle.

like i said, its met with one of 2 responses.  you just chose "its too far away".