>Make 95k a year >Only 12k in bank because I live in the

>>3464665
>Large corporation borrows and pools together funds to buy up housing near the city
>People have no choice because they have jobs
>Large corporation sends lobbyists to city/county to fight for increased regulation
>New builders have trouble getting into the market
>Riskless gains for the corporation
>RIET ends up with yields of 2-4%, which is 25-50X earnings, effectively giving the investors massive ROI

>>3464709
>|
>|>
>|
>|3

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People in the most expensive parts of Manhattan pay upwards of $80,000+ a month for commercial retail space. A good sized retail space for your average sized store in Soho just sold for $150 million to a hedge fund!. And they say fucking crypto is a bubble? Lol please

>>3464665
You are literally me. Down to the dollar figures.

>>3464665
Because everyone is either in section 8 housing or has no problem getting a loan and paying a mortgage. We know a couple in their 20s with debt on 4 credit cards, 2 kids, and they just bought a $300k house. It'll be a domino effect when this tech startup bubble bursts. Bunch of jobs will be lost, they'll all default on their loans, bubble will burst, and hopefully you'll be in a position to buy 5 houses anon. Hopefully.

>>3464753
I wonder
Would taking out a loan for the closing costs of a decent place be advisable if the combined mortgage + loan would be lower than what I am paying now in rent or is there some way that that would bite me in the ass?

>>3464665
You think you have it bad?
I live in capital of east european country, in one of better districts.
And i pay for my 65sq m (700sq ft) apartment about as much
as I would have for same size apartment in Shinjuku/Shibuya area.
With the difference being we earn around 6/7 times less than Japanese do.

>find a 250K mansion-like house an hour away from the city
>buy it
>don't be a pussy and be able to endure an hour drive going to work and an hour drive going back home

>>3464774
Borrowing the down payment will likely show up in the credit check used to qualify for the mortgage. It might work and it might not. Good luck.

>>3464795
>250k mansion
>hour away from the city
I actually burst out laughing

The only people with nice houses are the people that take the train in from PA. Everyone else that commutes is borderline suicidal. Albeit they do have nice suburb house but they are no mansions my friends they are also worth about 350-500k

>>3464665
how could you possibly be spending that much of your disposable income? What the fuck are you buying for 95k a year that you have no savings? Are you fucking retarded?

>>3464665
Sounds like you have a lot of debt or you're trying to go the conventional route for getting a loan. You may look into a government loan program like FHA but there are income caps and the house will have to be meet certain standards to qualify.

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>>3464665
>What the fuck happened to the housing market?
NI HAO LAOWAI

>>3464774
I would try to borrow from someone you know personally if you were going to try that.

You can work out a way to have the seller pay your closing cost in sales concessions but that will likely mean increasing the mortgage by the same amount.

>>3464665
Cheapest house in my city is $800k :(

>>3464665

Don't live in Jew york

I bought a nice 2700 sqft home, built in 2004, for 242k

It's lovely

>>3464665
Because liberals all want to live in cities and they're willing to take on life destroying debt to make it happen.

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>>3464927

The Jew doesn't stop lads

Your kids will have it worse

>>3464665
go look at houses 30-45 minutes outside the city. accept the commute, problem solved

>>3464665
My rent is $785/mo for a 1200 sq ft townhouse with a garage in a decent suburb that's a 25 minute drive to work downtown
Come to the rust belt brother

>>3464709

A lot of this.

Housing is a 10 to 12 year pump and dump. All the mortgage rules are set by the investment market.

I make 50k a year had 20k for a down payment and I was turned down for a home loan. Lol. Thanks Washington.

>make $120k in boston
>paid $700 in rent and saved 2/3 gross income
>bought house in backwater for $150k
>commute via boat down river takes ~30min door to desk

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How is this possible? Even in Toronto you'd be balling with $95k/yr if no wife or kids.

How the actual fuck do you only gave $12k saved?

Do you REALLY spend $5800 a month on living expenses?

$95k a year is $70k takehome pay in Ontario Canada where I live.

Do you really. Unironically spend $6k a month on living expenses? What the fuck do you buy? Please tell me.

>>3465037
Taxes widdle that down to 60k

Add medical and 401k deduction and it's now 55k

>developing country
>no detached houses or backyards
>only apartments, everywhere
>everywhere, as in, literally every available space in every city center is filled with apartments and/or blocks
>housing prices are through the roof and increasing exponentially
>nearly all home-owners take on gigantic loans as expected
>not even a bubble because people dogmatically believe that an apartment never, ever loses value
>and it really ever doesn't, self-fulfilling prophecy

You have it good, at least your markets get to crash and the prices return to normal every once in a while.

>>3465099
Taxes in Ontario Canada widdle it to $70k. Where do you pay taxes where they're more than Ontario?

>>3465099

How the fuck do you pay 36% tax on 95k? I'm single with standard deduction, 5 something % state tax, and pay around 25% total.

Also medical? What are you 65 with a family plan? You're end of any decent medical plan is like $100/m tops if you're healthy. If you make 95k then you have a decent medical plan, should be like $20/m.

And 401k is your own savings, plus usually you'll get 4% match. And don't forgot stock options / RSUs, ESPP if you have those.

I don't care where you live, if you make 95K and can't see how you can save more than half of that gross you are retarded. I'm not saying you'd want to give up what it takes to save, but you are arguing you can't.

>>3464927
This

>>3464763
So you're telling me if I get rich of crypto in a year or two I'll have the opportunity to become a real estate mogul as well?

Anon I am a Manhattan real estate broker, I'm glad to help let me be your buyers broker

>>3465161
95K tends to put you in the 30% federal tax bracket
then you have State city and EiT

When Trump says we are the highest taxed nation he is not shitting

>>3465174
Rent for a fucking studio is 1.8k
Rent for a 1 bedroom is about 2.4k starting
Parking and every other fee stacked on top along with car payments and medical not to mention supporting your parents and siblings. There are months I'm in the red

>>3465198
>Supporting parents and siblings
Kek

>>3465205
Parents were good terrible decisions yes but they are good people. Sister not so much so minimum support

>>3465198

You must have not paid tax yet. The 28% tax bracket starts at like 90k. There is no way you could pay close to 30% tax at 95k.

Also, you're complaining about parking and rent? If you live in any city where studios are $1.8k why are you driving? You should be able to walk to take public transport or you are paying city rents for nothing. And if you live outside the city you can find much cheaper rent.

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>>3464665

do you guys know how comfy it is to have bought the cheapest house in a nice neighborhood in california in 2013?

let me tell you, it's pretty fuckin comfy

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Fucking chinks have ruined london.

>Buying property
>Not living in it
>Not renting it out
>Not using it
>Pay cleaner once a year
>Borrow off the price increase
>Buy property from plans which aren't even constructed yet
>Repeat

>>3465293
>London
>Asians
towels or slants?

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>>3465306
I said chinks not asians

>>3465342
Wow just read chinks as asians I'vee been here too long

>>3465293
Are there still British people living in London? That's an eye-opener.

I tell everyone this all the time and no one cares. They bitch about gas prices, minimum wage, insurance, and everything under the sun besides housing.

The housing market became fucked the second wives started working.

Housing prices exist around the average household income of any area. This means the salary of 2 people. So if you're single, then you have to earn more than the average household in your area or you're sol. That's just for average housing.

So, you, as someone who makes more than most people, need to make as much as TWO people, to live AVERAGE.

It's fucked. Then if you're in an area with shitty demographics you get to live with McDonald's employee neighbors that crammed 6 people into their 1 bedroom apartment.

Want a 1 bedroom? That's 1000 dollars a month. Want a 2 bedroom? Ok, that's going to be 1100 dollars a month. WAIT WHAT?!

Luckily I don't have this issue anymore thanks to good fortune or whatever you want to call it.

>>3465447
My last apartments outside the city I actually had a 2 bedroom because it cost 1600 where as the 1 bedrooms were going for 1700 and were smaller

They were great and in a small town. I still don't understand the logic but supply and demand I guess

>>3465293
The returns don't seem great.

Houses around here at regular housing rent and not including taxes or repairs would take 15 years to pay off from rent payments.

15 years.

>>3465461
Right, they keep track of people interested and once the place is packed full they start cranking up the prices until they hit that perfect area where it just barely stays full.

Their sole purpose is to penny pinch until you have to move. It's where all of people's paychecks are going. That and they buy new cars every 4 years like idiots.

>>3465447

Niggeh if you're going to stay single buy a smaller fucking house

can you not see the glaring fallacy in your complaint

>>3464709
crony capitalism is the worst

>>3465487
Doesn't work like that. You have to go to the hood.

Where I am at now I make double average household income so a house is no problem, but where I moved from? I was living in a 600sqft apartment where people were shooting guns at each other on the weekends and robberies happened everywhere. Was paying what I'm paying now too.

>>3465509

Crony socialism means your life is literally owned by one fuckhuge corrupt government

I'll take some capitalist annoyance

>>3464815
>mansion-like
>like

I didn't say an actual mansion. I just mean a big house for similar price compared to OP listing.

Houston, Texas:
https://www.zillow.com/homes/for_sale/Houston-TX/28156230_zpid/39051_rid/100000-275000_price/365-1004_mp/globalrelevanceex_sort/30.365173,-94.644471,29.266633,-96.219636_rect/9_zm/

Oceanside, near San Diego:
https://www.zillow.com/homes/for_sale/Oceanside-CA/2092823538_zpid/6285_rid/200000-275000_price/730-1004_mp/33.592029,-117.023621,33.063061,-117.811204_rect/10_zm/

Lancaster, near LA:
https://www.realtor.com/realestateandhomes-detail/519-W-Avenue-H14_Lancaster_CA_93534_M21720-26125

Near New York:
https://www.zillow.com/homes/for_sale/Stratford-CT/57396246_zpid/14016_rid/100000-275000_price/365-1004_mp/globalrelevanceex_sort/41.326681,-72.93274,41.088537,-73.326531_rect/11_zm/

Some examples. Obviously not mansions, but they look like it compared to OP bullshit.

>>3465530

I live in the city, I know how it works. More space means more expensive, regardless of the fact that everything is inflated. Why are you comparing average home (average sized) price towards your individual case? Of course your average house is more correlated with average household income.

Shit's expensive around the city because it's where literally everyone wants to be. And the fervor is so intense that it makes prices unreasonable. Just go 20-30 minutes outside the city and settle.

I found a steal to rent from on craigslist in a nice ish area, took a little digging around but they exist. Commute is still good. Will wait for the next real estate crash/pullback to think about buying my first place.