How to afford a $400k house? Are most people in these "house-poor" or stuck with ARM about

Credit and mortgage advice Forums Home Insurance How to afford a $400k house? Are most people in these "house-poor" or stuck with ARM about

Viewing 0 reply threads


  • Author
    Posts
    • #367942
      Anonymous
      Inactive

      I don’t mean to sound like a wide-eyed country bumpkin or anything, but I was recently walking around the NW side of Chicago (near where the brown line terminates) and it seems like every new house (mostly teardown-and-rebuild jobs) is going for $ 400k-500k. And I realize homes in CA are often double that.

      I make about double the average salary for my town (won’t say where, but in the midwest US, population about 100,000 people), and my house cost well under $ 200k, and I’m certainly not left with tons of money left over at the end of every month.

      So…do the people in these houses all earn over $ 250,000? Or do they all pay 80% of their net income towards the mortgage and eat peanut butter sandwiches? Or are they all pinned under some sketchy mortgage and about to lose the property?

      Obviously I know that this question can’t be answered for “all” people in homes that cost that much. I’m just looking for a couple of realistic examples of how people can afford such a property.



Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password