|
|
|
|
|
Forum
-> Inquiries & Offers
-> Moving/ Relocating
amother
Pearl
|
Mon, Jul 24 2023, 11:41 am
amother Clover wrote: | Closing on a house this week.
640k house
20% down, no help.
$300k gross income
5.8 interest rate
~$50k a year in child care costs. |
What's your mortgage payment
| |
|
Back to top |
0
0
|
amother
Pearl
|
Mon, Jul 24 2023, 11:41 am
nicole81 wrote: | Move somewhere affordable. Still places with houses in the 200s and 300s. You just may not want to take the leap. |
Where
| |
|
Back to top |
0
2
|
amother
Rainbow
|
Mon, Jul 24 2023, 11:44 am
nicole81 wrote: | Move somewhere affordable. Still places with houses in the 200s and 300s. You just may not want to take the leap. |
My husband and I are very quiet, shy people. We haven’t made any new relationships in years. I can’t just pick up and move - we would be so lonely. We need to stay in town where our family and friends are but can’t afford anything but a small apartment here.
| |
|
Back to top |
0
1
|
amother
Clover
|
Mon, Jul 24 2023, 11:46 am
With taxes and insurance about $4400. Obviously we’re hoping to refinance when rates drop.
| |
|
Back to top |
0
0
|
amother
Viola
|
Mon, Jul 24 2023, 11:49 am
amother Plum wrote: | How did you get such a good interest rate? |
It was through a special program at my husband’s firm.
| |
|
Back to top |
0
0
|
amother
Plum
|
Mon, Jul 24 2023, 11:52 am
How did you get such a great rate? Who is your mortgage broker?
| |
|
Back to top |
0
0
|
amother
Clover
|
Mon, Jul 24 2023, 11:53 am
amother Plum wrote: | How did you get such a great rate? Who is your mortgage broker? |
We went through a large bank where a close family member has money so they gave us a preferential rate.
| |
|
Back to top |
0
0
|
amother
Yarrow
|
Mon, Jul 24 2023, 11:56 am
Do you have very high insurance?
We just bought recently, have a mortgage a little under 1.1 mill - and our payments are aprox $7500 monthly. In Brooklyn
| |
|
Back to top |
0
0
|
amother
Green
|
Mon, Jul 24 2023, 11:56 am
amother Rainbow wrote: | This thread is so unbelievably depressing. I need to stop reading it, it makes me too angry at our situation. How is fair that because we didn’t have the money to buy a house last year, housing is now utterly unaffordable? |
Many many families are in the same position.
Our income is about 7k a month (some months less) and we have enough to live in our apartment but we have no idea how we will ever afford a house.
Its a luxury these days.
I try to focus on what I do have Baruch Hashem
And I spend money making my apartment more organized and beautiful
| |
|
Back to top |
0
2
|
amother
Peru
|
Mon, Jul 24 2023, 12:07 pm
I bought dec 2022 rate 5.12 Manchester nj near lkwd, paid 508 put down 100k monthlys are 2800 but we have tenants paying 3k. No tuition yet. 3 kids under 4. Live in Brooklyn where 3 and 4 yr olds are free
| |
|
Back to top |
0
1
|
amother
Plum
|
Mon, Jul 24 2023, 12:07 pm
amother Clover wrote: | We went through a large bank where a close family member has money so they gave us a preferential rate. |
Got it, Ty
| |
|
Back to top |
0
0
|
amother
Peru
|
Mon, Jul 24 2023, 12:08 pm
Adding our income was 90k at the time husband in kollel but they accepted his kollel checks as income so we qualified that way. He has since got a job
| |
|
Back to top |
0
0
|
amother
Papaya
|
Mon, Jul 24 2023, 12:59 pm
6 months ago we sold our house in Brooklyn for $830k and bought a house in 5 towns area
Paid $999k
Put down about $400k
Interest rate was scary probably like 6. Something
Mortgage is about $5000 a month
4 kids, 4 tuitions
Not sure our income dh is a business owner but I’m guessing $400k?
Additionally-my parents gave us $ towards the down payment and extra costs etc
It’s our second home and we are in our 40s
Hanging on until rates drop hopefully, it’s never simple or easy and I’m sure many many young couples get help.
| |
|
Back to top |
1
0
|
amother
Orchid
|
Mon, Jul 24 2023, 1:23 pm
amother Papaya wrote: | 6 months ago we sold our house in Brooklyn for $830k and bought a house in 5 towns area
Paid $999k
Put down about $400k
Interest rate was scary probably like 6. Something
Mortgage is about $5000 a month
4 kids, 4 tuitions
Not sure our income dh is a business owner but I’m guessing $400k?
Additionally-my parents gave us $ towards the down payment and extra costs etc
It’s our second home and we are in our 40s
Hanging on until rates drop hopefully, it’s never simple or easy and I’m sure many many young couples get help. |
Just curious where in Brooklyn did you sell for that amount?
| |
|
Back to top |
0
2
|
nicole81
|
Mon, Jul 24 2023, 1:52 pm
amother Rainbow wrote: | My husband and I are very quiet, shy people. We haven’t made any new relationships in years. I can’t just pick up and move - we would be so lonely. We need to stay in town where our family and friends are but can’t afford anything but a small apartment here. |
Ok, we all make decisions based on our priorities but it's not unfair. Not everyone can afford housing in prime locations.
| |
|
Back to top |
0
2
|
nicole81
|
Mon, Jul 24 2023, 1:55 pm
Im sure there's more but off the top of my head:
South Bend
Detroit
Waterbury
Rochester
Scranton
Maybe:
Milwaukee
St. Louis
The Kansas community (Overlook park?)
| |
|
Back to top |
0
1
|
amother
Lotus
|
Mon, Jul 24 2023, 1:59 pm
nicole81 wrote: | Ok, we all make decisions based on our priorities but it's not unfair. Not everyone can afford housing in prime locations. |
What is unfair is that people who happened to buy prior to this craziness were able to get a house. Whoever didn’t decide to buy then are stuck.
Life’s not fair, but when it’s you in the stuck position, it’s a lot suckier than those on the outside
In lakewood, people have literal mansions that they bought for way under a million less than two years ago. Now people in the same exact financial situation are trying to put every penny that they have into tiny houses that need tons of work.
It’s hard to swallow
| |
|
Back to top |
1
7
|
nicole81
|
Mon, Jul 24 2023, 2:03 pm
amother Lotus wrote: | What is unfair is that people who happened to buy prior to this craziness were able to get a house. Whoever didn’t decide to buy then are stuck.
Life’s not fair, but when it’s you in the stuck position, it’s a lot suckier than those on the outside
In lakewood, people have literal mansions that they bought for way under a million less than two years ago. Now people in the same exact financial situation are trying to put every penny that they have into tiny houses that need tons of work.
It’s hard to swallow |
Hard to swallow, definitely can see that. But we have different concepts of what's "unfair."
You have a choice to purchase a much bigger and newer home in a different community. And then watch the value skyrocket as that community grows. It's how frum real estate works.
| |
|
Back to top |
0
0
|
GLUE
|
Mon, Jul 24 2023, 2:04 pm
nicole81 wrote: | Im sure there's more but off the top of my head:
South Bend
Detroit
Waterbury
Rochester
Scranton
Maybe:
Milwaukee
St. Louis
The Kansas community (Overlook park?) |
Are fa miler with these communities, as in you know what the average price of a house is?
Or are you basing it off stuff you heard?
The reason I am asking is because I have know idea what the average house in any of these communities are.
I just see all the time someone posts that so and so community is affordable and people who live there are "were can you get a house for that Price?"
| |
|
Back to top |
0
1
|
amother
DarkCyan
|
Mon, Jul 24 2023, 2:05 pm
amother Peru wrote: | I bought dec 2022 rate 5.12 Manchester nj near lkwd, paid 508 put down 100k monthlys are 2800 but we have tenants paying 3k. No tuition yet. 3 kids under 4. Live in Brooklyn where 3 and 4 yr olds are free |
Are you planning on moving there eventually or did you just buy it as an investment home?
Did you have anyone advise you?
I would love to do this.
I can't afford in Brooklyn, can't move right now, but I have >100k put away.
| |
|
Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
| |
|
|
|
|
|