If you recently bought a house for $500k+

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

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

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.

amother

Clover

Mon, Jul 24 2023, 11:46 am

amother Pearl wrote:

What's your mortgage payment

With taxes and insurance about $4400. Obviously we’re hoping to refinance when rates drop.

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.

amother

Plum

Mon, Jul 24 2023, 11:52 am

amother Pearl wrote:

What's your mortgage payment

How did you get such a great rate? Who is your mortgage broker?

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.

amother

Yarrow

Mon, Jul 24 2023, 11:56 am

amother Mistyrose wrote:

bought at 1.6

put down 800k

paying 8k a month mortgage

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

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

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

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

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

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.

amother

Orchid

Mon, Jul 24 2023, 1:23 pm

amother Papaya wrote:

Just curious where in Brooklyn did you sell for that amount?

nicole81

Mon, Jul 24 2023, 1:52 pm

amother Rainbow wrote:

Ok, we all make decisions based on our priorities but it's not unfair. Not everyone can afford housing in prime locations.

nicole81

Mon, Jul 24 2023, 1:55 pm

amother Pearl wrote:

Where

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?)

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

nicole81

Mon, Jul 24 2023, 2:03 pm

amother Lotus wrote:

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.

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?"

amother

DarkCyan

Mon, Jul 24 2023, 2:05 pm

amother Peru wrote:

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.