Are house prices dropping??

justforfun87

Tue, May 21 2024, 9:11 am

Home ownership in America was a status for those middle class folks who put in the effort. Now it is no longer obtainable to own a home when middle class. Jobs like nursing, Pt, Ot, etc with nice salaries do not pay enough to afford homes that are 600k +. I am a nurse and after benefits my check comes out to appx $2500. How could I possibly afford a 5k mortgage?

The whole culture is going to have to change where you no longer feel like you haven't "made it" cause you don't own. Look at Israel, from my understanding lifetime renting isn't looked down upon.

amother

Maize

Tue, May 21 2024, 9:16 am

amother Chicory wrote:

Thank you so much!
Do I need to go through a financial planner or I can do on my own? Are they all safe? Or you can lose money too?

Yes. Any savings account or CD I’d FDIC insured up to $250,000. Not every bank or credit union is open to all consumers.

amother

Denim

Tue, May 21 2024, 10:01 am

justforfun87 wrote:

Home ownership for most people is or wasn't a "status" symbol.

While people might buy a fancy home as a "status" symbol, the reality is that historically it has represented the best way to accumulate some form of wealth for working and middle class people.

Under the traditional economic model, people bought a house and paid off the mortgage and then had a substantial asset for retirement. Also - again historically - mortgage payments often ended a decade or more before retirement and so housing costs dropped drastically which enabled people to save larger amounts for retirement.

At this point, the cost of homes has increased beyond inflation so the cost of homes even adjusted for inflation exceeds the cost of homeownership a decade ago.

amother

Crystal

Tue, May 21 2024, 10:27 am

Some places have grants for first time buyers.

Baltimore does. There is also an organization called Chai here that will give interest free loans if you buy in certain areas and are of a certain income base. I've been told between the Chai loans and grants, it really helps with the down payments.

amother

Cantaloupe

Mon, May 27 2024, 11:22 pm

justforfun87 wrote:

2500 + Spouse wage maybe?

How much is your rent? (dont answer here, just calculate)