I just realized I can't afford to buy my own house

last year

What with the crazy price increases the past few years and climbing interest rates. For all the complaining I do about the money I've put into it so far, I'm thankful I bought when I did -- the current interest rate is double what mine is, that makes a huge difference on a mortgage. (And no, I can't afford to pay cash....those of you who are, count your blessings)

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Toronto Veterinarian

last year

"His landlady recently told him she wants to sell and offered it to him exclusively first."

That was a nice gesture; glad he's able to take the opportunity.

Comments (15)

jrb451
last year
last modified: last year
I feel sorry for the lessees and renters faced with significant increases and them not being able to purchase a home because of the increases in the home buying market.
mxk3 z5b_MI
Original Author
last year
^^ Agreed. I maintain there is not actually a lack of housing; rather, there's a lack of AFFORDABLE housing. Big difference there....
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functionthenlook
last year
I just looked at a mortgage calculator on my house. HA HA no way!
rich69b
last year
You're not alone. Our house value went up more than double (per zillow, but neighborhood home sales support this) since we bought in 2014. Definitely cannot afford that.
Toronto Veterinarian
last year
last modified: last year
That's been my experience after about 2 years of ownership of every home I've ever owned. Housing prices have increased faster than my income/buying potential. I've been able to afford my next home primarily by moving to either a smaller home or a less expensive neighbourhood.....then those prices increased too.
cooper8828
last year
DH and I were just talking last night about how glad we were that we already have a house. Prices have jumped so much and now mortgage rates are also up.
cjaxx
last year
muahaha I just checked zillow and they give an estimate more than $350K more than I bought the house for 6 years ago (I'm sure the estimate is bogus, but still). So no way I could afford my house now. Glad I grabbed it when I did!

On the other hand my son has been renting a house. His landlady recently told him she wants to sell and offered it to him exclusively first. The price she wants is a little high but still reasonable for the neighborhood. Even with interest rates going up he's going for it. Rent has skyrocketed in his area and it will still be cheaper for him to pay the mortgage on the house than to rent something similar again. ... and he really doesn't want to move LOL
nancylouise5me
last year
We would not be able to purchase our home now either. Purchase price was 176k 30 years age. Now the starting price range is anywhere from 8000k-900k and that is without an ocean view! Interest rates do not seem to factor in to people buying in our area. Lack of housing and desirability of a coastal town are the main factors. Out of state buyers are making the majority of houses purchased.
aziline
last year
last modified: last year
We built 4 years ago and our house is worth almost triple that now. Our little area avoided the previous housing spikes but not this one. Prices started going up just as we started building (when building costs went up) and then went super high in the last year or so.

Now I'm mainly curious if people will follow the same path as people I knew in Southern CA when prices went high the first time and lots were taking out home equity loans, or refinancing, to buy toys.
Terri Clark
last year
I just bought my house in January. We did get a great deal because there was some major retaining wall work to do. We did that, and now with interest rates and the increased value and zestimate, which is accurate, no way could we afford to buy it now!!
jrb451
last year
For those that live in an area that annually taxes real estate, have your annual taxes increased in lock step with property values? Where I live, property taxed value is frozen at the age of 65. If you’re younger, taxed value cannot increase more than 5% between times of assessment.
functionthenlook
last year
last modified: last year
Our tax assessment goes up only when the county does a county wide assessment. Not when you buy an existing home. The last assessment was 2013. There is no routine years that they do assessments. The next could be 2023 or 20 years from now. It takes a lot of man power, time and money to assess every single property in the county.

If you purchase a new home or remodel you are taxed on the current value.

The people who live in the city are screaming. The city is now using the purchase price for taxes. So you could buy a house and pay double or more than the exact same house next door.
aziline
last year
last modified: last year
Our taxes took a big hike last year for the first time. My DH and his brothers own some apt buildings together and they had to raise the rents $30 a month just to cover taxes. No, it's not a ton but all the buildings are 1970s or older and in the mid to lower rental market.
elcieg
last year
I couldn't afford to sell my house now. Yep, I'd make a bundle, but where would I go? I would wind up spending more for less.

I just realized I can't afford to buy my own house

Toronto Veterinarian

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jrb451

mxk3 z5b_MI
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I just realized I can't afford to buy my own house

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mxk3 z5b_MIOriginal Author

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