3 in 10? For you guys over 18, and still at home...

Publius pro tem

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The old rule of thumb was your mortgage should be no more than 3x your gross yearly income...
2X was always my rule of thumb.
And that's with interest rates below 8%.



That rule of thumb means I should make 200k per year to afford the home above...

I don't make any 200k per year.. but neither do a lot of the people who get qualified for these nutso mortgages.
Which is why I asked earlier - not so rhetorically - why 20% down with good credit is so wrong.
If you can't afford it, you can't afford it.

Nothing "unfair" about it, it's simple facts.



You gotta be insane to take on that kind of debt
If you can afford it - what's the issue?

How much do people spend on guitars?



when interest rates have nowhere to go but up
This is a GOOD thing - if you have a fixed-rate mortgage.
(As you should, if you have a rate under 5%)



and call that an investment!! :wow:
If you can afford it - you bet! :applause:
 

coldsteal2

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I'm about the same age as your daughter. I too was born Medford Hospital Rogue Valley Medical Center.

she was born august 78, i was working at The Blue Max
resturant as the diner chef at the time, so it was a quick
drive.
 

MineGoesTo11

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2X was always my rule of thumb.
And that's with interest rates below 8%.




Which is why I asked earlier - not so rhetorically - why 20% down with good credit is so wrong.
If you can't afford it, you can't afford it.

Nothing "unfair" about it, it's simple facts.




If you can afford it - what's the issue?

How much do people spend on guitars?




This is a GOOD thing - if you have a fixed-rate mortgage.
(As you should, if you have a rate under 5%)




If you can afford it - you bet! :applause:

If you can afford it, go nuts.. but that's the thing.. people who can't afford it are doing it.

I don't think sinking all of your net worth into real estate is a good plan though... diversification and all. We won't see a US style crash here, but current prices aren't sustainable, so people buying at the top are going to be looking at negative equity, and if they put all their eggs in the R/E basket, they'll be singing the blues a long while.
 

lucidspoon

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The old rule of thumb was your mortgage should be no more than 3x your gross yearly income...
That's where we're at, though I didn't use that calculation to determine what we could buy. More the debt-to-income ratio calcuations, but it works out about the same.

We played it safe though, and used just my income for the calculations, because my wife was (and still is) only working part time, but once she starts working as a nurse (hopefully in the next month or so), our mortgage will probably only be about 1.5x our income. :dude::dude::dude:

This is a GOOD thing - if you have a fixed-rate mortgage.
(As you should, if you have a rate under 5%)
Higher interest rates would cause an issue if you're trying to sell and people aren't buying because of the higher interest rates though. But you're right, there's no reason to not have a fixed-rate under 5% right now. I got locked in at 4.25%, and I think current rates are even a bit lower.
 

naturalblack

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Moved out at 18 moved back for 3 months after getting a new job so I could move to a new city and that nearly had me ready to jump off a building. As of yesterday I turned 26 and just finished my second year all alone(no room mate).

I do think I could have saved up some good money and made more progress had I stayed at my folks place but I don't think I would have lasted 6 months more there
 

Bluesky

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I lived in my own basement apartment in my parents house until I was 28. I got along well with them so why leave? I paid Rent for 7 years and when I got married and left he handed me a check of all the Rent. :applause: My goal is to be as good a parent as I had becuase no way I can do better IMO.
 

Engel

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If I lived in Tennessee, I wouldn't be able to leave it. Man, your state is one of the most beautiful places in the world, and you're lucky to live there!
Got some nice folks in Tennessee, too. There, and the Carolinas... got some great people there!

Yes, it is.

IMG_0690.jpg


and yes, we are :thumb:

DSC02158.jpg
 

MenaceMartin

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Me and my Fiancee still live with our parents, and there's 20 miles between us, though it's never a problem :) We're putting towards a deposit for a flat between now and when we get married in Oct 2014, so we should have more than enough when 2014 comes around. (A higher paid job for me would be nice though).

Have been talking to a lot of people in my work about buying/renting places, and they even say it's SO much harder now than it was X years ago.
 

leftyguitarman

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Lefty, you're a right on young man. Stay strong and do what you can. They leave us way to fast and all we have left are the memories.

He's got a great big heart chock full of love for his family. You don't see that happening much these days. I was actually proud to see Lefty post that. I don't know him that good but I have new found respect for him just by his statement.
Great Kid he is. Well, young man I mean.:D

Thanks! :) This time a year ago I was living in Arizona with a pretty good job, but after that fell apart and my dad ran into his health issues, it just made sense to get out of Phoenix. I'm glad to be back and I'm glad to help my family.
 

Strato

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Thanks! :) This time a year ago I was living in Arizona with a pretty good job, but after that fell apart and my dad ran into his health issues, it just made sense to get out of Phoenix. I'm glad to be back and I'm glad to help my family.

I'm glad you were able to help your family. This old world needs more good hearted people like you in it. I'm still proud of you buddy.:D
 

ZeppelinManiac00

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I'm currently 18 and a freshman in college. I go to school 2 and a half hours away from where I grew up. Do I technically still live at home? Yes. Do I feel like I do? No. In respects to leaving your home, I say I have. I'm sure I might move back home for a little bit after I graduate until I get a job and an apartment, but I can't predict the future.

Financially, I have not gotten away from my parents. They still pay for my housing, education, and technically my school's $hitty food. So in respect to being responsible for yourself, they I haven't. But they aren't paying for everything. I have loans that I have to repay after I graduate. My parents will not pay for those, I'll be paying those off for 20 years. But hopefully it won't take me 20 years to get a job in engineering and I'll be able to pay it off in more like 5.

Anyway, I feel like people should take steps to moving out and being on your own. I am currently living away from home for most of the year, but I'm not financially to pay for myself. I probably wouldn't be able to either, nor do I actually want to. Once I graduate I'll be ready though, and if not then I'll be a waste to society.
 

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