05-29-2020, 09:23 AM | #89 |
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05-29-2020, 09:26 AM | #90 | |
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05-29-2020, 09:35 AM | #91 | |
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05-29-2020, 10:09 AM | #92 | |
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Front end ratio is your PITI (principle/interest/taxes/insurance) divided by your gross monthly income. A conservative look at this number says if your front ed ratio is 28% or less, then you can afford the home. More aggressive means anywhere from 32 to 36%. Back end ratio is your PITI plus your long term monthly expenses (typically measured by expenses you expect to be paying past a few months) divided by your gross monthly. Conservative number for affordability is anything below 36 to 38%. Aggressive would push this out to 42%. Anything above 42% is really pushing it. Front end and back end ratios are used by loan officers and financial advisors to determine home affordability. |
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05-29-2020, 10:16 AM | #93 |
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There are some nice 15-20 year old homes in that price range in the midwest in decent neighborhood. Unfortunately the median income in the midwest is not $55K.
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05-29-2020, 10:26 AM | #94 | |
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05-29-2020, 10:34 AM | #95 | ||
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Yeah, we don't have an HOA, or lawn-care service, or whatever other features and benefits come with living in a subdivision. The houses are older, and sometimes not maintained as they should be. It is far from the ghetto though. I don't know what lens you are viewing this though, or where you live, but I recommend going and experiencing different parts of the country. Especially in the midwest where many families are supported by blue collar manufacturing jobs. Quote:
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05-29-2020, 10:34 AM | #96 | |
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Cool thing about the upstate as we have an abundance of jobs, BMW is here and all of there suppliers...Boeing near the coast. Cost of living is cheap, and easy access to the Outer Banks although we love vacationing in Charleston. But we have 4 distinct seasons with Winter being more like a longer fall and only 1-2 months of it where we may some some small snowfalls.
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05-29-2020, 10:37 AM | #97 | |
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05-29-2020, 10:39 AM | #98 | |
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And NC tax is nothing compared to the other areas being discussed here Congrats on the new house. I lived in Rock Hill for awhile back in my late teens and got to see it grow up and Charlotte take off...especially after the Panthers came to town!
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05-29-2020, 10:47 AM | #99 | |
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But 21.7% is very good for a front end ratio. |
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05-29-2020, 10:50 AM | #100 | |
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05-29-2020, 10:56 AM | #101 | |
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05-29-2020, 10:58 AM | #102 |
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I am going to repeat everything is market dependent... i am in South FL... specifically Miami... any single family house below $450k looks like a dump... fwiw median family income is $55k... that is again a near 9 x multiplier... no idea how thats supposed to work.
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05-29-2020, 11:18 AM | #103 |
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05-29-2020, 11:25 AM | #104 |
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You can't use the median income as a basis for a multiplier for nicer home values. Half the people make less than $55K and they are most likely living in the less expensive homes or renting. You need to figure out how to remove them and identify the median income for those buying $450K+ homes to get that multiplier, or use median income and median home value (which is still skewed to me because it doesn't eliminate renters). Not everyone can afford nicer homes. That's true everywhere.
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05-29-2020, 11:47 AM | #105 | |
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This Bimmer is frankly too much car for me but boy is it fun to drive! I was driving an affordable and practical X1 just a year ago. I don't know what happened. I blame this. |
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05-29-2020, 11:49 AM | #106 | |
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Aside from family being here, the way I see it is if I can snag a townhouse / home here now, then use it as a long term rental, it'll more than cover a nice mortgage anywhere I decide to retire to along with some nice toys to go along with it. I mean think about it - if you have a townhouse that's bringing in $4k / month in rental income and your mortgage is paid off, that's a nice chunk of retirement change to supplement investments / dividends. |
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05-29-2020, 12:00 PM | #107 |
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Rick, what's homestead like?
Seems not too far from Miami, and I'd like to situate my business in that area. I'd like to be near the keys. My wife and I went to southernmost resort last year in November. omg. Paradise... I think I'll buy a 5 acre ranch.. https://www.realtor.com/realestatean...-15245?view=qv |
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05-29-2020, 12:22 PM | #108 | |
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05-29-2020, 01:08 PM | #109 | |
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Financing, sales, wholesale. Looking to establish a 50 car dealership in southern Florida. I have looked into all the different finance lenders, and credit unions. Great thing is, I can buy a turn key operation for little, and the leases are pretty decent, as compared to here. Thing is in Canada, my business would have to be established for a certain amount of years, and do X amount in sales a year in business for the banks to consider me to use their automotive financing branch. Its monopolized by the big 5 banks , and even our sub prime lenders are tight.. I can have the majority of American lenders, credit unions on board right away in the USA... plus, I don't want to stay here anyway. Last edited by maul3d; 05-29-2020 at 01:14 PM.. |
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05-29-2020, 02:37 PM | #110 |
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Somewhere in TX $150k gets you something nice ish I'm sure
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