Can You Afford a $436,800 House?

Can you afford a $436,800 home? In this video I'm going to break it all down for you to show you what that monthly payment looks like. I'll also break down a monthly household budget to show you how much you need to make on an annual basis to be able to live comfortably.
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[@sopheakchey5905]

12 yrs ago I was complaining about a house price being at $120,000. Now I'm still complaining.

[@JackieBaker]

A lot of people are. It's insane!

[@darrenbuttery3527]

It is so hard to make that 30% rule for the mortgage. Most of my life I was paying 40-45% of my take home pay on rent. I finally bought a house back in April of 2021 and got a 2.6% rate. I thought for sure that I was going to finally make that 30% threshold but alas I came in at 32.5% of my take home pay going to the mortgage. With todays rate and elevated home prices, I feel sorry for the people looking to buy their first home right now.

[@JackieBaker]

Good for you getting a 2.6% rate!!

[@KAZHE63]

That is so insane! I couldn’t sleep at night if mine was over 25% of my take home pay

[@KikiSpaghetti]

The 30% rule has actually been adjusted to be closer to 35% by many financial professionals, as a lot consider noting everything housing as a part of that 1/3. I agree having a goal of 30% is still what we want, but it's just not realistic anymore. The fact I'm at 36% all in (maintenance, insurance, tax, mortgage), is a win, especially in Canada. But that 30%... Nearly impossible. You're doing pretty good if you're near 35%. Again, that is all in. But it is rough out there, fam.

[@02ujtb00626]

Well I'm screwed. I make between 50 and 60K a year in Massachusetts. Homeownership is not in my future. And with the way rent cost is going I'm not even sure about that. I wonder what will happen to the market when it gets to the point almost no one can afford a home. Certainly 6 figure salaries are not the norm for most people.

[@a552bcx]

your spouse with the same salary can cover the other 50%. both of you must have a stable relationship for 30 years, no breakup😂😂😂

[@jefferytallant3814]

No one can afford $436k house .I bought my house at $76k with FHA mortgage I qualified for a loan of 175k but knew I couldn’t afford the payment so I found cheapest house that was livable and fixed it up .

[@markfennell1604]

i bought my house before the housing price surge in 2020 here in GA. i bought it for $240,000 brand new, 3000 sq ft, 3bd 3ba. the APR then was very low so i got it for 2.7% apr. I am also 100% disabled vet so my property is exempt. so my current mortgage is only $950 a month which is very affordable. my suggestion is keep saving your money, at some point housing market will go back down, and buy a house when that time comes.

[@JackieBaker]

Wow! Good for you! You are definitely one of the lucky ones.

[@user-tb7rn1il3q]

The price of homes will not go back down. Wages are increasing at 5% per year. Home prices will increase at 3% per year. Interest rates will come down and affordability will slowly improve.

[@Anonyme67]

@@user-tb7rn1il3qraise of what ? That’s not true

[@wendyc4466]

Prices were down last November(saw some good deals) and went back up in March this year

[@walker8989]

I have a feeling rates will skyrocket and prices will drop by 40% by next year and all theses people buying 250k houses for $450k will be badly screwed.

[@calziz]

Great job 👏🏾 This is what they need to teach in schools and not fantasy !❤

[@dangquesadilluhs]

This is insane. I make really good money and would not pay that much for my monthly nut lol. I know you are just using broad strokes but I live in Vegas and it’s much higher across the board. People really do get up to their eyeballs in debt pretty easily. Appreciate this video!!

[@JackieBaker]

Thanks for watching!

[@Summerdee223]

Key: Don't buy until you can put at least 20% down or buy much cheaper home or home in less expensive city or area.

[@JackieBaker]

👍

[@matthewphillips5483]

Most people will never buy if they wait for 20% down

[@wolfyklip]

The current housing market has gone wayyyy higher for almost most people. I was luck to buy in San Francisco Bay Area on my single income over 20 yrs ago. Yes, I put 20% down myself, but housing was still good, but was never easy!!

[@shanada2432]

Before I hit play I already knew the answer. No we cannot! lol.

[@JackieBaker]

😩

[@orange5146]

Very realistic numbers! If you live in New Jersey, with 436K you can get a townhome with a $350 HOA fee and property tax of $10000/year in a decent area, but adding that you will probably need to make $200k to be able to purchase a house comfortably. The scariest thing is, you are worried about if you don't buy it now, you will never be able to buy it with the home price raise.

[@user-fs2yd3ky4t]

In NJ 436k will get you a fixer upper haha

[@Maphio29]

Utility at 250 that is very unrealistic. Electricity alone is $200 to $205 especially during the summer and if you have a washer and dryer and a family of 4 or 5 water is easily going to be 100+ per month and with high speed internet like fiber optics you going to pay 100 with tax. Please don’t get me started on the average car note. Please lady tell me where I can get a car for $400 with high interest rates and car marks up.

[@theantmattia]

Depends on what county. A person can find affordable places in Central NJ. I can find some affordable single family in Northern passaic and Sussex County as a whole, but it is out of the way.

[@mhodge0890]

I live in Central the prices are still high just not as high as North Jersey

[@mhodge0890]

@Maphio29 You can easy find a car note under $300 try getting a Honda 2014 or a Toyato Camry

[@emilo81]

Most Americans need is house prices to decrease by 40% or more.

[@wolfyklip]

Not going to happen!! The property taxes you pay goes to fund your county/city fundings to provide services to you!! How you think the federal government gets their fundings from??? TAX payers like you!!!

[@zappyeillen1206]

My husband and I make 120k combine but there is no way that we're paying that much. We are renting 800 a month, we're not buying a house until it cools down lol. Patience is the key guys! Good luck on your finances.

[@JackieBaker]

800 a month!!! Amazing! Keep saving your money for that house. Not sure if it will cool down much. Experts predict rates should go down in 2025 so you may have to wait until then.

[@Westcoastguy]

Nice paying 800 a month. What area is this? But agree with Jackie I don't know how much lower it's going to cool. Hopefully you'll get in one in the future.

[@deadcell1]

$800 a month can't even get you a room in Florida, let alone a 1 bedroom apartment. Assuming, you split the bills with your husband and don't make him pay 100% of the bills you guys can save alot of money from now until 2025 if you have no other major debt.

[@zappyeillen1206]

@@deadcell1 we pay 50/50 on everything.. No car debt.. we both drive old car, he drives Honda Element while I drive Subaru from my in-laws.. Saving money is hard but it takes dedication.. We even stay in our apartment on our day off lol

[@Budd631]

My gf and I are in the same boat but our rent is 1400/month in Las Vegas. 2025 here we come lol.

[@gardeningforfunandlongevit6076]

I truly empathize with anyone who has to buy a house in today’s market.🤩

[@JackieBaker]

It's so emotionally draining for people.

[@Americancadet]

The issue is the overwhelming majority of people don’t budget. Just before the 2008 housing crash I remember trying to find a $300,000 house, none to be found. My wife asked ‘how are other people affording houses’? I said I don’t know. Well we found out the answer…people were not affording houses. The collective WE caused this. Believe it or not most people make approximately the same amount of money. If WE bid on houses according to a reasonable budget ……houses would be reasonably priced. Enough people don’t, which drives up house prices. If everyone bid based on a reasonable budget, eventually house prices will decrease.

[@james5460]

You'd better make that $172k a year and never lose your job or otherwise lose that income. For 30 years. Nose to the grindstone, boy! Until you're old and grey.

[@BrendanMcGinley]

I appreciate that you serve up this analysis and explanation with a side of empathy.

[@punkypony5165]

Hi Mrs. Baker just found your channel. I’m so glad for that. Thank you for the information

[@ayz123_87]

Im single and make 135K in a small city that is affordable in Virginia. Not a chance im buying until the interest rates come down.

[@Keytodaytonabeach]

Great video and content!!! 🎉

[@fmoon8318]

Excellent advice! Thank you very much!!!

[@mattstark9144]

If the added context helps anyone, my house was almost exactly this price in Washington State near Portland, OR when I bought last year. My total monthly payment is $600 lower than this video 4:49 , mostly due to one key metric: The interest rate being at 6.375% instead of 7.18%. If you worked hard and are fortunate enough to pay the 20% down to never pay PMI, I consider it worth it. The more equity you put in, the less interest is charged to you. When people say renters are the ones “throwing away money” every month, interest given to the banks that trade your mortgage is the house equivalent in my mind, but I understand times are incredibly difficult for homebuyers as I went through it last year.

[@JackieBaker]

Thanks for sharing your insight!

[@Times397]

I love your video hosting style! Keep up the great work!!

[@waltataengwa]

Thanks so much Jackie. Very insightful video! I’m in the new build process and I used very similar logic to determine how much house to buy!

[@JackieBaker]

Good for you! I hope others will do the same after watching this.

[@Judybloom799]

Great video. Thank you!! 😊

[@JackieBaker]

You are so welcome!

[@SharonR1105]

This was the best video I’ve seen to explain what you can really afford. Love this!

[@JackieBaker]

So glad it helped! Thanks for watching!!!

[@wakecountylocalbusiness9179]

such a great explanation!

[@JackieBaker]

Glad you think so!

[@micheleann1737]

In new Jersey, we would be jumping for joy if property taxes were under $3,000. Most houses by me are around $10,000 a year and rising.

[@honchodavfpv2315]

Amazing video really helpful for someone looking to buy a home one day

[@JackieBaker]

Thanks for watching!

[@michaelclark405]

What an eye opening video on home ownership. Out of all the videos I've seen on this topic You're the only one that goes this deep into the real cost of comfortably owning a home. You got a new subscriber !!! Thank you !!!

[@JackieBaker]

Thank you!

[@mlo9534]

That's keeping it real. I know so many people that are house poor. God forbid something devastating happens.

[@JackieBaker]

Exactly. That is the worst position to be in.

[@untouchable360x]

I need $270k a year. I spend $100k a year on vices. My vices are top priority.

[@Omar_Zazzle]

Is Hemorrhoid cream really that expensive?

[@alexcruz2398]

$831,080 - avg Oct 2023 home price in California according to Zillow. $73,220 - 2023 avg salary in California according to Forbes.

[@KA-fl6qt]

Excellent video , this is really good. thank u very much for this video. i will continue to live in apartment until i put 20 to 50% down before i buy a home.

[@dawnsamantha6728]

Praise the Lord for my $225k home. Bought in 2022, small town USA.

[@opensky1710]

Great video! Appreciate your effort to this well edited video. Though numbers are tough I could set clear goal to apply loan for my dreaming house.

[@JackieBaker]

Thanks for watching!

[@harveyclark1042]

I think this is spot on!

[@JackieBaker]

Thank you!

[@mhodge0890]

Thank you for telling the truth

[@walkerb1734]

If you can only put down 5% that tells you that you can’t afford the house. Period.

[@ShayWilliam341]

That’s not true they have no money mortgages like USDA and VA loans, homes prices and rent prices are extremely higher making it difficult for people to save 20 percent that’s $80,000 for a $400,000 house it’s hard for people to save that during inflation, if people can afford high rent they can afford a house. period

[@walkerb1734]

@@ShayWilliam341 I work in the banking/mortgage industry and see it with my own eyes. The MAJORITY of delinquencies and ultimate foreclosures are from those who put 5% or less down. It’s just a fact. And making a high rent payment is not the same as a high mortgage payment. When you own the house YOU….not the landlord…are on the hook for maintenance, repairs, etc. Those costs can be significant. So going back to my original point….if you can only put 5% down just keep renting.

[@JackieBaker]

Interesting.

[@craigdvance]

This video has some of the best info, thank you. I run the numbers all the time and you hit all the biggies. I think your budget you outlined is incredibly accurate. Only thing I didn't see was Medical, since insurance which is a huge hit on its own, only covers a certain amount. The funny thing is in my area Raleigh Durham, 435k is a basic house, nothing special. So you look at that monthly payment and think ...FOR THAT........

[@myrongator]

I look around my area and see all these mcmansions that are occupied. Most of these people used 2 incomes, the husband and wifes, in order to qualify. They have on average 2 car payments. If 1 looses their job they are sunk. I own a 850 square ft 2 bedroom house that I paid cash for. It is the rigjt fit for me as I am single and live with my cat.

[@Pgresham3]

Really good video. I always wonder how people afford two really nice, expensive car payments plus the insuranceon them. Usually $400-$1000 per month payment on each one. And car washes??? These cars are always shiny and clean. Anyway, we are in our 70s and these house prices are shocking and potentially financially crippling for today's young home buyers. We have always budgeted. Of course, wages are higher than when we started out, but we wouldn't have been able to afford these payments. Our first house cost $28,000, our second cost about $35,000. This was in the later 1970s. We built our current house for $220,000 20 years ago. Thank goodness it's paid off or we would be in serious trouble.

[@veronicacruz6919]

In regards to the PMI insurance, it does not take 15 years. My husband and I had our home for 1 1/2 at the time and was able to have it removed. We had our home re-appraised & the house had appreciated. Forward information to the mortgage company & it was removed.

[@JackieBaker]

That is a general rule. You are right you can eliminate it much sooner in some cases.

[@myronpriest4935]

When I bought my house the PMI I all I needed was 20% it would go off thank God I'm not buying a house these days

[@JavyVidana]

Nice video :)

[@JackieBaker]

😉

[@jdonez8347]

😂 most ppl can only afford to buy a cardboard box anymore w these prices skyrocketing and wages staying like they were in 2007. These high intrests rate def arent helping 1st time home buyers either. We are doomed, Im only making roughly 48k a yr. Need to become a brain surgeon 😅

[@Westcoastguy]

Great video. I like it because it's catered to live comfortably still, which is what you want to do when you own a home. Unfortunately most people bite off more than they can chew but that's what makes them "house poor" like you said.

[@JackieBaker]

It's amazing how many live paycheck to paycheck. You must plan for savings and paying off other debt. Thanks for watching!

[@Westcoastguy]

@@JackieBaker Exactly.

[@chickensoupfordinner]

This budget assumes you don’t have to pay/won’t have to pay for childcare or some other larger monthly payment (I know it is just a rough estimate to look at numbers). When we bought, we ignored the % of income rule and, based on our monthly budget, calculated what monthly payment we could afford and worked backwards from there. Our mortgage lender took every opportunity to remind us that we qualified for more and could look at pricier properties, it was annoying.

[@JackieBaker]

That is so important that you don't go by what the lender says how much you qualify for. Go with what you can afford and live comfortably.

[@RAZTubin]

This a great vidceo. I congratulate you for adding taxes to the calculations. I see a lot of budgeting videos and they completely discount taxes as an expense. Which is silly because it tends to be the largest single expense.

[@JackieBaker]

Thank you!

[@GTOberfest]

Yup thats about right. Higher than people realize. The 7% interest rate makes it much tougher compared to 3 to 4 just a few years back.

[@JackieBaker]

It sure does.

[@marsienewbold9775]

Brilliant!

[@JackieBaker]

Thanks for watching!

[@chajones3368]

No lie, I’m totally freaked out! However, this is the reality for many 😔 Awesome presentation and with detailed info.

[@JackieBaker]

Thank you! Trying to keep it real.

[@badsha42]

Do you have a video about a FHA? And how that works ? I would be a first time buyer .

[@dre5229]

For my PMI I got rid of mine after 8 years by refinancing. The increased value of my home allowed me to get rid of it. If interest rates continue to climb this probably won’t help anyone in the future. I was able to go from a 3.875% to 3.125%

[@jag5798]

So basically kids, be sure to marry someone who cannot only split that cost with you - but will be able to hold on to their jobs. No kids for you…. They get more expensive as they get older… and as YOU get older, you become less valuable on the job.

[@wolfyklip]

Try living in San Francisco!! average home 1.3-1.8 million! Don't believe me? Zillow it!! I live in Sonoma county myself, average here is 850k! Yes, I owned my home for over 24 years on my single income!

[@benjamindover5355]

@JackieBaker Unless you live in NJ where property taxes are 6 grand a year if you are LUCKY. Otherwise you’re paying on average 10 to 12 grand a year today. And they go up on average $300 a year or $1000 every 3 years. How long do you think property taxes will increase in that manner before the state implodes or sees a mass exodus?

[@PositiveMommaLife]

I became house poor after my house went from 399k to 749K in 4 years. The taxes, utilities, etc crept up with the higher assessed value and of course, inflation. I just sold and have never felt better! No debt!

[@JackieBaker]

That’s great!

[@bw33X]

Thank you, Jackie, and no, I'm not cursing you out. We thought $436,000 house would be affordable. We're going to take your advice. We moved out of NY to Texas. We'll wait to buy a house. We may move again.

[@JackieBaker]

Glad you found this helpful. Do what is best for your personal and financial situation.

[@niccrock12]

Thank you for the video! The reality is that there are going to be at least 2 cars. So, twice the payment and twice the insurance along with perhaps 1.5 times the cost for gas assuming one car gets used more than the other. Plus those pesky car maintenance costs. Oh, wait! What about child care?! And pets too.

[@JackieBaker]

Thanks for watching!

[@brindacockburn4033]

Use 6 or 7 percent

[@vanikaedward1793]

😮 thk u

[@sanduskyohiobro]

I paid 44,500 for a 2 bedroom condo finished basement in Columbus ohio back in 2003

[@jayc4715]

Only $2,690 for a $436k house 😂 not in Texas

[@JackieBaker]

Not in Jersey either!

[@joeb582]

In houston we have some property taxes varying between 2.5 to 3.6% can you do a video with that in mind or giving examples for areas with high property taxes and Hoa’s

[@watchin-stoof988]

That’s something a lot of people don’t consider so it’s a good point. It’s even worse in Upstate NY with property taxes at 4%+ with second highest income taxes on top of high sales taxes and very high property values. Not sure how things get better

[@joeb582]

@@watchin-stoof988I didn't know it was that bad in upstate NY but it's so crazy that your mortgage payment can be less than your property tax payment if you have a big down payment on a 500k house with 4% tax you're looking at almost 1700 dollars a month just in property taxes assuming no exemptions

[@watchin-stoof988]

@@joeb582 that’s exactly right haha - my parents who have owned their home for over 20 years pay more in property taxes than their mortgage. Sadly, due to recent price hikes for properties all around, once they finish paying their home, their property taxes will be raising to reflect the rise in their home price so once they retire in a few years they’ll have a higher property tax in retirement then they ever had to pay for the home when they bought it when they had both mortgage payment and property tax!! Absolute insanity - you basically don’t own property in reality. Stop paying taxes and you lose your home even if it’s 100% paid off

[@joeb582]

@@watchin-stoof988 This is the real tragedy so many older people or people with fixed incomes who are stuck even after they have payed off their homes it's pretty crazy that the prices are sustaining this level no-one knows the future but it's crazy if they stay at this level

[@dman747]

Some people actually get offended by that question. It all depends on the financial situation of each and every individual. Not everyone is among the majority of people and some people are among the 1%. I invest in rental properties. I noticed that real-estate costs in New Jersey is much more expensive than real-estate costs in Texas. In Texas, you can get a $440k house with a square footage of 3,000 or more depending on where you live in Texas. Austin is more expensive than most of Texas.

[@focusedfreebird]

Your income will determine the amount of the loan by the lender. And your realtor will only show you houses that you can reasonably afford with that loan amount. That's usually how it works.

[@jvolstad]

Yes, but why would I.

[@Grombrindal91]

So cheaper to rent. Got it.

[@sluggingbread]

I literally cried New Jersey tears considering median here is close to 10k a year on prop taxes. SMH.

[@JackieBaker]

😩. It’s so sad.

[@gypsyxxx]

your being very conservative with your numbers, we're in Hammonton our property tax is $2.99 on a thousand, so 400k is at least 12k in property tax, add another $800 a month to that number, bright side..we're sitting on a ton of equity, great video

[@JackieBaker]

Thanks for watching!

[@jesse_-]

At the the rates were formally had, 2%-3%, than yes, many Americans could have afforded a $400k house. With interest rates around 7%-8%, most people cannot afford that, as it makes the payment a lot higher. I bought a house for $510k in 2021, with 0% down, and the mortgage payment is around $1900k per month. With property taxes being about $6200 per year and homes owners insurance being around $1800 per year, that adds about $600-$700 to the payment per month, but that’s not really the mortgage.

[@JackieBaker]

You lucked out with buying in 2021. Good for you!

[@peterbanh1364]

Only 5% down? Crazy. 20% should be the minimum.

[@matthewphillips5483]

So saving up $110,000 in cash? Yeah, right. Most people arent going to be able to bank that.

[@eileenhalliwell1019]

We live in our home for 40 years.We could not afford our house now.If we sell we could not have the level of comfort we used to.they

[@TheS65]

The US is really in a crisis. Smart, hard working with good salaries Americans cannot afford a home. This is shameful.

[@JackieBaker]

I agree

[@josephfacundo26]

One fact needs correcting - PMI does not apply to VA loans, you may want to note in any updates & they cN also be 0% down as well...

[@JackieBaker]

Thank you!

[@amazinglats6020]

True, but also keep in mind VA loans have a one time funding fee of 1.5% of your total loan value (not the home value). Still not too bad though.

[@billredding2000]

@@amazinglats6020 VA Loans are a double-edged sword (if you will): Yes, you put no money down, but that means you have ZERO equity in your house right up front. Also, since you're financing the WHOLE amount the house costs, your mortgage pay't is WAY more than it'd be normally (with a non-VA loan)...much like putting no money down on a car and financing the whole amount. So, it seems best -- even with a VA loan -- to go ahead and put something down ANYWAY if you possibly can. -- BR

[@HonorKnightAdventurist]

Shit no I can't afford that! I'll just keep my tent under the overpass where a homeless dude named Gravy urinates around my tent to keep it safe. 😳

[@804titan]

Are there any caves available in Virginia

[@SwedishGFE]

Where do you even find a house under 500k in San Diego? Sounds affordable to me.

[@christinarach340]

And for those of us who have daycare expenses… 😮

[@carver9312]

Georgia has some amazing deals for new homes. Got a brand new house, 5 beds, 3 baths, smart home under 400k with a 3.99% fixed interest rate. Don't know why all areas aren't doing this

[@JackieBaker]

Wow!!!

[@GTOberfest]

Whos giving 3.99%???

[@carver9312]

@@GTOberfest ... rates given in GA, only on homes that were just built.

[@GTOberfest]

@carver9312 yes but what entity is giving these...what bank?

[@carver9312]

@GTOberfest ... all banks that are working with the builders. It's complicated. The new house you're interested in, they give you a large lump sum of money for buying. Example, the house I chose, I was given 30k for picking the house and signing for it. You start off at your normal interest rate, and they give you that lump sum of money to buy the rate down. I was given 30k, I use 15k of that to buy the rate down to 3.99%, and I'm pocketing the rest. The inventory here is great, so it wasn't hard for me to find, all I had to do was look for the best place that is offering more money.

[@AdelTheForsaken]

This is exactly what our government refuses to take into consideration. The average person could never hope to pull this off. Hell over, over Achievers are having issues doing this! I live in a Shabby Chic Shack knob-and-tube, and probably some Led paint. 55,000. Trying to save us some money to fix the s***😅

[@deannab8890]

That’s exactly what they are considering. They want the corporations which all fall under Black Rock to keep buying up all the single family homes and rent them back. That is the global plan for governments. They do not want any property ownership for complete population control.

[@sammyspyridoulias9565]

If I purchase a home for 900k, will my property taxes get reassessed where I'll be looking at around $18k in property taxes. Figure 2% of purchase price?

[@JackieBaker]

Depends on the town/municipality. Some towns are reassessing now since values have gone up so much the past few years. I advise everyone to check with the town tax assessor in the town you’re thinking of buying and find out.

[@cathyaines5768]

no way taxes are only $2700 per year on a $436,000 home

[@JackieBaker]

In some states yes. In states like New Jersey, New York, Connecticut, no way. I said in the video I took an average for the entire country. So when doing this calculation, you have to use the taxes in your area.

[@loveblue2]

True. My home in California is valued at 427K. My property taxes are $ 4,400 a year.

[@sanduskyohiobro]

I pay 240 bucks a year for homeowners and 800 a year for property taxes

[@JackieBaker]

That's awesome!

[@TheH8trs]

That price is for a 2 bedroom

[@mskrazie]

are you okay girly? your eyes seem super EXTRA sad on this video. 😢 hope all is well!

[@hvaball150]

The median mortgage payment in America is $1600 per month. That is a much more relevant number. Go figure it out.

[@JinNani224]

How are Americans living in these houses and buying luxury cars while eating out?? Does everyone make 150k a year?

[@pmkz7970]

Making this much in California is nothing 😂

[@JinNani224]

@@pmkz7970 I’m sure it is. Than again you probably live in a cardboard box outside on skid row.

[@flauze]

@@pmkz7970 this is why people hate Californians...they always need to let the world know their wages are much higher than the rest of the country and in no way reflect whats average or normal...we get it, yall earn a lot more and pay a lot more

[@curtissharris8914]

People are not as poor as media would have, you think.

[@rr-brown6445]

A lot of duel income households as well.

[@rsuriyop]

Maybe if it were a $4,368.00 house instead than yeah I would be able to afford it.

[@anniesshenanigans3815]

600 dollars for food, and on top of that another budget item for eating out?? NOPE. I spend 3 to 350 a month on food and do not eat out AT ALL. It can be done. Another thing you missed was HOA fees. Where I live there is no way to buy a home without an HOA unless you want to live in a dump or way way out in the boonies.

[@JackieBaker]

I didn't include HOA for this one. As I said in the video, everyone needs to speak with their own lender to discuss their own needs and financial situations.

[@Pele-speak]

That 175k don't have to be by yourself. You can make 100k and your partner makes 75k. At that point, you will be living lavishly for an American. You can make it with 130k. 70k for you. 70k for partner. Huge debt is the problem. Once you get rid of them, the rest is just downhill

[@matthewphillips5483]

You wont "live lavishly" on that. lol.

[@KAZHE63]

Your mortgage or rent should NEVER be more than 25% of take home income!

[@JackieBaker]

You're just full of opinions here.

[@kevinhobbs3543]

is it better to be house poor or end up renting for 5-10 years and housing prices keep going up?

[@dmitryg6353]

Why everyone has to start with a house? Buy a townhouse or a condo, build up some equity and move up when you're comfortable

[@ProfessorHattington]

Depends on the premium on buying the home vs. rent, it makes no sense to buy a place when landlords are literally renting out their properties for near what they pay in property tax, you can take the money and invest it in something else instead.

[@retreadz6971]

@@dmitryg6353 The market rate townhomes near me are starting at $850k. The low-income townhomes 15 miles away are starting at $550k and most immediately become rentals. There was a 25 year old 1 bed/bath condo conversion (in a building that has had nothing but complaints about the quality from day one as apartments) on the market for several hours a couple weeks ago for $225k so I guess that's something. In all seriousness though, in a lot of areas a median income hasn't paid for median price homes for several years and often doesn't even cover what used to be starter homes be it SFHs, townhomes, condos or a shed that passes inspection for occupancy with a wink and a nod.

[@chickensoupfordinner]

Depends on your risk tolerance. Can you afford to do emergency repairs and upkeep? How sure are you that your job situation isn’t going to change?

[@flauze]

@@dmitryg6353 please tell me where you can BUY a condo or townhouse for cheaper than a single family home

[@Stupid9808]

no

[@md37567]

No

[@Brooklyza]

Wowwwwww!!!!! wtf!

[@JackieBaker]

Yup. Stark reality. It's scary.

[@ladycactus110]

All real estate and financial videos are unbelievably depressing.

[@jajajaja2624]

Each person that's 1700 each I hope u dont have kids . Iam a bussines owner and would not buy it

[@macpduff2119]

My husband and I always thought that we could afford whatever the bank determined to lend us The banks were the financial experts, right? right? - NO) WRONG! Thus we were house poor and the stressors badly affected my husband's reviews at his job.

[@JackieBaker]

So sorry that happened to you.

[@shakazulu3594]

Is this a good example of "Bidenomics?"🤔🤣

[@user-tb7rn1il3q]

$436k is very reasonable. I don’t know why people are complaining.

[@matthewphillips5483]

Are you a member of the "claw foot bathtub club?"