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Who can afford this shit.
- Thread starter dingobingo
- Start date
Yep...Approaching my 30's and I am still living at home.
I can't see this changing unless I make at least high six figures or I just need to leave this god forsaken city.
I get you OP.
I live outside Toronto, and the average house price in the city is just over $800,000!!!
I was super lucky. I bought a small townhouse 30 mins outside the city for 20 years ago. I recently sold it for almost 5 times the price and bought my forever home a little bit further away from the city.
I talk to the younger folks at work. They all make amazing money, but still live at home or have like 6 roommates because they can't afford anything else. Most of them want to own something, but the barrier to entry is just too high. I just don't get how anyone who doesn't own something already is supposed to ever own a home.
It sure does make me count my blessings every day.
I live outside Toronto, and the average house price in the city is just over $800,000!!!
I was super lucky. I bought a small townhouse 30 mins outside the city for 20 years ago. I recently sold it for almost 5 times the price and bought my forever home a little bit further away from the city.
I talk to the younger folks at work. They all make amazing money, but still live at home or have like 6 roommates because they can't afford anything else. Most of them want to own something, but the barrier to entry is just too high. I just don't get how anyone who doesn't own something already is supposed to ever own a home.
It sure does make me count my blessings every day.
Also live in Cincy and don't make six figures.
We don't. Lots of people moving to Northern Kentucky because rent is too high even in the suburbs. I've read that somehow it's more profitable for some places to keep apartments and the like empty and let insurance help pay for the loss of occupancy or something. It's also why you see so many apartments costing half your take home alone.
I can only guess that it's people like you who are OK spending that kind of money on where they live. Dual income couples with no kids too.
Imagine complaining about affording shit while having a 6 figure salary.
I could only dream of making 6 figures.
I could only dream of making 6 figures.
220k? You need like 600k for a condo here in the bay area. 220k should be a cakewalk at 100k salary.
OP
OP
people like me? I'm paying for my school, and trying not to pay inflated rates, my main question is that why are there only expensive out of reach housing, when the median income is not in whack.. its The first time I've heard about the insurance thing. Thats interestin. Yeah, alot of people I know are leaving to the Florence area. Covington, Newport is exploding too
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I also live in Cincinnati. Don't pay to live in OTR or downtown. There are plenty of other options in good neighborhoods for cheaper. I bought a huge house in the suburbs for 200k. I don't even make 6 figures and I can pay off that mortgage in 10 years total. This is the cheapest city ever.
every time i search for condos in toronto i just get super depressed
this is $405k.
OP
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every time i search for condos in toronto i just get super depressed
this is $405k.
Brutal
OP
OP
I'm gonna be frank. 200K for a 1 bedroom/1 bathroom condo sounds like an insane steal.
In comparison, condos here cost about 450K. However, you would need to drive out 2 hours into an undesirable neighbourhood to get that price. Most jobs are in the downtown core.
If you want a condo that's in the downtown core, forget it. You can't get any for less than 1 million dollars, and the strata fees work out to be $6-800 a month.
In comparison, condos here cost about 450K. However, you would need to drive out 2 hours into an undesirable neighbourhood to get that price. Most jobs are in the downtown core.
If you want a condo that's in the downtown core, forget it. You can't get any for less than 1 million dollars, and the strata fees work out to be $6-800 a month.
I used to live in Toledo. Prices were cheap as fuck compared to literally anywhere else that I have ever lived.
See the quote below
OP getting attacked but they make a valid point.
220 for a one bedroom condo is sadly considered "cheap" in many major cities and the average person/ family has been priced out for quite some time.
this one is near my hometown in Ohio:
Easily $1800-$3000 per. Note: no lake views, no ocean views, no mountain views. Just the apartment and the little mall below it.
Not in your exact situation I just mean making six figures. The whole Florence area just a couple years ago wasn't very big but it's all being built up like crazy. Friends just moved to Union and are paying less than they were in Fairfield for a bigger place.
Don't quote me on the insurance thing but I was told by someone else that's why West Chester and the like have these $1000+ apartments that aren't anything special at all and they're kept empty. But I honestly never looked into how true it was as I'm more concerned about finding an affordable place again this year as the rent is too damn high for me now.
Some of y'all out here paying over $3k to live in a closet. I'm completely disgusted for you. JC
I'm having a hard time following you. There are people that are just cracking six figures that are purchasing condos for around $400k and SFRs for closer to $500k and that's in California where sometimes you swear there is a tax on every breath you take the cost of living is so high. A $220k home on a 6 figure salary should be the definition of affordable housing. Even if you have a pretty healthy drug habit you're swearing to quit every week this is from a numbers POV a healthy economic situation for you
Westlake? Nope. It's just a suburb of Cleveland that they're trying to make "upscale". Not near anything in particular. The HQ of Hallmark (the cards) is nearby as is the HQ of Duck Tape. This development is new (about 12 years old now, I'd guess?), but those businesses have been there for some time.
Yea, you could spend less than that and get a sea-side view near the Space Needle in Seattle with that money. Or...you can spend the same in the middle of nowhere in Ohio. I guess.
Rent is also getting expensive in cities one wouldn't expect these days, as well. I found a place near where I'm about to start working next month - a studio + utilities looks like it's going to run me around $1500 a month. Similar to Cincy, it's also not what I'd consider to be one of the "highly desirable" cities to live in.
There are a few condos that are sub $200k in the area, but I'm guessing by next year, they'll drastically increase in price. I really wanted to get a condo this year, but my parents freaked out when I mentioned this. There are other condos fairly close by to the ones I was eyeing that go for close to 1 million, and a borderline Fortune 50 company (that's growing) is located in the immediate area. Again, this is not in a highly desirable city. It really is crazy...
There are a few condos that are sub $200k in the area, but I'm guessing by next year, they'll drastically increase in price. I really wanted to get a condo this year, but my parents freaked out when I mentioned this. There are other condos fairly close by to the ones I was eyeing that go for close to 1 million, and a borderline Fortune 50 company (that's growing) is located in the immediate area. Again, this is not in a highly desirable city. It really is crazy...
What!??!! That's the low end price here in Los Angeles. Like living in really shady parts neighborhoods. Man I would love to pay that for a new condo and we only make in the upper $50Ks
Gees, 220k and downtown? That seems good to me.
I live outside of Toronto, and I'm looking to buy this year -- I'll probably be putting 10% down on a 500k one-story house an hour out of the city. (Granted, 500k in Canada is about 375k USD)
I live outside of Toronto, and I'm looking to buy this year -- I'll probably be putting 10% down on a 500k one-story house an hour out of the city. (Granted, 500k in Canada is about 375k USD)
I've lived in Cincy for a looong time OP. You should be able to get a real nice place in a lot of parts of town. But if you are trying to go to OTR or the Banks, you're gonna pay through the nose. Don't do that. Check around town, there's plenty of places within 10 min of downtown that you should be able to find what you're looking for. Or hell, go to Kenwood, Silverton, Blue Ash, Sharondale, or Montgomery, or places around there if you don't mind being near the top of 275. Shop around, you'll find something for sure, it'll just take some searching. Good luck to ya
What the, what kind of weirdo worries about other people being able to get by?
Same. I live in California and a $220k condo is unreal. Maybe if the previous owner was murdered in it, it needed structural repair, and it was an hour commute to the nearest major city.
Cincinnati here as well. Northside and OTR are just stupid fucking costly and it's effected prices of nearby areas too. I settled in NCH for my house and it's great but I drive 10min and prices are 2x-4x more
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Nice to meet you, I have no want for otr or Northside. I'm looking at east walnut Oakley, red ball area. NCH? North Clifton?
Yeah walnut and Oakley will still cost a pretty penny. North College Hill. Really I'm like /right/ on the edge of it near Finnytown which is....ehhh but so far I've had no issue and it's close to UC, Northside (for the bars) and my job, so it's perfect for me.
OP
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Fuck that. The city proper is where it's at. All 3 Cs in Ohio are blue in the city.
(I live in Northside though may buy in Westwood in a couple of years)
There is affordable housing in the city. OTR is ridic and Northside is getting there but there's College Hill and Westwood at reasonable prices and super solid home construction because built in the 1890s through 1920s.
double income no kids is what i tell myself. what i've read from some sources though, like a thread here about gentrification in nyc, say all this expensive gentrified housing gets bought by wealthy business types from china and india. anecdotally, i'm hearing about this super expensive new housing and also about how masses of young people can't come close to affording it so, there does seem to be a mismatch.
You make 6 figures in cincy and can't afford a 220k place? How long have you been working? Once you have enough for a downpayment you should have more than enough for a mortgage.
I work in the bay area, we have people constantly moving to our Cincinnati office because their salary gets re-adjusted to low 6 figures and it's more than enough for them buy an actual house.
I work in the bay area, we have people constantly moving to our Cincinnati office because their salary gets re-adjusted to low 6 figures and it's more than enough for them buy an actual house.
Which is kind of baffling and at the same time people need to understand that living in a capital or major city should've never been a goal regardless. I'll gladly live in La Pampa when my time comes. Not interested in any big city.
every time i search for condos in toronto i just get super depressed
this is $405k.
Well, at least bathroom and bedroom are not the same room...
Or bathroom and kitchen...
Let's do the math.
With a down payment of $22K (10%) and borrowing the remaining, the total monthly outgoings (including home insurance, PMI and property taxes) for a 30 year loan (at a rate of 3.375%) will be $1100 according the BoA website. That's $13200 per year. Using a mortgage repayment to gross income ratio of 28%, a household should have an annual gross income $47K to afford this property. Using data from the US Census Bureau's annual survey on income, 37% of households earn less than $47K annually. Or in other words, 63% of households can afford this property. Though note this is based on total household income, not individual income.
With a down payment of $22K (10%) and borrowing the remaining, the total monthly outgoings (including home insurance, PMI and property taxes) for a 30 year loan (at a rate of 3.375%) will be $1100 according the BoA website. That's $13200 per year. Using a mortgage repayment to gross income ratio of 28%, a household should have an annual gross income $47K to afford this property. Using data from the US Census Bureau's annual survey on income, 37% of households earn less than $47K annually. Or in other words, 63% of households can afford this property. Though note this is based on total household income, not individual income.
Don't really know Cincinatti that well, but compared to Berlin prices this is a decent deal (assuming that condo is close to the centre).
About a year ago me and my wife moved from inner city Berlin to a suburb about 30mins away (by car).
Even though I'm happy where we are at right now and living outside has it's perks (house, garden, less stressfull)....
living in a big city really is that good.
I really miss walking down the street, passing tons of great stores/restaurants on my way.
I miss having world class events, museums and culture close by.
Not gonna lie, just because there was a great exhibit didn't mean I actually went. It was just nice to know that I had the opportunity to hop on the subway and be there in 20 mins (if I wanted to go).
Same with restaurants. I had amazing joints just 2mins away on foot and rarely went.
Living in a big city isn't so much about what you actually do, it's more about knowing that could do it without investing much time and effort. All in all, I don't miss living IN the city that much, but I totally understand why rich people pay out of their ass to live there.
About a year ago me and my wife moved from inner city Berlin to a suburb about 30mins away (by car).
Even though I'm happy where we are at right now and living outside has it's perks (house, garden, less stressfull)....
living in a big city really is that good.
I really miss walking down the street, passing tons of great stores/restaurants on my way.
I miss having world class events, museums and culture close by.
Not gonna lie, just because there was a great exhibit didn't mean I actually went. It was just nice to know that I had the opportunity to hop on the subway and be there in 20 mins (if I wanted to go).
Same with restaurants. I had amazing joints just 2mins away on foot and rarely went.
Living in a big city isn't so much about what you actually do, it's more about knowing that could do it without investing much time and effort. All in all, I don't miss living IN the city that much, but I totally understand why rich people pay out of their ass to live there.
This is why I'm moving from England to Wales later this year. I earn an "OK" wage but buying property in the South of England is so expensive. I can get the same thing for 40% of the price in Wales, where my partner's family lives, and pay it off in 10-15 years rather than 25-30. No brainer for me as I work remotely.
Already got about 17% mortgage ready to go. Hoping to have it up to 20-22% by the end of 2020.
Already got about 17% mortgage ready to go. Hoping to have it up to 20-22% by the end of 2020.
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