If you had to buy your house in Q4 2023, would you be able to afford it?

Let’s just assume 30yr mortgage, 20% down and 7.8% interest rate

1. Easy no problem.
2. If I stretched, I could do it.
3. Hell no.

Yes, with cash. But we live within our means and i save

He'll no, it's sitting on almost a hundred acres. I have less than 200,000 grand in it and the land. Built the house my self, its all paid for. If I cashed out everything I could but would have no retirement

That would be a Negative. Thankfully our house is paid for.

I could easy no problem, but I damn sure wouldn’t.

No - bought in 2002. At my age, I couldn’t afford it in today.

Yes. I feel sorry for most who answer no. Don't plan for the good times, plan for the bad times. Many young people have gotten themselves in a pickle the last 10 years, borrowing way above their means.

I was lucky that my now ex remained amicable in our divorce. We had three properties to split. I told her I wanted the primary house, she could keep the one we started in(I moved in after she bought it) and the property next door to that which I purchased later. I bought out her interest in this property then paid it off. The value we agreed to was $130K. The current “market” value is around $280K. I could not afford my property on what I make, and keep, under the current financing schemes.

I bought ours in 2013 when houses sat vacant for years after 2008 crisis. Got 3.25% rate, and paid off in 8.5 years. Busted my arse and doubled up on the payments. Glad I am not having to buy one today.

Very smart thing to do.

Yes but God has been really good to us and we live pretty modest . I’m about to have to dump some $ into it tho .

Ya I feel similar on the hell no.

My condo is worth $165,000+/-, the mortgage on it today would be $950…it’s currently rented for $940.
With everything factored(HOA, proptax, ins) in it would be negative $385ish per month in cash flow with nothing accounted for upkeep/maintenance.

Currently have 14.5yrs remaining, $58,XXX at 4%.

What the condo has really got going for it is that there is effectively nothing on the market less than $200,000(aside from mobile homes) so it is very price point protected.

Maybe some of us made a really good investment.

I'm sure you did, as did others.. I tried to write that so it didn't sound so inclusive, but I couldn't figure a better wording. My point is, there's a lot of people out there who are about to be in a mess. They bought houses they wouldn't normally be able to afford, when the housing market was sky high. They were able to do that because interest rates were so low. Their houses have depreciated now, because interest rates are up. If they have to sell, they're going to be in a tight spot.,

The VP is saying most Americans now couldnt afford a $400 emergency. When theywere running, she was saying a $500 emergency. She kinda admitted all Americans are atleast 20% worse off than when bidun was elected. You could buy a pretty good tent for $400 and most of America couldnt afford that

Her house is a 25 yr at 2.6, 99,000 bought in 2015, my house was bought in July of this year. A 30 at 7.25…255,000. It’s rough but I’m makin it.

Do you guys think there will be another housing crash anytime soon?

It will be a while, it's a supply demand market. No one is selling due to interest rates. So supply will be low. There is also 5 million more people that need housing due to the open border so demand is up.

Yes, I’m sure we could “qualify” for a home worth several times the house we live in. But we base all of our financial commitments, off the ability to make ends meet, from my wife’s income alone. This does two things. 1. If something ever happens to me, she can make ends meet, without touching insurance, savings, investments, or retirement. 2. Gives us a lot of financial freedom and removes a lot of financial stress.

Yes I think there will be but it will be different.

1. Covid Boomtowns like Austin, Boise, Nashville.
2. Short term rental heavy markets like Gatlinburg/Destin.
3. McMansions as a category. Family sizes are shrinking, so 4,200sqft on a 0.35Ac lot isn’t too appealing.
4. Commercial and specifically commercial office space.

Read on Twitter Wells Fargo Bought a building in the San Francisco financial district in 2005 for $105,000,000…it sold last month for $40,000,000