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Gun
by Snuffy. 05/10/24 11:43 AM
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14 registered members (gregnbc, Whitebone, MadMallard, CatfishJunkie, hamma, jb20, JustHunt, BC_Reb, Frankie, Shane99, Jwillbucks, sw1002, 10mm, JAM),
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Key:
Admin,
Global Mod,
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Re: Could you afford to buy your house??
[Re: 2Dogs]
#3990270
10/02/23 08:43 PM
10/02/23 08:43 PM
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Joined: Nov 2010
Posts: 24,852 Buc-ee’s Beach Express
leroycnbucks
Freak of Nature
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Freak of Nature
Joined: Nov 2010
Posts: 24,852
Buc-ee’s Beach Express
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For what I paid for it in 2004, yes. For what it would cost to build in today's economy @ $240 SF, I wouldn't entertain it. We might could make it, but it would be tight. We are in the process of preparing to build another one, but are waiting it out. I've had one quote come back @ $238 per square foot. Ain't no way in hell I'm paying that. We’ve had a builder quote 120-160/sf in Elmore co. Even that is BS IMO but you’re at their mercy. A quality built house under $160 sf now is not a bad price at all. Damn right it’s not. North of $200.00 in the majority of growing areas of the state.
Proud Army and ALNG veteran God Bless America!
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Re: Could you afford to buy your house??
[Re: AU7MM08]
#3990472
10/03/23 09:05 AM
10/03/23 09:05 AM
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Joined: Jul 2010
Posts: 9,177 B'ham
Goatkiller
14 point
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14 point
Joined: Jul 2010
Posts: 9,177
B'ham
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I will use real numbers because I don't think some understand the math......
$250k house @ 5% = approx $1,350 monthly payment
$500k house @ 7.5% = approx $3,500 monthly payment
Same house 10 years apart. This is very realistic in a lot the nicer neighborhoods in Birmingham BTW.
Your Property tax and insurance also go up comparably with the value and replacement costs.
The question is you bought the house @ $250k 10 years ago.... can you afford it today?
If you bought a few acres down by the creek and been living there for 40 years and have it paid off that's great..... that's not OP's question.
No government employees were harmed in the making of this mess.
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Re: Could you afford to buy your house??
[Re: Goatkiller]
#3990480
10/03/23 09:16 AM
10/03/23 09:16 AM
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Joined: Jun 2015
Posts: 14,047 Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 14,047
Some Marriott/Auburn
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I will use real numbers because I don't think some understand the math......
$250k house @ 5% = approx $1,350 monthly payment
$500k house @ 7.5% = approx $3,500 monthly payment
Same house 10 years apart. This is very realistic in a lot the nicer neighborhoods in Birmingham BTW.
Your Property tax and insurance also go up comparably with the value and replacement costs.
The question is you bought the house @ $250k 10 years ago.... can you afford it today?
If you bought a few acres down by the creek and been living there for 40 years and have it paid off that's great..... that's not OP's question.
It's like people are purposefully trying not to understand the question, I thought the question/concept was pretty straightforward.
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Re: Could you afford to buy your house??
[Re: Irishguy]
#3990508
10/03/23 09:48 AM
10/03/23 09:48 AM
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Joined: Nov 2019
Posts: 681
Ol’Tom
4 point
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4 point
Joined: Nov 2019
Posts: 681
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Yes, I bought my farm 30 years ago,15 years, 20% down, 8% interest. Payed off in 12 years. Worked 2 jobs most of the time, wife worked, raised 2 kids and put them through college. Thanking the Lord everyday, working hard and a little good luck. If I was 30 I’d do it again. You have to live within your means. I think what the OP was saying was that if you had to buy your home and land today based on how crazy prices are now, could you afford to buy it today? He's not asking could you afford to buy it 30 years ago. I understood what the OP was saying. Yes, I could buy it again today, at what it’s worth today.
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Re: Could you afford to buy your house??
[Re: Goatkiller]
#3990519
10/03/23 10:05 AM
10/03/23 10:05 AM
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Joined: Jul 2005
Posts: 3,599 Jackson County
CD
10 point
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10 point
Joined: Jul 2005
Posts: 3,599
Jackson County
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I will use real numbers because I don't think some understand the math......
$250k house @ 5% = approx $1,350 monthly payment
$500k house @ 7.5% = approx $3,500 monthly payment
Same house 10 years apart. This is very realistic in a lot the nicer neighborhoods in Birmingham BTW.
Your Property tax and insurance also go up comparably with the value and replacement costs.
The question is you bought the house @ $250k 10 years ago.... can you afford it today?
If you bought a few acres down by the creek and been living there for 40 years and have it paid off that's great..... that's not OP's question.
There’s probably some people in here lying to themselves too.
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Re: Could you afford to buy your house??
[Re: AU7MM08]
#3991863
10/05/23 09:39 AM
10/05/23 09:39 AM
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Joined: Nov 2007
Posts: 2,648 Sweet Home Alabama
hosscat
10 point
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10 point
Joined: Nov 2007
Posts: 2,648
Sweet Home Alabama
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Pretty sure my place would be over 1MM if I were to try to buy one like it today. Not sure what that monthly payment would be, but I doubt I could swing it.
Like I said before, I am concerned about what kind of situation my kids will be faced with. I have a nice house on about 200 acres on a dirt road, not a mansion on some giant tract of land. 20 years ago owning a decent size tract and a nice home outside of town was attainable for a middle-class family, but not anymore. My wife and I work hard and have good jobs, but there is ZERO chance we could afford to buy anything that's over a million bucks, plus how could we justify paying that much for something that's not going to earn us any return on our investment.
We do have some timber but honestly, I will be lucky if I make $3,000/acre over the life of a stand of loblolly. Hard to justify spending (and financing) a pile of money to buy a decent tract of land knowing the timber may not even cover the cost of the purchase price. A person can literally invest in anything (CD's, money market, mutual funds, etc.) and have a better return than buying land as a timber investment. But land continues to be purchased around me at these sky-high prices. I just don't know who has the money to pay for it.
Last edited by hosscat; 10/05/23 09:50 AM.
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Re: Could you afford to buy your house??
[Re: AU7MM08]
#3991907
10/05/23 11:41 AM
10/05/23 11:41 AM
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Joined: Feb 2014
Posts: 5,114 Your Lock-on
Whild_Bill
Crawfishing Asshat
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Crawfishing Asshat
Joined: Feb 2014
Posts: 5,114
Your Lock-on
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What’s it matter now is now and then was back then these two are mutually inclusive but that don’t matter currently
We Just Know What Works For Us
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