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The only recent grads (within 5 years) with student debt in my circles who could afford and have bought a house recently are: 1. Doctor & Finance couple with c

by readhn 10y ago

The only recent grads (within 5 years) with student debt in my circles who could afford and have bought a house recently are: 1. Doctor & Finance couple with combined income $400,000+/year 2. Pharmacist & Finance couple with combined income $200,000+/year 3. Science Research & Quant(finance) couple with combined income $300,000+/year Interestingly - all have finance or medical field/science exposure.. The rest are renting forever paying of debt with no plans to buy soon (we are in hot real estate area). I dont see who will support real estate prices going forward.

flubert 10y ago
Location, Location, Location: $124/mo, 840 sq. ft: http://www.zillow.com/homedetails/1204-Via-Seville-Cathedral-City-CA-92234/17753721_zpid/ http://www.zillow.com/homedetails/1204-Via-Seville-Cathedral... $93/mo, 1190 sq. ft: http://www.zillow.com/homedetails/617-NW-8th-Ave-UNIT-11-Milton-Freewater-OR-97862/84550079_zpid/ http://www.zillow.com/homedetails/617-NW-8th-Ave-UNIT-11-Mil... $70/mo, 832 sq. ft: http://www.zillow.com/homedetails/1745-35th-St-NW-Winter-Haven-FL-33881/55127908_zpid/ http://www.zillow.com/homedetails/1745-35th-St-NW-Winter-Hav... $72/mo: http://www.zillow.com/homedetails/8528-Highland-Ave-Kansas-City-MO-64131/2427608_zpid/ http://www.zillow.com/homedetails/8528-Highland-Ave-Kansas-C... $92/mo, 2302 sq. ft.:http://www.zillow.com/homedetails/122-Cheyenne-Rd-Shohola-PA-18458/89387749_zpid/ http://www.zillow.com/homedetails/122-Cheyenne-Rd-Shohola-PA...
- FireBeyond 10y ago
  Come on now: "Sold as is-where is-no disclosures available-Seller has had no knowledge of property-no representations made as to a warranty-habitability,marketability.express or implied." I guarantee you that the seller _DOES_ have a knowledge of the property, and that's why it's only $19,500. And in real estate, where flowery language is the name of the game, the above is coded language for: "Bulldoze it and build" (come on, "no guarantee of habitability"?) Likewise, your place in PA - did you look at the photos? There are entire exterior walls covered with (torn) Tyvek and tarps. There are unfinished walls, roofs and floors. Another, a cinder block hoarder dwelling that is missing multiple windows. I get that you're trying to make a point, but you're also picking out not just low end locations, but houses that are in some cases quite possibly condemned, or should be. Only two of those looked remotely habitable (and not a matter of pleasantness, I mean from a health and/or safety perspective).
  - flubert 10y ago
    Well, it is not like everyone can live in half-million dollar mansions like: http://www.zillow.com/homedetails/152-Sagamore-St-San-Francisco-CA-94112/15195448_zpid/ http://www.zillow.com/homedetails/152-Sagamore-St-San-Franci... http://www.zillow.com/homedetails/1055-Gilman-Ave-San-Francisco-CA-94124/15154652_zpid/ http://www.zillow.com/homedetails/1055-Gilman-Ave-San-Franci... http://www.zillow.com/homedetails/15320-Swan-Ct-Gulfport-MS-39503/81696625_zpid/ http://www.zillow.com/homedetails/15320-Swan-Ct-Gulfport-MS-... ...(one of those homes is not like the others).
- mmagin 10y ago
  Only the Kansas City, MO one looks like it might be within a reasonable commute of good jobs. The one near Palm Springs may be a close second, but I can't image what the commute from there to to some job in the LA or SD area is.
  - madengr 10y ago
    The one in KC is bad area of town, and don't even THINK about sending your kids to KCMO schools. Move across the state line to Kansas and you won't find anything for under $175k.
phil21 10y ago
While I agree with your sentiment in general, do you really think it's normal to be in a house 5 years after graduating? That's still "first steps of my career" phase. Completely unheard of even when I was growing up where I'm from - you would have been seen as doing very well to own a home in your mid/late-20's.
- lawnchair_larry 10y ago
  Weird, for boomers in NA it was normal to be in their own house immediately after graduating. Not many lived with their parents after the 18-22 range. Not having a place by 23 would have you defending your reputation.
  - morgante 10y ago
    > Not many lived with their parents after the 18-22 range. There's this amazing thing called "renting." Not owning your home doesn't mean you live with your parents. The notion that you should be able to immediately buy a house at the beginning of your career is ridiculously entitled.
    - lawnchair_larry 10y ago
      No one said "should", I'm just saying what people did. It was very common for young, working class couples to get a starter home, even with only 1 partner working.
- readhn 10y ago
  ummm, Doctor - med school + residency and you are almost 30 + 5 years gets you to close to mid 30's of age Finance - MS followed by work followed by MBA takes you to 30 years + 5 years again close to mid 30's So no, im not talking 25 year olds.
- flubert 10y ago
  Anyone have actual stats on homeownership vs. age? Here's one I was able to dig up, maybe someone's got something better. This seems to say that 21% of people under 25 own a house, and 32% of 25-29's own a house. http://thereformedbroker.com/wp-content/uploads/2015/03/Screen-Shot-2015-03-11-at-12.02.42-PM.png http://thereformedbroker.com/wp-content/uploads/2015/03/Scre...
mistermann 10y ago
> I dont see who will support real estate prices going forward. China.
- hjsdhfsdfjh 10y ago
  > China. On the surface this seems hyperbolic but its true. The area I am at has seen wealthy Chinese investors buying up property in the new developments and then leaving it to their children to manage. It's almost impossible to buy a house here in the sub $300k range due to the rapid buy up and flipping they're doing. Most of them don't sell either - they rent, leaving people here in perpetual rent cycle without the ability to own property in a decent area.

by readhn 10y ago

flubert 10y ago

Location, Location, Location: $124/mo, 840 sq. ft: http://www.zillow.com/homedetails/1204-Via-Seville-Cathedral-City-CA-92234/17753721_zpid/ http://www.zillow.com/homedetails/1204-Via-Seville-Cathedral... $93/mo, 1190 sq. ft: http://www.zillow.com/homedetails/617-NW-8th-Ave-UNIT-11-Milton-Freewater-OR-97862/84550079_zpid/ http://www.zillow.com/homedetails/617-NW-8th-Ave-UNIT-11-Mil... $70/mo, 832 sq. ft: http://www.zillow.com/homedetails/1745-35th-St-NW-Winter-Haven-FL-33881/55127908_zpid/ http://www.zillow.com/homedetails/1745-35th-St-NW-Winter-Hav... $72/mo: http://www.zillow.com/homedetails/8528-Highland-Ave-Kansas-City-MO-64131/2427608_zpid/ http://www.zillow.com/homedetails/8528-Highland-Ave-Kansas-C... $92/mo, 2302 sq. ft.:http://www.zillow.com/homedetails/122-Cheyenne-Rd-Shohola-PA-18458/89387749_zpid/ http://www.zillow.com/homedetails/122-Cheyenne-Rd-Shohola-PA...

FireBeyond 10y ago
Come on now: "Sold as is-where is-no disclosures available-Seller has had no knowledge of property-no representations made as to a warranty-habitability,marketability.express or implied." I guarantee you that the seller _DOES_ have a knowledge of the property, and that's why it's only $19,500. And in real estate, where flowery language is the name of the game, the above is coded language for: "Bulldoze it and build" (come on, "no guarantee of habitability"?) Likewise, your place in PA - did you look at the photos? There are entire exterior walls covered with (torn) Tyvek and tarps. There are unfinished walls, roofs and floors. Another, a cinder block hoarder dwelling that is missing multiple windows. I get that you're trying to make a point, but you're also picking out not just low end locations, but houses that are in some cases quite possibly condemned, or should be. Only two of those looked remotely habitable (and not a matter of pleasantness, I mean from a health and/or safety perspective).
- flubert 10y ago
  Well, it is not like everyone can live in half-million dollar mansions like: http://www.zillow.com/homedetails/152-Sagamore-St-San-Francisco-CA-94112/15195448_zpid/ http://www.zillow.com/homedetails/152-Sagamore-St-San-Franci... http://www.zillow.com/homedetails/1055-Gilman-Ave-San-Francisco-CA-94124/15154652_zpid/ http://www.zillow.com/homedetails/1055-Gilman-Ave-San-Franci... http://www.zillow.com/homedetails/15320-Swan-Ct-Gulfport-MS-39503/81696625_zpid/ http://www.zillow.com/homedetails/15320-Swan-Ct-Gulfport-MS-... ...(one of those homes is not like the others).
mmagin 10y ago
Only the Kansas City, MO one looks like it might be within a reasonable commute of good jobs. The one near Palm Springs may be a close second, but I can't image what the commute from there to to some job in the LA or SD area is.
- madengr 10y ago
  The one in KC is bad area of town, and don't even THINK about sending your kids to KCMO schools. Move across the state line to Kansas and you won't find anything for under $175k.

phil21 10y ago

While I agree with your sentiment in general, do you really think it's normal to be in a house 5 years after graduating? That's still "first steps of my career" phase. Completely unheard of even when I was growing up where I'm from - you would have been seen as doing very well to own a home in your mid/late-20's.

lawnchair_larry 10y ago
Weird, for boomers in NA it was normal to be in their own house immediately after graduating. Not many lived with their parents after the 18-22 range. Not having a place by 23 would have you defending your reputation.
- morgante 10y ago
  > Not many lived with their parents after the 18-22 range. There's this amazing thing called "renting." Not owning your home doesn't mean you live with your parents. The notion that you should be able to immediately buy a house at the beginning of your career is ridiculously entitled.
  - lawnchair_larry 10y ago
    No one said "should", I'm just saying what people did. It was very common for young, working class couples to get a starter home, even with only 1 partner working.
readhn 10y ago
ummm, Doctor - med school + residency and you are almost 30 + 5 years gets you to close to mid 30's of age Finance - MS followed by work followed by MBA takes you to 30 years + 5 years again close to mid 30's So no, im not talking 25 year olds.
flubert 10y ago
Anyone have actual stats on homeownership vs. age? Here's one I was able to dig up, maybe someone's got something better. This seems to say that 21% of people under 25 own a house, and 32% of 25-29's own a house. http://thereformedbroker.com/wp-content/uploads/2015/03/Screen-Shot-2015-03-11-at-12.02.42-PM.png http://thereformedbroker.com/wp-content/uploads/2015/03/Scre...

mistermann 10y ago

> I dont see who will support real estate prices going forward. China.

hjsdhfsdfjh 10y ago
> China. On the surface this seems hyperbolic but its true. The area I am at has seen wealthy Chinese investors buying up property in the new developments and then leaving it to their children to manage. It's almost impossible to buy a house here in the sub $300k range due to the rapid buy up and flipping they're doing. Most of them don't sell either - they rent, leaving people here in perpetual rent cycle without the ability to own property in a decent area.