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If you define "high COL" as the area where you cannot afford a house on 300K income then sure, but you definitely can afford a house pretty much anywhere in the

If you define "high COL" as the area where you cannot afford a house on 300K income then sure, but you definitely can afford a house pretty much anywhere in the US with such an income, which qualifies you for over $1M loan.

tristor 3y ago
At $300k/pa with $5000/mo in rent, it’s pretty obvious I am talking about SFBA and NYC, which unsurprisingly have the highest density of people earning $300k/pa. In those areas you need to spend at least $2.5M to buy anything decent, it would take 62 months (or 5 years) if you saved every penny earned after you paid rent (infeasible) to save up a 20% down payment for the mortgage. You’re only “qualified” for what you can make the down payment on, and starter homes in high CoL areas are nonexistent. You seem to have rose colored glasses.
- pandaman 3y ago
  Even in SF proper there are plenty of houses under 1M, much more in the Bay Area. Same with NYC: quite a lot of houses in the city proper, much more in NJ over the river [1]. >You’re only “qualified” for what you can make the down payment on You sound like you've never applied for a loan. >You seem to have rose colored glasses. You seem to consider only the housing you cannot afford "decent" and then complain as if it's the reality. 1. https://www.zillow.com https://www.zillow.com
  - tristor 3y ago
    I live in a much cheaper area than the SFBA (Denver), and anything decent starts at $1.2M, if you find a house here for $600K, it’s what’s considered “bulldoze ready”, empty lots with sewer, water, power already connected go for $550K+. If you think something you can buy in SFBA under $1M is livable rather than “bulldoze ready”, you are the one that is out of touch.
    - pandaman 3y ago
      I am not sure how your observation in Denver translates to SFBA? Some teardowns/lots will go for $550K or more, depending on location. It does not mean a house under $1M is unlivable in SFBA. Teardowns do not have staged interior pictures on Zillow, JFYI.

tristor 3y ago

At $300k/pa with $5000/mo in rent, it’s pretty obvious I am talking about SFBA and NYC, which unsurprisingly have the highest density of people earning $300k/pa. In those areas you need to spend at least $2.5M to buy anything decent, it would take 62 months (or 5 years) if you saved every penny earned after you paid rent (infeasible) to save up a 20% down payment for the mortgage. You’re only “qualified” for what you can make the down payment on, and starter homes in high CoL areas are nonexistent. You seem to have rose colored glasses.

pandaman 3y ago
Even in SF proper there are plenty of houses under 1M, much more in the Bay Area. Same with NYC: quite a lot of houses in the city proper, much more in NJ over the river [1]. >You’re only “qualified” for what you can make the down payment on You sound like you've never applied for a loan. >You seem to have rose colored glasses. You seem to consider only the housing you cannot afford "decent" and then complain as if it's the reality. 1. https://www.zillow.com https://www.zillow.com
- tristor 3y ago
  I live in a much cheaper area than the SFBA (Denver), and anything decent starts at $1.2M, if you find a house here for $600K, it’s what’s considered “bulldoze ready”, empty lots with sewer, water, power already connected go for $550K+. If you think something you can buy in SFBA under $1M is livable rather than “bulldoze ready”, you are the one that is out of touch.
  - pandaman 3y ago
    I am not sure how your observation in Denver translates to SFBA? Some teardowns/lots will go for $550K or more, depending on location. It does not mean a house under $1M is unlivable in SFBA. Teardowns do not have staged interior pictures on Zillow, JFYI.