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I assume you bought years ago at a low interest rate - please correct me if I'm wrong. What do you figure the mortgage would be at today's price and interest r

I assume you bought years ago at a low interest rate - please correct me if I'm wrong. What do you figure the mortgage would be at today's price and interest rates?

nozzlegear 2y ago
You're right, we were lucky and bought it toward the end of 2016 with a 3.3% interest rate, right before house values and interest rates started shooting up. I'm not sure what it's worth today, but we bought it for 90k, so call it 150k? According to a mortgage calculator that I found online, my monthly payment would increase from the $800 I pay now (includes escrow and extra toward the principal) to about $1350 per month with escrow. Definitely a big jump, and I'm not so sure it's doable on that $15/hr minimum wage; it would require my wife to work as well if we want any disposable income after the mortgage, bills and groceries.
- owyn 2y ago
  I just looked up a nearby property in the bay area listed for almost a million. Estimated payment $6000/month for a cozy 2 bedroom 1000 square foot fixer-upper. Also that area is a 1 hour + commute to where the actual offices are. This is where the tech people are living. Ultimately this is all cross talk. You living wherever you do cheaply does not help me. I think living here needing a living wage probably helps you. https://www.zillow.com/homedetails/1322-Virginia-St-Berkeley-CA-94702/24838323_zpid/ https://www.zillow.com/homedetails/1322-Virginia-St-Berkeley...
  - nozzlegear 2y ago
    Doesn't the Bay Area have its own unique real estate/housing problem? I don't think that's something a federal minimum wage can or should address. I'm not convinced that I should be able to make $30/hour at any job in Iowa because of real estate prices in California or New York – but I do think people in Iowa should be guaranteed enough to buy their own homes with 40 hours per week. > This is where the tech people are living. Just to note, I am a tech person living out here! I run my own software business, and used to work as a dev for local and remote companies before that.

I assume you bought years ago at a low interest rate - please correct me if I'm wrong. What do you figure the mortgage would be at today's price and interest rates?

nozzlegear 2y ago

You're right, we were lucky and bought it toward the end of 2016 with a 3.3% interest rate, right before house values and interest rates started shooting up. I'm not sure what it's worth today, but we bought it for 90k, so call it 150k? According to a mortgage calculator that I found online, my monthly payment would increase from the $800 I pay now (includes escrow and extra toward the principal) to about $1350 per month with escrow. Definitely a big jump, and I'm not so sure it's doable on that $15/hr minimum wage; it would require my wife to work as well if we want any disposable income after the mortgage, bills and groceries.

owyn 2y ago
I just looked up a nearby property in the bay area listed for almost a million. Estimated payment $6000/month for a cozy 2 bedroom 1000 square foot fixer-upper. Also that area is a 1 hour + commute to where the actual offices are. This is where the tech people are living. Ultimately this is all cross talk. You living wherever you do cheaply does not help me. I think living here needing a living wage probably helps you. https://www.zillow.com/homedetails/1322-Virginia-St-Berkeley-CA-94702/24838323_zpid/ https://www.zillow.com/homedetails/1322-Virginia-St-Berkeley...
- nozzlegear 2y ago
  Doesn't the Bay Area have its own unique real estate/housing problem? I don't think that's something a federal minimum wage can or should address. I'm not convinced that I should be able to make $30/hour at any job in Iowa because of real estate prices in California or New York – but I do think people in Iowa should be guaranteed enough to buy their own homes with 40 hours per week. > This is where the tech people are living. Just to note, I am a tech person living out here! I run my own software business, and used to work as a dev for local and remote companies before that.