4 ms·

I'm not the person you are responding to, but I suspect it is a matter of what is "enough". I suspect living in Manhattan is unnecessary and it is 100% luxury.

I'm not the person you are responding to, but I suspect it is a matter of what is "enough". I suspect living in Manhattan is unnecessary and it is 100% luxury. Spending 1700 a month for a 180 sq ft studio seems beyond idiotic to me. 1700 is enough to cover the mortgage on a 380k house. 380k on a house = incredible mansion in 98% of America. In Nashville where I currently live (nice city btw) it gets you between 3500-5000 sq ft. In small town America it's even nicer. Especially with the remote and work from home options these days it seems absurd to pay so much for so little. (I understand not everyone can work from home, but you don't have to live in Manhattan)

Domenic_S 14y ago
Once you're in the SF/NYC scene with your job, you are kind of stuck because there are no houses to buy for $380k anywhere around you. So the fact that $1700 could pay a $380k mortgage is irrelevant, because that purchase can't happen. Also, where did you get the $95k+closing costs=$115k cash down to get that $380k mortgage if you're making $75k or less?
- clarky07 14y ago
  > Once you're in the SF/NYC scene with your job, you are kind of stuck because there are no houses to buy for $380k anywhere around you. There are lots of things available in NY outside of Manhattan. As for SF, there obviously isn't much in the city (28 foreclosures), but a quick search gives me 233 results inside of 45 minutes, and 940 inside of 60. > Also, where did you get the $95k+closing costs=$115k cash down to get that $380k mortgage if you're making $75k or less? 1. You don't have to have 20% down to buy a house (maybe you should, but it definitely isn't a requirement. 2. I wasn't even considering downpayment, the houses I was talking about were < 380k total, so mortgage would actually be even less factoring in any downpayment. 3. That's the point. If you are making 75k you shouldn't be spending 1700 a month on rent either. If you want to live in Manhattan, get yourself an awesome job paying 250k+. Otherwise it's to me it seems pretty stupid to live in Manhattan. 1700 a month for 180 sq ft just seems bizarre and absurd. That's not a good deal.
  - Domenic_S 14y ago
    > As for SF, there obviously isn't much in the city (28 foreclosures), but a quick search gives me 233 results inside of 45 minutes, and 940 inside of 60. Criteria: SFH, <=$375k, 2br+ 1ba+. SF: 3 listings: http://www.redfin.com/homes-for-sale#!market=sanfrancisco&max_price=375000&num_baths=1.0&num_beds=2&region_id=17151&region_type=6&sf=1,2&uipt=1&v=8 http://www.redfin.com/homes-for-sale#!market=sanfrancisco&#3... Believe me dude, there's nothing unless you want to live in San Leandro (hint: you don't) or don't care about the condition of the house. > You don't have to have 20% down to buy a house (maybe you should, but it definitely isn't a requirement. Granted, but then your monthly payment raises several hundred $$ because of PMI. Your original point was based on monthly payment, so this is a problem. > 3. That's the point. If you are making 75k you shouldn't be spending 1700 a month on rent either.... No argument from me.
    - lifeguard 14y ago
      It is kinda scary most home loans in CA are rated 'Jumbo' by lending guidelines. One can buy a 3 bedroom home in Kansas City for <180k. But you will have to sell it for the same price you bought it for if you put it on the market.
    - clarky07 14y ago
      Criteria - Within 60 mins of SF, < 380k, 2br+, 1ba+ Granted they are pretty much all foreclosures, so you'll likely have to work to find one in good shape, but there are 1201 results. And this is obviously not downtown, up to an hour commute, but still. I think I'd rather have a large portion of these than a 180 sq ft studio. Oh well, to each his own. http://www.trulia.com/for_sale/San_Francisco,CA/2p_beds/1p_baths/0-380000_price/#for_sale/37.734751,-122.44745_poi/d60_go/1p_baths/2p_beds/3_ft/0-380000_price/ http://www.trulia.com/for_sale/San_Francisco,CA/2p_beds/1p_b...
dinkumthinkum 14y ago
I understand your point but I don't think it is really a question of "enough" per se. The parent was saying "wow" as if it is just crazy talk to think you would need more than double the average where the average is brought down by people in extreme poverty. I don't think it's fair at all to imply that is somehow expecting or desiring some posh luxurious, whatever "bad" adjective is preferred, lifestyle. Let's be honest, if you have a family, you have desire for a middle class lifestyle, saving retirement, college funds, unexpected expenses, etc, $75K is not some amazing sum, even if you live the South East with cheaper living costs. Let's just be honest about that!

Domenic_S 14y ago

Once you're in the SF/NYC scene with your job, you are kind of stuck because there are no houses to buy for $380k anywhere around you. So the fact that $1700 could pay a $380k mortgage is irrelevant, because that purchase can't happen. Also, where did you get the $95k+closing costs=$115k cash down to get that $380k mortgage if you're making $75k or less?

clarky07 14y ago
> Once you're in the SF/NYC scene with your job, you are kind of stuck because there are no houses to buy for $380k anywhere around you. There are lots of things available in NY outside of Manhattan. As for SF, there obviously isn't much in the city (28 foreclosures), but a quick search gives me 233 results inside of 45 minutes, and 940 inside of 60. > Also, where did you get the $95k+closing costs=$115k cash down to get that $380k mortgage if you're making $75k or less? 1. You don't have to have 20% down to buy a house (maybe you should, but it definitely isn't a requirement. 2. I wasn't even considering downpayment, the houses I was talking about were < 380k total, so mortgage would actually be even less factoring in any downpayment. 3. That's the point. If you are making 75k you shouldn't be spending 1700 a month on rent either. If you want to live in Manhattan, get yourself an awesome job paying 250k+. Otherwise it's to me it seems pretty stupid to live in Manhattan. 1700 a month for 180 sq ft just seems bizarre and absurd. That's not a good deal.
- Domenic_S 14y ago
  > As for SF, there obviously isn't much in the city (28 foreclosures), but a quick search gives me 233 results inside of 45 minutes, and 940 inside of 60. Criteria: SFH, <=$375k, 2br+ 1ba+. SF: 3 listings: http://www.redfin.com/homes-for-sale#!market=sanfrancisco&max_price=375000&num_baths=1.0&num_beds=2&region_id=17151&region_type=6&sf=1,2&uipt=1&v=8 http://www.redfin.com/homes-for-sale#!market=sanfrancisco&#3... Believe me dude, there's nothing unless you want to live in San Leandro (hint: you don't) or don't care about the condition of the house. > You don't have to have 20% down to buy a house (maybe you should, but it definitely isn't a requirement. Granted, but then your monthly payment raises several hundred $$ because of PMI. Your original point was based on monthly payment, so this is a problem. > 3. That's the point. If you are making 75k you shouldn't be spending 1700 a month on rent either.... No argument from me.
  - lifeguard 14y ago
    It is kinda scary most home loans in CA are rated 'Jumbo' by lending guidelines. One can buy a 3 bedroom home in Kansas City for <180k. But you will have to sell it for the same price you bought it for if you put it on the market.
  - clarky07 14y ago
    Criteria - Within 60 mins of SF, < 380k, 2br+, 1ba+ Granted they are pretty much all foreclosures, so you'll likely have to work to find one in good shape, but there are 1201 results. And this is obviously not downtown, up to an hour commute, but still. I think I'd rather have a large portion of these than a 180 sq ft studio. Oh well, to each his own. http://www.trulia.com/for_sale/San_Francisco,CA/2p_beds/1p_baths/0-380000_price/#for_sale/37.734751,-122.44745_poi/d60_go/1p_baths/2p_beds/3_ft/0-380000_price/ http://www.trulia.com/for_sale/San_Francisco,CA/2p_beds/1p_b...

dinkumthinkum 14y ago

I understand your point but I don't think it is really a question of "enough" per se. The parent was saying "wow" as if it is just crazy talk to think you would need more than double the average where the average is brought down by people in extreme poverty. I don't think it's fair at all to imply that is somehow expecting or desiring some posh luxurious, whatever "bad" adjective is preferred, lifestyle. Let's be honest, if you have a family, you have desire for a middle class lifestyle, saving retirement, college funds, unexpected expenses, etc, $75K is not some amazing sum, even if you live the South East with cheaper living costs. Let's just be honest about that!