Average house price for basic living

[TechSri]

On 6/29/2023 at 9:00 AM, Sonu_Patel said:

 

I will try ba.. 

If you are planning to get a mortgage.. make sure your house mortgage monthly payment is less than 30% of your net salary of your household.. 

Example: if you and your wife make the $10k net salary, then your mortgage payment can be up to $3.3k.

Run the Numbers and I always recommend going for a 15 year mortgage if possible instead of 30 year mortgage but ipudu unna Interest rates ki 15 year work out avvatledu.. but you can always target to refinance when the rates normalize.

you mean 30% of net should cover Mortgage + Home Insurance + HOA + Property Tax ??? 

[Konebhar6]

10 hours ago, TechSri said:

you mean 30% of net should cover Mortgage + Home Insurance + HOA + Property Tax ??? 

Haha...not possible in current Housing market if you need a house in a good school district.

[kiran1012]

1 hour ago, Konebhar6 said:

Haha...not possible in current Housing market if you need a house in a good school district.

For states like TX, Property tax aa oka 10% pothundi ga..

[Sonu_Patel]

14 hours ago, TechSri said:

you mean 30% of net should cover Mortgage + Home Insurance + HOA + Property Tax ??? 

yes va... total payment should in 30% of the net pay. This will allow you to plan for your retirement, Investment, Kids education, vacation.

[Sonu_Patel]

4 hours ago, Konebhar6 said:

Haha...not possible in current Housing market if you need a house in a good school district.

No possible because people are buying beyond the actual affordability.

Taahatha ki minchina karchu.. 

Eventually people will start realizing the financial struggle to plan for other things which might come up in future. 

[Sonu_Patel]

2 hours ago, kiran1012 said:

For states like TX, Property tax aa oka 10% pothundi ga..

2-3% untadi va property tax.. 

 

10% dunia lo ekkada ledu

[VictoryTDP]

45 minutes ago, Sonu_Patel said:

No possible because people are buying beyond the actual affordability.

Taahatha ki minchina karchu.. 

Eventually people will start realizing the financial struggle to plan for other things which might come up in future. 

5-6 jaaabs chese vadiki what burden vayya

[Sonu_Patel]

5 minutes ago, VictoryTDP said:

5-6 jaaabs chese vadiki what burden vayya

vallu exception va.. 

[kiran1012]

1 hour ago, Sonu_Patel said:

2-3% untadi va property tax.. 

 

10% dunia lo ekkada ledu

I mean 10% of annual salary is going towards property tax

[Sonu_Patel]

2 hours ago, kiran1012 said:

I mean 10% of annual salary is going towards property tax

people who bought before 2020 have the calculation perfectly worked out for having less mortgage payment and equity. 

All who bought homes after 2021 are unfortunately paid high prices and recently the combination of high price plus higher interest rates. 

[Konebhar6]

4 hours ago, Sonu_Patel said:

No possible because people are buying beyond the actual affordability.

Taahatha ki minchina karchu.. 

Eventually people will start realizing the financial struggle to plan for other things which might come up in future. 

Current financial situation ... you have to buy beyond affordability for a house in good school district.. Idi reality

People are predicting market to fall. Fed increasing Rates did not make any difference. There is a large disparity between supply and demand. Recession ani stock market will fall ani predictions, nothing happened in 2023. Stock market picked. We only saw dips in housing market but not crash. Job market kudaa stable undi. People are not seeling coz they got houses at very low rates. 

No one knows where housing is headed. If you want to be practical, renting a house is better and do not fall in housing trap. If you can afford home even if its a little beyond affordability, buy in a good school district where prices will pick up quickly (4-5 yrs) even if market crashes. Or keep some money aside to buy a 2nd home in case of a crash.

You cannot time the market. Even if there is a dip/crash, looking long term, house prices will come back in next 5-10 yrs. 

[TechSri]

On 7/3/2023 at 7:17 AM, Sonu_Patel said:

No possible because people are buying beyond the actual affordability.

Taahatha ki minchina karchu.. 

Eventually people will start realizing the financial struggle to plan for other things which might come up in future. 

Minimum house prices went way up. Manchi educated people community lo average home $400k kanna thakkuva unda cheppu. Then interest rate above 6%. 
inka wait cheste interest rate koncham thaggina house prices perugutay so when will we buy home in our life. 

[TechSri]

pre payment to principal cheyyocha every year to get out of lot of interest for long term.