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Buyers Needs a $127,000 Down Payment to Afford a Typical Mortgage Payment
Zillow ^ | 6/20/24 | Skylar Olsen

Posted on 06/20/2024 5:32:29 PM PDT by eyeamok

. In Los Angeles, a median-income household would need a nearly impossible 81.1% down payment ($780,203) to afford the typical home, highest in the country. In San Jose, the down payment needed is more than $1.3 million (80.9%) — that’s more than the typical home is worth in every other major market. Outside of California, median-income households would need to put more than 60% down in the New York City metro area (75.3%), Miami (64.5%), Boston (61.7%) and Seattle (61.3%).

(Excerpt) Read more at zillow.com ...


TOPICS: Business/Economy; Culture/Society; Miscellaneous
KEYWORDS: bidenflation; housing
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Yeah the Den of Vipers and their partners in the Government have really screwed things up...
1 posted on 06/20/2024 5:32:29 PM PDT by eyeamok
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To: eyeamok

Wow, time for people to SELL while the price is up.


2 posted on 06/20/2024 5:37:57 PM PDT by rovenstinez
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To: eyeamok

These prices won’t hold. Eventually CA won’t be able to import enough American hating foreign nationals with $ to buy them.


3 posted on 06/20/2024 5:43:55 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: rovenstinez

If you sell, you better have something affordable lined up beforehand.


4 posted on 06/20/2024 5:45:03 PM PDT by oldtech
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To: rovenstinez

This is insane!


5 posted on 06/20/2024 5:46:03 PM PDT by oldtech
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To: eyeamok

20% down is typical... All this article is saying is what you’d need down to get to a reasonable payment.

Mortgage rates suck but that what folks get when they vote for the azzholes in office. They bitch then vote them in again.


6 posted on 06/20/2024 5:46:04 PM PDT by maddog55 (The only thing systemic in America is the left's hatred of it!)
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To: maddog55
20% down is typical.

Not when the price of a cookie cutter, 1200 square foot, 65 year old home is going for $850,000+.

Snort!

7 posted on 06/20/2024 5:48:56 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: eyeamok

8 posted on 06/20/2024 5:59:04 PM PDT by Theoria
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To: maddog55
20% down is the minimum needed to avoid PMI (private mortgage insurance) which can add up to thousands of dollars a year and is a total ripoff for the buyer.

I would not advise anybody buying a home without having at least 20% to put down. This also helps to prevent you from being upside down on your mortgage should house prices go down.

Another rule of thumb, do not take out an equity loan unless you have at least 50% equity on your home.

9 posted on 06/20/2024 6:05:26 PM PDT by SamAdams76 (6,575,474 Truth | 87,429,044 Twitter)
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To: dragnet2

We would pass this house in Coronado, Ca. (San Deigo area) several times a year going to NAS North Island, 609 Ocean Blvd. It was right across the road from the beach, just down the road from the Coronado Hotel. We asked one of the Navy guys about it and he said he checked it out for fun once, $4,000,000. Great location and great view. But man, the price, the politics, and taxes.


10 posted on 06/20/2024 6:07:10 PM PDT by rustyboots
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To: rustyboots

Just pay cash. I did.


11 posted on 06/20/2024 6:16:09 PM PDT by DIRTYSECRET
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To: maddog55
There are two numbers that come into play when figuring out an appropriate down payment for the home you want to buy. It will be the higher of these two numbers:

1. The mortgage lender's requirement (usually 20% of the purchase price).

2. The down payment you need to get the mortgage down to a balance that fits your capacity to make monthly payments.

It sounds like it's #2 that's driving up the minimum down payment for many of these homes.

12 posted on 06/20/2024 6:16:11 PM PDT by Alberta's Child (“Ain't it funny how the night moves … when you just don't seem to have as much to lose.”)
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To: eyeamok

But truck drivers and plumbers are pulling down high-five/low six figures, are they not?


13 posted on 06/20/2024 6:17:22 PM PDT by xoxox
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To: rustyboots
Look at this beauty

$749,000

Built in 1951

1300 sq foot

On a postage stamp lot.


14 posted on 06/20/2024 6:17:38 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Theoria

It’s true in my experience. Subsidized invaders gobbling up inventory, imho.


15 posted on 06/20/2024 6:18:05 PM PDT by xoxox
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To: dragnet2

If you didn’t laugh you’d cry.


16 posted on 06/20/2024 6:18:30 PM PDT by xoxox
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https://www.realtor.com/realestateandhomes-detail/10703-Allerton-St_Whittier_CA_90606_M22345-58164?from=srp-map-list


17 posted on 06/20/2024 6:20:07 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: xoxox

Not me, I bailed out, we took 3 generations of assets with us and got 10x better property, way nicer home and town, and left the LA madness far behind!

Win, win, win....☺


18 posted on 06/20/2024 6:23:01 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

And just to the left of that house up the enbankment is the 605 freeway. SoCal paradise for $749k. Great.


19 posted on 06/20/2024 6:28:24 PM PDT by mikey_hates_everything
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To: mikey_hates_everything

Ya, and homeless living under the bridges and they find dead bodies down there on occasion.


20 posted on 06/20/2024 6:31:04 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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