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 ...
Wow, time for people to SELL while the price is up.
These prices won’t hold. Eventually CA won’t be able to import enough American hating foreign nationals with $ to buy them.
If you sell, you better have something affordable lined up beforehand.
This is insane!
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.
Not when the price of a cookie cutter, 1200 square foot, 65 year old home is going for $850,000+.
Snort!
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.
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.
Just pay cash. I did.
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.
But truck drivers and plumbers are pulling down high-five/low six figures, are they not?
$749,000
Built in 1951
1300 sq foot
On a postage stamp lot.
It’s true in my experience. Subsidized invaders gobbling up inventory, imho.
If you didn’t laugh you’d cry.
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....☺
And just to the left of that house up the enbankment is the 605 freeway. SoCal paradise for $749k. Great.
Ya, and homeless living under the bridges and they find dead bodies down there on occasion.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.