Laura Graves and her husband, Samuel, each make six figures but are struggling to find a home in their budget in the Portland, Oregon, area.
Posted on 08/15/2024 9:26:33 PM PDT by SeekAndFind
Laura Graves and her husband, Samuel, each make six figures but are struggling to find a home in their budget in the Portland, Oregon, area.
Laura Graves and her husband, Samuel, never thought they'd be raising their two children in an apartment, but they say the housing market has left them with little choice.
Over the past three years, the couple, who are both 36 and live in a suburb of Portland, Oregon, have been looking for a home. They want to keep their monthly mortgage payment between $3,000 and $3,500 — or about 30% of their monthly take-home income of about $11,000. Laura is a financial analyst, and Samuel is an electrician, and they each made six figures last year, totaling $250,000.
But rising home prices and mortgage rates in recent years have made this goal difficult to accomplish. Laura says most homes they're interested in would require a monthly mortgage payment of at least $5,000, or about half of their monthly income. So rather than splurging on a home outside their budget, they've decided to wait, pay $2,700 a month for a two-bedroom apartment and a storage unit, and cross their fingers that the market moves in their favor.
"We refuse to become 'house-poor' and, like many others, are choosing to sit it out until the housing market is reasonable again," Laura said. Someone is "house-poor" when they're struggling financially because their homeownership costs are too high.
Laura and Samuel are among a group of Americans with six-figure incomes who say they can't find a home they desire that's in their budget. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to near-record-high unaffordability levels.
(Excerpt) Read more at finance.yahoo.com ...
Unless they live in a city on the West coast or New York, they just aren’t looking hard enough at their options.
They also have portable skills and can work anywhere in the country.
Here’s a concept...save up more than an 11% down payment. They should be stacking up money with $11,000/month take home pay.
Two things.
1. They want to buy a home in Portland Oregon?
2. Thank FJB for your inability to afford a home.
They could move to a city of 30,000 or less in Nebraska and buy the biggest house in town. She should be able to work from home and while he might not earn as much he’d have time to be a coach, take the kids fishing, and enjoy true America.
Hmm…$250K/year is almost $21K/month but they are taking home only $11K/month. They are buying a house for somebody - in the Federal government.
I am retired. I have no mortgage no credit card debt. My cars have no payments. I am financially secure in my retirement. My sympathy level to this couple is low. I well remember when I lived pay check to pay check. See my tag line. I worked, I became educated with the money I made except my second degree. I made a loan and paid it off early. As mentioned, I have no sympathy.
Who did they vote for? That determines my level of sympathy, if any.
The left daughter smiles like her mom and the daughter on the right like her Dad. How cute.
The 30% is a 1950s era percentage when federal tax rates were very high after the very expensive WW2 and before Kennedy, Reagan, Bush II and Trump cut tax rates.
In the 1950s they built cracker box houses like those in Wheaton, MD, Pimmit Hills, VA and the Levittowns.
They get paid $250,000 for a reason - housing in the Western states is expensive.
California has a wonderful climate and wonderful jobs. That impacts all of the Western states.
If they could suddenly buy a house for $600/month, they would not want to work for a $2000/month take home.
Which game would you play?
Game 1: pay Mr. Mortgage $2,000/month, get $5,000/month from Mr. Employer
Game 2: pay Mr. Mortgage $5,000/month, get $11,000/month from Mr. Employer
That sounds normal. Too normal. :-)
And I bet they’ll vote Democrat in November
>> their monthly take-home income of about $11,000. Laura is a financial analyst, and Samuel is an electrician, and they each made six figures last year, totaling $250,000.
This math doesn’t make sense. 11K * 12 months = 132K, about half of their total “six figure salaries”. Married with two kids they’re paying 50% in tax?
I wonder what options might open up if they were to pull their heads out of their asses.
And Laura is a “financial analyst”...??? I wouldn’t hire her if she can’t solve this rather simple problem!
If an electrician can’t make at least $2-3,000/month on side work, he’s doing something wrong.
They need to invest in a good Airstream Trailer. I’ve got a 1948 model at the local lake property and it’s still in good shape as ever. Even the original stove and oven works. They were built to last.
Learn to save money and budget.
With you on that.
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