> 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.
> 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.
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....
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.
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.