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[Eye for an Eye]

A 250k mortgage is nowhere near a couple grand a month.

30 years * 12 months = 360

250000/360 = 694.44 a month

Granted this is at zero % plus no one mortgages the entire price of the home, there is usually a downpayment of sorts.

You're cute. My aunt's 30 year mortgage is $750 a month on a $92,000 home. Usually the lowest downpayment is 5%. Plus PMI insurance for less than 20% paid into the home's value. Plus homeowners insurance. And we haven't even started on utilities. There is no natural gas, everything is electric from the stove, dryer, furnace, and water heater. There's very few weeks a year that you can open a window for freah air because it's too damn hot. Electric bills are insane. Ohh and Flood insurance is still a separate policy. Because all of south florida is a low lying area.

 

[Saint Gregory]

What city are you looking in?

Super late but I've been leaning towards downtown Ft. Lauderdale now. Seems like the best option to get to my job in Miami without sitting in traffic all day.

 

[Fine Ham Abounds]

Can't wait to see this coupled with Trump not nominating a head for FEMA or NOAA this year. Gonna be a fun Hurricane Season

 

[peteykirch]

You're cute. My aunt's 30 year mortgage is $750 a month on a $92,000 home. Usually the lowest downpayment is 5%. Plus PMI insurance for less than 20% paid into the home's value. Plus homeowners insurance. And we haven't even started on utilities. There is no natural gas, everything is electric from the stove, dryer, furnace, and water heater. There's very few weeks a year that you can open a window for freah air because it's too damn hot. Electric bills are insane. Ohh and Flood insurance is still a separate policy. Because all of south florida is a low lying area.

I don't know those numbers look way too high.

Using the mortgage calculator I've found for a 150k house with 20k down, your mortgage should be 914.xx a month with the PMI, then it drops to 860 without it.

 

[Eye for an Eye]

Super late but I've been leaning towards downtown Ft. Lauderdale now. Seems like the best option to get to my job in Miami without sitting in traffic all day.

Have you thought about Davie, Cooper City, or Pembroke Pines? Easy to get to the turnpike to take it into Miami. From the backside of MIA airport to Cooper City was easily 90 minutes during rush hour. The 826 to 75 north. The 826 was the majority of it. Every time they get done adding a lane it's back under construction to add another.

 

[Apt101]

A 250k mortgage is nowhere near a couple grand a month.

30 years * 12 months = 360

250000/360 = 694.44 a month

Granted this is at zero % plus no one mortgages the entire price of the home, there is usually a downpayment of sorts.

You forgot interest, property taxes, and insurance. Even at great rates and a 10% down payment (which most new owners will not have) the best they're gonna get is around $1,400/month.

Edit: and yes, that is precisely the reason many rent. Let's see - have an extra $700 - $800 a month to save and/or improve my quality of life, or hope to get above water on an old property 10 years from now? A property that might very well lose value? It's a no brainer. I remember when I was in highschool houses - good, large houses - could be had for like $120k. Now that won't buy you shit. Maybe the oldest, shittiest condo in the get-robbed part of town.

 

[Makai]

Lego bricks, haha. Nice

 

[Dreams-Visions]

There's a lot of apartment made out of shipping containers in the Netherlands (if I remember correctly) and they look pretty nice. I wouldn't mind living in one.

I uh...

..huh.

 

[Abstrusity]

250k at average mortgage rates for a 20 year mortgage in florida comes out to around 425k...or 1771 rounded per month for 20 years for the mortgage alone. Plus bills and property taxes and gooooood luck.

 

[gregor7777]

250k at average mortgage rates for a 20 year mortgage in florida comes out to around 425k...or 1771 rounded per month for 20 years for the mortgage alone. Plus bills and property taxes and gooooood luck.

No one gets a 20 year mortgage. Most common is 30 year, followed by a 7 year ARM.

 

[Saint Gregory]

Have you thought about Davie, Cooper City, or Pembroke Pines? Easy to get to the turnpike to take it into Miami. From the backside of MIA airport to Cooper City was easily 90 minutes during rush hour. The 826 to 75 north. The 826 was the majority of it. Every time they get done adding a lane it's back under construction to add another.

I've only been down here a couple of weeks so I haven't had a chance to explore the northern areas much but I did see Pembroke Pines. Seems nice and it's only about 30 minutes from my office.

 

[Abstrusity]

No one gets a 20 year mortgage. Most common is 30 year, followed by a 7 year ARM.

Then it's "only" 1465 a month, but I'm not familiar with ARM enough to plug it into a formula. Suffice it to say, that'd pay it off AT 30 years, though.

 

[Kreed]

I see it moving north now, but on the east coast of Florida. Broward and WPB are building like crazy to keep up with the demand, driving up prices and driving people further north into Palm Beach and into areas that were empty a few years ago.



Like this.

There's also the option of moving a little further away from the beach to cities like Davie and Plantation but everyone wants to be near the beach/Miami.

 

[peteykirch]

You forgot interest, property taxes, and insurance. Even at great rates and a 10% down payment (which most new owners will not have) the best they're gonna get is around $1,400/month.

Edit: and yes, that is precisely the reason many rent. Let's see - have an extra $700 - $800 a month to save and/or improve my quality of life, or hope to get above water on an old property 10 years from now? A property that might very well lose value? It's a no brainer. I remember when I was in highschool houses - good, large houses - could be had for like $120k. Now that won't buy you shit. Maybe the oldest, shittiest condo in the get-robbed part of town.

Yes, I said the first set of numbers I ran had no insurance, property taxes, and interest, the second set of numbers I ran did, which still was nowhere near what the person you claimed is paying for a house that is worth less than a 100k.

 

[Kallor]

I work for a company that just started building homes/offices out of shipping containers. some are meant to be used for disasters/hurricanes type situations where people have lost their homes. Its pretty neat. It also seems like a lot of work and and a lot of back and forth and can't imagine it being cheap at all.

 

[Seirith]

condescending crap aside, why are new college graduates even considering buy a house. That's not something you should do anywhere near starting your life as an adult. Wait a few more years. Rent a cheap apartment.

Why? I hate apartments I like having a house where I can have pets and paint the walls the color I want and I don't have to worry about if I am being to noisy for neighbors above, below and to the sides of me. I also like having a yard and driveway, not a parking spot in some parking area that random people park in.

No thanks.

 

[Darkspiret]

I work for a company that just started building homes/offices out of shipping containers. some are meant to be used for disasters/hurricanes type situations where people have lost their homes. Its pretty neat. It also seems like a lot of work and and a lot of back and forth and can't imagine it being cheap at all.

From what im seeing depending on options and quality, a fully redone 40foot SC with electricity, plumbing, internet and everything else youd need runs around $15-30K per container. Of course theres a lot of other costs, but that looks to be what the core shipping container will run you. Factor in transport, foundation, a roof and other stuff like that and itll probably be 25-30% more.

 

[Gallbaro]

Why? I hate apartments I like having a house where I can have pets and paint the walls the color I want and I don't have to worry about if I am being to noisy for neighbors above, below and to the sides of me. I also like having a yard and driveway, not a parking spot in some parking area that random people park in.

No thanks.

So your are the worst kind of American when it comes to climate change. A subsidized suburbanite!

 

[The Hamburglar]

Might as well make a giant slums like you see in Brazil. The way the gap between poor and rich is getting that's all most people will be able to afford.

 

[Jag]

There's also the option of moving a little further away from the beach to cities like Davie and Plantation but everyone wants to be near the beach/Miami.

Yep. I'm all the way west in horse country. Nice and quiet out here.

 

[Apt101]

Yes, I said the first set of numbers I ran had no insurance, property taxes, and interest, the second set of numbers I ran did, which still was nowhere near what the person you claimed is paying for a house that is worth less than a 100k.

I was quoting you, who wrote $250k mortgage. Of course it's going to be a lot lower if you only calculate for $150k. Lol.

 

[Piecake]

Why? I hate apartments I like having a house where I can have pets and paint the walls the color I want and I don't have to worry about if I am being to noisy for neighbors above, below and to the sides of me. I also like having a yard and driveway, not a parking spot in some parking area that random people park in.

No thanks.

Job market flexibility.

Lot easier to move when you rent than if you own

 

[Sunster]

but I want to live in South Florida. and own a home. tiny home.

 

[peteykirch]

I was quoting you, who wrote $250k mortgage. Of course it's going to be a lot lower if you only calculate for $150k. Lol.

I used 150K to disprove the other person who claimed their family member is spending so much on a 92K mortgage, there has to be more to that equation like having really bad credit or getting a mortgage when rates were very unfriendly to buyers.

 

[Tylercrat]

As a Floridian I know exactly why housing prices are so high. There is no more space to build new homes in southeast Florida. They've been building homes in the Everglades (Weston, Coral Springs etc.) but that is terrible for the environment. We need to keep the Everglades in tact (what is left of it anyway).

I have a theory that this is happening all over the world. There is less and less supply nowadays of land to build homes/apartments on. Local people don't want local forests/protected land developed on (for good reasons). But this raises the price of land sky high. As the population gets higher, land just skyrockets in price. I think this is affecting economies all over the world. That is the true reason millennials can't buy a house.

The environment has limitations. It is a global phenomenon and a local one. Most cities I would recommend more development if there is the space in order to make housing cheaper. In southeast Florida I would not recommend too much more land development because if they developed any further west than they are now, then there would be no more Everglades (which is very important to keep).

I personally moved from South Florida to North Florida where it is much more affordable to live.

 

[Kite]

I have a theory that this is happening all over the world. There is less and less supply nowadays of land to build homes/apartments on. Local people don't want local forests/protected land developed on (for good reasons). But this raises the price of land sky high. As the population gets higher, land just skyrockets in price. I think this is affecting economies all over the world. That is the true reason millennials can't buy a house.

lol yeah no, especially in America a lack of land is not the issue at all. There are tons of cities with great job opportunities, they're just not exciting trendy places where young people want to work and live. Go google the cities with the best job opportunities, half are cities and states I've forgotten even exist.

http://www.businessinsider.com/best-cities-to-find-a-job-2017-1/#20-san-jose-california-1

Scottsdale, Arizona
Sioux Falls, South Dakota
Salt Lake City, Utah (lol Mormons)
Raleigh, North Carolina
Peoria, Illinois
Fort Wayne, Indian
Minneapolis, Minnesota
Garland, Texas

... You see any gaf threads asking about these cities? Na, you see the thread every month or so asking if they can move to New York, Seattle or Cali and survive on their minimum wage salary.

 

[Barzul]

We're looking at homes in Boyton Beach right now. Seems to be one of the only places which still has reasonable prices.

 

[Megalosaro]

There is a resturant here in long Beach that is out of containers.

They're pretty cool.

Housing. I dunno. They are surprisingly not the super studiest things in the world. Not enough for me to want to live in one.

 

[R0ckman]

The narrative is getting too close to "**** you, millennials!"

 

[Eye for an Eye]

I used 150K to disprove the other person who claimed their family member is spending so much on a 92K mortgage, there has to be more to that equation like having really bad credit or getting a mortgage when rates were very unfriendly to buyers.

Bought it in 2010 with a very good interest rate. It was a buyer's market at the time. I believe she got the closing costs paid for by the seller.

Insurance costs are variable from year to year, and can also vary by area, age of the home, and insurance company being used. Ohh, and mortgage companies sell off loans to different banks all the time and you have no control over that.

 

[Eye for an Eye]

lol yeah no, especially in America a lack of land is not the issue at all. There are tons of cities with great job opportunities, they're just not exciting trendy places where young people want to work and live. Go google the cities with the best job opportunities, half are cities and states I've forgotten even exist.

http://www.businessinsider.com/best-cities-to-find-a-job-2017-1/#20-san-jose-california-1

Scottsdale, Arizona
Sioux Falls, South Dakota
Salt Lake City, Utah (lol Mormons)
Raleigh, North Carolina
Peoria, Illinois
Fort Wayne, Indian
Minneapolis, Minnesota
Garland, Texas

... You see any gaf threads asking about these cities? Na, you see the thread every month or so asking if they can move to New York, Seattle or Cali and survive on their minimum wage salary.

People also tend to like to move to areas with like minded people and views of the city that align their own views.

Why go to Garland, TX when Austin is much nicer? Why go all the way to Arizona if California is the next state over? I don't think I need to explain North Carolina.

 

[Ryouji Gunblade]

Just add a crane and it can feel like Noshahr Canals!

 

[GoldenEye 007]

People also tend to like to move to areas with like minded people and views of the city that align their own views.

Why go to Garland, TX when Austin is much nicer? Why go all the way to Arizona if California is the next state over? I don't think I need to explain North Carolina.

To be fair, Garland is like 10 minutes from Dallas. Where Dallas is very much full of young professionals, trendy places, etc.

Raleigh is also a solid city on it's own. Can't speak for the rest.

 

[mr jones]

Don't go to Minneapolis. It sucks. ^_^

 

[Dr. Feel Good]

People also tend to like to move to areas with like minded people and views of the city that align their own views.

Why go to Garland, TX when Austin is much nicer? Why go all the way to Arizona if California is the next state over? I don't think I need to explain North Carolina.

Often times you need to make short term sacrifices for long term gains. If living in Arizona for the right job for a couple years at low cost of living and leverage you into the right job in California that's not a bad thing. Problem is most people want immediate gratification and are not willing to do this. The reality is there are plenty of places in the US with affordable housing but you have to make personal sacrifices to be in them (I.e. Terrible weather in Minnesota).

I still think the housing market is fucked in a lot of major areas of the US, but I just recently bought a condo in Los Angeles and I'm 28. Had to sacrifice years of living with roommates (still have them actually) and lived in bumble fuck Wisconsin to start and grow my career out of college but they were stepping stones to where I got to now.

 

[Lynd7]

Ther was a pretty awesome looking home made from containers on Grand Designs.

 

[Eye for an Eye]

To be fair, Garland is like 10 minutes from Dallas. Where Dallas is very much full of young professionals, trendy places, etc.

Raleigh is also a solid city on it's own. Can't speak for the rest.

Garland is not 10 minutes from Dallas. I spend quite a bit of time there. I've driven it many times to know you could probably only drive it in ten minutes on a sunday evening.

I love the misconception about travel time from city to city in major metropolitan areas. The trip down to the nearest Walmart is a ten minute drive. The trip to a downtown area from a surrounding city is a good 30 minutes. Add in rush hour?... That's never a consistant answer.

 

[Tripon]

Often times you need to make short term sacrifices for long term gains. If living in Arizona for the right job for a couple years at low cost of living and leverage you into the right job in California that's not a bad thing. Problem is most people want immediate gratification and are not willing to do this. The reality is there are plenty of places in the US with affordable housing but you have to make personal sacrifices to be in them (I.e. Terrible weather in Minnesota).

I still think the housing market is fucked in a lot of major areas of the US, but I just recently bought a condo in Los Angeles and I'm 28. Had to sacrifice years of living with roommates (still have them actually) and lived in bumble fuck Wisconsin to start and grow my career out of college but they were stepping stones to where I got to now.

I have to live in CA because of my pension is here. Until an out of state school can figure out how to pay my pension costs, I can't leave the state.