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Bostonosaurus OP t1_ix1pu48 wrote

Reply to comment by upsidedown1313 in For people that bought single family homes in Boston or adjacent suburbs since last summer, how much are you paying per month in mortgage, taxes, insurance? by Bostonosaurus

Sry, I am assuming 20% and zero or 1 point interest 30yr fixed (so like high 6s). Locations listed in the post.

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Interesting_Ad3949 t1_ix1vcy1 wrote

For a first time home buyer, you dont have to put down 20%. You can do 5 or 10%. A $5000 mortgage is basically a milion dollar home. So, if we arent talking that kind of house, lets be more realistic and say mortgages between 2000 and 3500 depending on down payment and price. A $500k house at 4.5 no down payment has a mortgage of about $2500.

So, OP was getting outbid because it was a sellers market. And most likely competing with developers who have cash.

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Bostonosaurus OP t1_ix25rrc wrote

$5000/month is around 750k with 20% down with rates in the high 6s. Depends on if it's a rez exemption town too.

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Interesting_Ad3949 t1_ix2aqda wrote

Dude $750k with 20% down is a $600k financed mortgage. At 6% thats about $3,650. Where yall getting your numbers from??? I just used a mortgages calculator. Id add more to that for Insurance which is about 2400per year.

A mortgage and house is not unobtainable in the boston area.

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corned_beef_balls t1_ix2zwog wrote

Mortgage rates are more like 7%, bringing payments to 4k without taxes, insurance, and HOA. 5k is not far off. The median household income is 77k, which isn’t close to being able to afford a 4k payment (or even the 3.6k you mentioned), let alone save for the 150k down payment you’re implying. Houses in good areas are obtainable if you’re well off or are gifted money.

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Interesting_Ad3949 t1_ix34tiv wrote

Why im up no idea lol.. If you are not well off then you aren't buying in any current "good" areas no matter what. Stop using strawmen though. Use your situation... i bought in Dorchester when cabs didnt want to take you home from downtown at night. Now its one of the places to move to. I went through NACA for homebuyers assistance and workshops and put down 5% FHA loan. If i were buying right now, i couldnt afford my own house. I'd buy in Randolph, Brockton, Weymouth, Lynn, Saugus, Everett, etc All withn 30 minutes of Boston.

Many current "good" areas were not ao great areas before. When you dont have the resources, you do what ya gotta do.

A Couple making the median salary is $154k. They could get a 500-600k house with a commute. Or better yet get a 2 family that needs some TLC and the rental Income goes towards the mortgage.

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corned_beef_balls t1_ix35i5k wrote

> If you are not well off then you aren’t buying in any current “good” areas no matter what

Right, so it’s not “obtainable” like you said.

My situation is not normal. I make over 3x the median household income as an individual. Of course a house is obtainable for me. You don’t know what a straw man is or you wouldn’t have accused me of using one. The median salary is not made up.

77k is the median household income, not individual salary. The median Boston salary is 39k. So the couple you’re talking about making 154k consists of two people each making double the median salary.

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Interesting_Ad3949 t1_ix3bl22 wrote

I just have you neighborhoods where the dream is obtainable. You can ignore that if you want. Buying in Newton may not be obtainable but Randolph is.

FYI poor people aren't buying houses in Boston or much anywhere for that matter. So realistically, that median salary is mostly for single professionals middle

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corned_beef_balls t1_ix3c075 wrote

It’s not obtainable for most people. How are you still missing the point?

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Interesting_Ad3949 t1_ix3es69 wrote

Stop talking for everyone else. It's obtainable for you. It was obtainable for poor people before because many Boston neighborhoods are where highly sought after. gentrification changed things. There are neigborhoods where low income people can afford. It may require some travel or different area but it can be done.

My parents couldnt buy in NY, so they moved to Florida. I bought in Dorchester and couldnt afford the South End. Do what you gotta do!

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corned_beef_balls t1_ix49d29 wrote

> Stop talking for everyone else

and

> There are neigborhoods where low income people can afford

What a hypocrite.

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Interesting_Ad3949 t1_ix4bb5q wrote

Umm i bought in a low income neighborhood. And had to be my own handyman. Most people can do it, it takes sacrifice sometimes.

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corned_beef_balls t1_ix4g0lr wrote

You said you couldn’t afford your house today.

No, most people cannot do it. Do you know what median household income means?

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Interesting_Ad3949 t1_ix4l68c wrote

I can't afford my house today because my house value has tripled. I could afford it when i bought it and people advised me against buying in this neighborhood in Dorchester. Today, I'd tell people to go where there opportunities are. Randolph, Lynn, Saugus, Weymouth. Just get something near a T if needed.

Edit: Two families in Hyde Park, Roslindale, Mattapan, and other places

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squeegis01 t1_ix69ziw wrote

Lower income residents of Boston can apply through the Boston Home Center for reduced interest rate mortgages and up to $50,000 in down payment assistance making homes more affordable for them. It is not impossible to own a home in the City.

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