Depends on what homes are going for in your area. Around here, $200-$250k seems to be the norm for your "average house". My parents had theirs listed at $400k, and had people biting at it left and right..hell, want to rent a 3 bedroom apartment? Might as well cough up $1,200 a month for rent..and that's BEFORE utilities are included.

 

Average homes seem to be in the 200-220k range here.

I went modest and got mine for 130k, 1000 sq ft 2 years ago. It's probably worth around 170k now. I also put 25% down.

 

In our neighborhood, a 1300 sf tract home built in the mid-60's with no updating will run you $600,000 or so. Your 15-year mortgage payment would be...$4500 and that's if you could plunk $120,000 down. Of course we're not including agent fees or closing costs but why quibble over $40,000 :lol: Needless to say, not many people are free and clear at 40 around here. Like everything else in real estate...it's local.

 

Where's "around here" no_worries?

That square footage and price sounds like either the NE or California.

 

OC CA.

 

That's THE oc...

Yeah I agree with you on house costs. I spent 10 yrs in Newport (down on the penninsula) and Costa Mesa....that is some expensive real estate.

I don't know how young people get a start down there these days.....too high a % of income needs to go towards providing a roof over one's head. Unless, of course, you want to move to the IE (Inland Empire) and that ain't cheap either.

 

It's called making good decisions in your life.

buying a 600k home when you're 25 with not much money down wouldn't be one. Unless you're making 150k+.

 

"If you can't afford a 15 yr mortgage the home should not be bought" Allen5oh

Are you from Mars?

 

Sounds like a Dave Ramsay convert :lol: Who's to say it wouldn't be a wise decision? If you can such it up and swing the payments, in a couple of years that piece of real estate just might be worth $800,000. Topics like this are simply much too variable to paint with such a broad brush.

You're right Geo, even the IE has gotten expensive, relatively speaking. Of course, they're also getting the worst of the foreclosure hit now too. It's going to be interesting to see how this whole mess shakes out. I just saw where Stockton is the foreclosure capitol right now. A bunch of the subprime lenders are based in my area and are shedding jobs like mad. It's fascinating to watch the fallout.

 

http://www.dqnews.com/ZIPCAR.shtm
Areas of OC are sinking like certain areas in every county.

check out San Luis Obispo, a great area, and Paso Robles