Is it possible for a middle class person to buy a house or land in the US without much difficulty?

[behnam1999]

• Tell me about your experiences in this matter. What did you go through and was it easy? What was the house like? Quality, size etc.

[Jay3344]

So there are really only two classes in America, the working class and the capitalist class. The working class can afford a home in most suburban areas but they will pay for 30 years and have to work the majority of that time. The house can appreciate depending on the economy of the area but nothings certain. Homes that are built now or were built in bulk recently tend to be more cookie cutter and less homely than ones built 30 plus years ago. They just need broken in but in many parts of the country they just aren’t built that great too. So use a home inspector when looking at houses, don’t settle and get caught up in FOMO, know what you want and put aside enough for the down payment and hopefully a year of mortgages at least. Expect at least $5,000 in closing costs and be prepared for real estate taxes and home insurance on top of your basic utilities. If you are really entrepreneurial you can live in the home for a year getting a regular mortgage and then rent it out after that.

[AviatorTom]

The process of buying property in the US is not difficult. What makes it difficult us coming up with the money for a diem payment, and then the monthly mortgage and fees osynrnt, and the cost to maintain the property.

Higher interest rates and overall inflation now makes more sense to rent than buy.

[rachel776]

buy houses as investments and move into one of them for free while the others are making money for you. bad time to buy a house right now near the top of the market when a crash is coming, wait it out and pick up a deal. if you want to get in now, invest in the downside and get out before it starts going up again (REITS and fractional shares, things like that)

[jennifer_bloom]

It depends where you live. Where I am, even a very broken and ugly home costs over $750,000 but that might give you a huge home in America.

[mobiusforniner]

Yeah. I did it in 2012 when the market was at the bottom. Got my house for 295k and 3% fixed 30 yr mortgage. Scored pretty well since its now worth 700k and interest rates are above 5%. I pay less for my mortgage than people pay for apartments around here.

I guess point is, know the market.

[exitseven]

I did it in 1994 and it was difficult. I sold my starter home and made a considerable amount of money on it but it was still hard to find a bank that would write me a mortgage because I was not a high earner. I found a neighborhood I wanted to live in and I found a builder who would build me a house. I finally secured financing but it was a challenge to make sure the builder did not cut corners. The house is worth 10X what I paid for it 30 years ago so I guess it was a good investment.

[Anonymous]

Yes, certainly. You may need to pay on the house over time, but you can buy a house without much difficulty. The difficulty is simply being middle class in America. The middle class is shrinking and due to a combination of inflation and corporate greed, poverty rates are skyrocketing. Depending on the metric used, between 74 and 40 percent of Americans live in poverty.

[Jamie05rhs]

Middle-class people usually start by buying a really shitty house. They live in that for 5-10 years, then they sell it and get an actual decent (average) house. They make payments on their second house until they die.

Poor people? Forget about it. Poor people can't even buy houses anymore.

[OddBeMe]

Bought a three bedroom two bath. Never by a “one bath house”. That’s former track housing.


Location and distance to highways are important. As are the neighbors. How many lawns are overgrown. Does it seem like weeks? My neighborhood has a pretty good “groupthink” that forces people to mow their lawns.

[Jamie05rhs]

What's track housing?

[OddBeMe]

@Jamie05rhs poor people govt housing. We need more of it ironically. Just don’t buy one decades old.

[Jamie05rhs]

@OddBeMe Oh; okay.

by the way, which country do you live in? Just curious.

[OddBeMe]

US. But seriously if you’re looking, gotta go through the math.

Usually fixed rate mort are best. And your electricity and water go up because it’s bigger than an apartment.

Also look up property taxes of the area. One house was near hospitals, less taxes (not sure why). Now my house is near 5 schools and it’s through the roof. Lol

[Jamie05rhs]

@OddBeMe Correct. ONLY get a fixed-rate mortgage.

Property taxes are communist. But unfortunately they are a present reality.
I totally agree with you to get a house with the lowest possible property taxes.

[OddBeMe]

@Jamie05rhs yeah. I shoulda followed my own advice :)

[Jamie05rhs]

Aw; dang.

[OddBeMe]

We’re dealing with it. And thats another thing. Financially, your house has so many avenues for benefits that you can usually make it work out. I wouldn’t be so worried. It’s tough looking at all the numbers but property tax is deductible and as well as your home office.

[Jamie05rhs]

@OddBeMe Okay.

[AndrésC64]

The mean sale price of a home in the US is over $500,000. That's the mean. The mean family income in the US is $88,000. So, if you could come up with a $100,000 deposit, you would be left with monthly mortgage payments of about $2,400.

[dustybiker]

Depends what your history is. Good credit, bad credit, no credit. You might need a co-signer.

[oddwaffle]

House and land, easy.

House and land where you want. No.

[Haha456]

Right now interest rates are too high so nobody is buying homes right noe

[ArtemisSilver]

I've heard there are many good opportunities to do so outside of the big cities.

[behnam1999]

For example what?

[ArtemisSilver]

A small cottage in Florida for 5k, lot's of similar deals in the rust belt. In Detroit you can get a house for a dollar 👍

[behnam1999]

I'm talking about a place where you can have a happy life with your family. A safe neighborhood, great infrastarcture, proper size, and amenities which are enough for you to meet your basic needs!!

[dudeinohio]

Houses are way overvalued now. Plus interest rates are going up. Hard to. buy.

[Anonymous]

Only if you have upper class money, the procedure isn’t too hard, it just takes a lot of money

[TroyDT2]

Depends upon where you live.

[TroyDT2]

In some parts of the nation, land is relatively inexpensive and regulations do not add an absurd amount to the costs. In California except in rural areas, it is obscenely expensive and pretty much impossible currently for a middle class person to buy a house unless he/she lucks into a tax lien, or is cool with a 40-year-mortgage and three or more renters sharing the house.

[behnam1999]

What are the land or house characteristics in inxpensive areas? Are they good quality? Are they big enough for a couple with at least two children? How is the infrastructure?

What are the regulations you talked about?

What is a tax lien?

[behnam1999]

How about New York? Is it also expensive to buy a house or land there?

[jimmy2]

What middle class that been gone for 20 years