What is a ton of money to pay for a house 🏡?

Question

In cash.

MrOracle · Accepted Answer

In the suburban town I live in, on the edge of the San Francisco Bay Area, the average home price is around $700,000, which generally means a 3-4 bedroom, 1800-2000 Sq. Ft. tract house on a 1/4-1/6 acre of land - OR perhaps a 3000 Sq. Ft. house on a plot of land half that size with near-zero back or side yard.

This same house and land that was 15 miles closer to San Francisco would cost $1.2M or so, and 25 miles closer and it would cost $1.5-1.7M, and more if it was on a hill with a view. In Alabama or Mississippi, it might be $200-250,000, and in the Texas or Florida suburbs, would be about $500,000.

The point is that real estate prices vary wildly, and LOCATION is a MAJOR factor on the price. GENERALLY, places where it's expensive to live also tend to pay "professional" workers higher wages, compared to places where it's cheaper to live, where those same jobs either pay far less or don't exist at all.

A lot of people are shocked at the high wages you can earn as a coder at a major tech company - starting wages of $150-200k per year aren't uncommon. This might sound like a ton of money until you try to find housing in the Bay Area, especially anywhere near your company's offices. There was a 200 Sq. Ft. building (that's 20' long by 10' wide), built in the 1960s, on a tiny lot that wasn't much bigger than the building, that sold for $660,000 in San Jose - and the person that bought it immediately tore down the old building and spent another half-a-million building a 2-story, 500-sq. ft. building, and felt lucky to have that place. For reference, studio apartments in the Silicon Valley area are $3000+ per month, and 1-bedroom, 600 sq. ft. apartments tend to be closer to $4000/month - and these are 1960s crackerbox apartments.

molonski2 · Accepted Answer

In Australia , sure 5mil US is a ton.. Anything less nope.

Nikki1989 · Accepted Answer

It is very hard to find a good house here under a million and that is way too much just for a roof over your head.

exitseven · Answer

I would say 1 million dollars. It won't get you a mansion but you can get a pretty good house for that.

In_Trance · Answer

That depends on your income how fast you can pay down the mortgage and the value of real estate where you live

SAMI_DABBAB · Answer

Above 2M has always looked like an exaggeration to me

Anonymous · Answer

My house is worth a little over 100k there's a house in my town that I was looking at that is almost a mansion and it's listed at 800k. So I'll say 800k and up.

Anonymous · Answer

depends on the city state and country

What is a ton of money to pay for a house 🏡?

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