Discussion » Statements » Rosie's Corner » Is buying a home out of the financial range of middle class folks? Is it only the rich who can afford to do so?

Is buying a home out of the financial range of middle class folks? Is it only the rich who can afford to do so?

Posted - September 22, 2020

Responses


  • 10562
    Unless you're upper middle class, yes.  Upper middle class (110k-135k) can still do it, but it won't be easy.
      September 22, 2020 12:37 PM MDT
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  • 113301
    That's above our pay grade Shuhak. So we rent. Thank you for your reply and Happy Tuesday to you! :)
      September 22, 2020 12:58 PM MDT
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  • 33860
    Depends on your location.  I could not afford to by a home in CA or NY or in some neighborhoods.   But I can afford one where I live.   Of course it depends on your credit history, income and the cost of the home you are trying to buy. 

    We bought our current home in 2013.  We actually got money back at the closing.  Realtor said that was something she had not seen happen in a long time. 
      September 22, 2020 12:45 PM MDT
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  • 113301
    That's great m2c. Well we got evaluated a few years ago by our bank and our rating is in the high 8's. No problem there. But matching our income to what it costs to buy a home in California would take a magician. We aren't. So we rent. Buying a home would be nice but we LOVE California so here we be. Thank you for your reply and Happy Tuesday to thee and thine. :)
      September 22, 2020 1:01 PM MDT
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  • 44552
    We were able to buy a house here in a nice neighborhood for 155K...well within our budget. The same size house my son has in Everett, WA outside Seattle cost 350K. Location.
      September 23, 2020 1:02 PM MDT
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  • 113301
    That is awesome E. Here you get something in a trailer park, nicely kept up of course, for that price. Although I don't know what will come due to the virus still hanging on and people losing their homes. Thank you for your reply! Location location location! :)
      September 24, 2020 4:57 AM MDT
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