Well-thought out reply, true. It is amazing how the "average" American is trying to live like a king. My sister's family earns an "average" wage, yet they put themselves into a $300k home, and now they can't afford to pay half their bills, so no satellite, no running the AC in summer (despite being in the Houston, TX area), etc. If they'd gone with a home half the price, they'd be able to afford a lot more comforts.
Money is still the issue because that's how you get approved for financing, by having lots of money. You can get a loan to buy an apartment in Manhattan but only if you already have $300,000 in the bank. Or from another perspective: if you can afford to save $30,000 a year, you can get your first place by the time you are in your mid-thirties. I live in NYC, and I can only afford to save about $10k a year, so I'll have to rent until I'm 63. The middle class is non-existent in the Major cities in America.
I had no idea Naperville, IL was so affordable compared to downtown Chicago. The house they pictured in Naperville would be worth much more if in Chicago itself! Average price of a parking space for your downtown Chicago condo - $70,000.
aelfwyneFeb 17, 2008
Well-thought out reply, true. It is amazing how the "average" American is trying to live like a king. My sister's family earns an "average" wage, yet they put themselves into a $300k home, and now they can't afford to pay half their bills, so no satellite, no running the AC in summer (despite being in the Houston, TX area), etc. If they'd gone with a home half the price, they'd be able to afford a lot more comforts.
originalreplicaFeb 18, 2008
Money is still the issue because that's how you get approved for financing, by having lots of money. You can get a loan to buy an apartment in Manhattan but only if you already have $300,000 in the bank. Or from another perspective: if you can afford to save $30,000 a year, you can get your first place by the time you are in your mid-thirties. I live in NYC, and I can only afford to save about $10k a year, so I'll have to rent until I'm 63. The middle class is non-existent in the Major cities in America.
reselltalkFeb 18, 2008
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djin1986Feb 23, 2008
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lschofieldMar 15, 2008
I had no idea Naperville, IL was so affordable compared to downtown Chicago. The house they pictured in Naperville would be worth much more if in Chicago itself! Average price of a parking space for your downtown Chicago condo - $70,000.