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How much is your rent /mortgage?

SanFrancisco

SanFrancisco

New member
I just got the sweetest deal in history from a friend in the Bay Area. A 2 bedroom with all utilities and parking for 500$ !!! Most of my frinds pay upwards of 2,000$ a month for a two bedroom in the Bay area. One guy i know pays 3k for a 3 bedroom.
I'm considering purchasing a house as investment income in Indianapolis (where my family lives) for just 30K. It would rent for 500$ a month.
I'm curious what you all pay and where you live. I was shocked to find houses in Indy go for 30 and 40 and 50 grand. My dad bought a house for 50K last year. Why would anyone rent?
 
$565 a month for a apt in Michigan...houses are expensive here...decent homes in desirable suburbs are well over 120 k...
 
Gambino said:
$565 a month for a apt in Michigan...houses are expensive here...decent homes in desirable suburbs are well over 120 k...
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SF.. lol I am just saying...


Try living on LI.. than tell me about expensive!
 
Testosterone boy said:
Why do new posters like to ask questions like this?
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I think homeboy is gonna spring some real estate sales on us...
 
<1700 for a 3bedroom. I pay 500 extra a month 2200 to pay it off sooner.
 
Bebe Girl said:
WOW thats real cheap .. where are you from if you dont mind me asking?
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no shit. my in laws live just outside nyc in a house that is half the size of mine and is worth 900k. wtf?

suburbs of raleigh and i'm tired of it.
 
$2145 for a 3BR apt in Rancho Palos Verdes, CA....one of the most affluent and lowest crime areas in the country. I only pay $750 of that; roommate pays the rest because they have two of the bedrooms. Median home prices here are over $700K.
 
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TQpew said:
no shit. my in laws live just outside nyc in a house that is half the size of mine and is worth 900k. wtf?

suburbs of raleigh and i'm tired of it.
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Yep,,, thats LI for ya!!

I have family that lives in Cary. Its a nice area! :) A lot of NYers moving down there.. EVERYTHING is cheaper.. grocery taxes all that good stuff, lol

My parents want to move down there in a few years.. not for me, lol!

My dad plays gold quite often so....
 
Dial_tone said:
$2145 for a 3BR apt in Rancho Palos Verdes, CA....one of the most affluent and lowest crime areas in the country. I only pay $750 of that; roommate pays the rest because they have two of the bedrooms. Median home prices here are over $700K.
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damn...at least you get a decent deal...
 
TQpew said:
no shit. my in laws live just outside nyc in a house that is half the size of mine and is worth 900k. wtf?

suburbs of raleigh and i'm tired of it.
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I thought Cary would be a good place to raise a family.

Single in Raleigh? Not much happening.
 
OK I hope we all understand when someone says they pay $1200 month mortgage that it`s not necessarily the top price of their house. TQpew`s parents that own a 900,000 house could be paying $750 mortgage! They might have purchased the house for $140,000 many years ago and now is worth 900k.

My point is not everybody is fully mortgaged, some may be 50%, some 20%, some 80%.

On another note, those are some cheap ass rents you guys are paying. Damn! Also, 30 and 40k for a house? lol

I hate New Jersey.
 
Bebe Girl said:
Yep,,, thats LI for ya!!

I have family that lives in Cary. Its a nice area! :) A lot of NYers moving down there..
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so that's who lives next to me, or it could be the new yorkers on the other side of me, or the ones behind me. we call cary the Containment Area for Relocated Yankees. :)
 
TQpew said:
so that's who lives next to me, or it could be the new yorkers on the other side of me, or the ones behind me. we call cary the Containment Area for Relocated Yankees. :)
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heheh ... you know what you guys need down there .. a deli that sells breakfeast snadwhiches. :)
 
Bebe Girl said:
heheh ... you know what you guys need down there .. a deli that sells breakfeast snadwhiches. :)
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oh, we got em. also got an italian guy from brooklyn who sells "real ny pizza". soooo good.
 
My new mortgage is $150 a month less than my rent. The bummer is that I'm stuck in my lease through August which means another 3 months of paying both. :)
 
lets just say sq. foot for sq. foot I live on some of the most overvalued beach real estate in ca...anyone wanna talk rip off...
 
long beach cali.

$1350/month rent. 2br 2bath condo.

Some say you should buy. I'd love to, but in LA that means $500g's and $2500/month mortgage just so some seller can make $150k profit off of you. I don't have $1150 extra just lying around to pay for the higher mortgage cost. Home ownership, people keep forgetting -- requires more cost to you per month, plus huge upfront downpayment. Paying $30,000 in rent for 3 years is worth it, if house prices fall enough to where you can now buy that same house for $50k less. Erases ALL that rent cost you've paid just like that. All cuz you waited and shopped around for a good deal.
 
Man, you guys live in expensive places. I own a 2700 sq.ft ranch on a mountaintop with 9 acres (3 grass, 6 wooded), 3 bedroom 2-1/2 bath, built in 2-car garage, my mortgage is $1300 per month but I'm paying $1600 to have it payed off within the next ten years. The house is appraised at $220,000. I have no neighbors within eyesight except for way down in the valley. :D
 
You can get a nice, new 3br, 2 bath house in my area for 120k+ depending on the size. You can also find a bargain in some of the older houses for under 100k. Condos in this area are stupid cheap. People have never seemed to like them in this area.
 
I can't believe how cheap housing is in the U.S

Here in Sydney, a house within a 15mile radius of the CBD will set you back a minimum of $800k to purchase a pretty average 3 bedroom house.

Rental will set you back around $2,400 per month for an average 3 bedroom house or around $1,200 per month for a pretty average 2 bedroom apartment.

And our wages in Australia are comparable to yours in the U.S
 
vinylgroover said:
I can't believe how cheap housing is in the U.S

Here in Sydney, a house within a 15mile radius of the CBD will set you back a minimum of $800k to purchase a pretty average 3 bedroom house.

Rental will set you back around $2,400 per month for an average 3 bedroom house or around $1,200 per month for a pretty average 2 bedroom apartment.

And our wages in Australia are comparable to yours in the U.S
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I would say The Hampton are pretty close to Sydney.

$800 won't buy you much of a house here either - 3 br tops, 15-20 years old and not in the village.

Note: a starter house which I mentioned eariler is a 1-2br cottage they may or may not have been updated since the 1940's.

A 3br house rental would start at $3,000 - also not in the village.

Commercial real estate - I don't know what it is by foot - but the least expensive rent in East Hampton - off main street in an alley starts at $15k per month - roughly 700 sq ft.

Banana Republic - went out of business.
It's crazy.
 
velvett said:
I would say The Hampton are pretty close to Sydney.

$800 won't buy you much of a house here either - 3 br tops, 15-20 years old and not in the village.

Note: a starter house which I mentioned eariler is a 1-2br cottage they may or may not have been updated since the 1940's.

A 3br house rental would start at $3,000 - also not in the village.

Commercial real estate - I don't know what it is by foot - but the least expensive rent in East Hampton - off main street in an alley starts at $15k per month - roughly 700 sq ft.

Banana Republic - went out of business.
It's crazy.
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I can't even think in terms of those numbers. :insane:

I wonder how much it would cost to move my house up there? I could probably do it and still sell it for a profit. ;)
 
velvett said:
I would say The Hampton are pretty close to Sydney.

$800 won't buy you much of a house here either - 3 br tops, 15-20 years old and not in the village.

Note: a starter house which I mentioned eariler is a 1-2br cottage they may or may not have been updated since the 1940's.

A 3br house rental would start at $3,000 - also not in the village.

Commercial real estate - I don't know what it is by foot - but the least expensive rent in East Hampton - off main street in an alley starts at $15k per month - roughly 700 sq ft.

Banana Republic - went out of business.
It's crazy.
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Sydney is not new York though.........our housing should not even be 1/3 as expensive as New York, given the relative size and status of the two cities.

Commercial rents in Sydney are not as crazy as New York, it's the cost of housing which has gone crazy here, because everyone in Australia wants to live in Sydney.
 
big4life said:
I can't even think in terms of those numbers. :insane:

I wonder how much it would cost to move my house up there? I could probably do it and still sell it for a profit. ;)
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lol It`s the land you`re paying for. loc, loc, loc... People (builders) are buying old houses just to knock them down and build new ones for a quick buck. Fort lee NJ Right across the river from NY has 2 family houses that are going for OVER a million dollars. Imagine buying a 1.1 or 1.2 mil house and you`re STILL living in an apt. They`re mostly on 50feet X 100feet lots. If they`re slightly larger, like 60 feet or 110-120 long, you`re definately paying extra for it.

I`ve worked in many of these duplex style houses in the area as the prices were rising. Almost bought one actually. They were less than half that amount at the time though.

I`m not following the tax situation there anymore but let`s say it`s <3% for a 1mil house you`re paying $30,000/year in property taxes. lol
 
Smurfy said:
i pay $890 mortgage for my two bedroom townhouse. that includes principle interest taxes and mortgage insurance (damn FHA).
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pay your mortgage down to 80% and you can get rid of that private mortgage insurance on an FHA :spin:

sanfrancisco said:
and does anyone know the going rate on landlord's insurance?
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totally depends on state you're in, age of house, type of material it's built out of, and a bunch of other things
 
Bran987 said:
pay your mortgage down to 80% and you can get rid of that private mortgage insurance on an FHA :spin:
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Is`nt that the case on any loan? Not just FHA. Also, you may have to notify them (bank) when you`re over 20% or they may not waive the fee.

It`s a good goal to have IMO.
 
gonelifting said:
Is`nt that the case on any loan? Not just FHA. Also, you may have to notify them (bank) when you`re over 20% or they may not waive the fee.

It`s a good goal to have IMO.
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yes, any loan

it's a great way to up your ROI
 
It never fails to amaze me tie and time again -- how so many people have HIGH mortgage rates. Which is fine.

But it also invariably winds up being 75% of their takehome per month. Meaning at the end of the month they got like $300 to their name.

Is that how one should live a life? I don't think so. Way too many Americans buy houses in a nutshell, they *can't* afford. All in the name of "investing". Real estate folks, for obvious motives, want you buy as expensive of a house as you can.

And nowadays, the temptation to buy that expensive house, cuz all the cheap houses are in ghetto areas and look like total trash -- is extremely high.
 
My partner just bought a house in the ghetto in Oakland (just today some vagrant was begging to use the garden hose to bathe) and it set him back 350K and he's stuck with a PMI. The square footage is about 1600 though and believe it or not it's an amazing deal. You cannot find a house for a price like that even with criminals surrounding you.
 
Razorguns said:
It never fails to amaze me tie and time again -- how so many people have HIGH mortgage rates. Which is fine.

But it also invariably winds up being 75% of their takehome per month. Meaning at the end of the month they got like $300 to their name.

Is that how one should live a life? I don't think so. Way too many Americans buy houses in a nutshell, they *can't* afford. All in the name of "investing". Real estate folks, for obvious motives, want you buy as expensive of a house as you can.

And nowadays, the temptation to buy that expensive house, cuz all the cheap houses are in ghetto areas and look like total trash -- is extremely high.
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There is truth to what you`re saying, but also, There`s no other investment for the average Joe where he can put 2-3-5% down and leverage hundreds of thousands of dollars. Not only are they`re house values growing at 3% 5% or much more per year, but they`re also leveraged as well. Makes a lot of money.
 
>Makes a lot of money

Yeah, but in other news the bubble i just read has burst. Meaning those who overpaid last month or last year are finding their house values are dropping like flies. Meaning they're LOSING money every month now. They're fucked. We could see a crisis, especially in big urban areas like LA soon if this keeps up.

I feel sorry for anyone buying a house in LA now. That $600k house could be worht $550 next year. Mortgages don't come with GAP insurance.
 
Indianapolis real estate is great. i was thinking of getting a 60k duplex and renting out half for maybe $400 or so, it would cut my payment on mortgage/insurance/taxes down to a couple hundred a month. Real estate is cheap everywhere in indiana though. I saw a 2002 built, 3000 sq ft house for 190k in a small town near where i grew up. I think the nearby mini-mansions with indoor pools and 6 bedrooms that are under 30 years old only go for 350k or so.

Does anyone know what city has the highest real estate? I thought it was Tokyo.
 
Razorguns said:
>Makes a lot of money

Yeah, but in other news the bubble i just read has burst. Meaning those who overpaid last month or last year are finding their house values are dropping like flies. Meaning they're LOSING money every month now. They're fucked. We could see a crisis, especially in big urban areas like LA soon if this keeps up.
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i hear its going to get alot worse when the baby boomers retire and have to sell their houses. several million houses will be on the market and the only buyers are 20 somethings just out of college will cause prices to drop.
 
SanFrancisco said:
I was shocked to find houses in Indy go for 30 and 40 and 50 grand. My dad bought a house for 50K last year. Why would anyone rent?
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When you throw in property taxes, maintenance costs, insurance, etc. the cost can go up. Rent (if you have roommates) is about $250 or so in indiana. thats in the populated areas. in the isolated areas rent (if you have a roommate or 2) is closer to $150/month. And that rent covers maintenance, insurance and property taxes.
 
Amazing prices nordstram. I will buy something just to rent it out. I don't even need to make a profit. If i buy something for 35K i will put 50% down and finance the rest, maybe a 5 year mortgage (which comes out to about 300 bucks a month or less) and i may even just borrow the money from my Dad. My only concern is renting to someone in the ghetto who isn't going to pay or who will fuck with the system or the house. i am excited about moving forward withthis plan though. Where were you thinking of buying nordstram?
 
Well nordstram was thinking of either Fort Wayne or Indianapolis. I think real estate pricing is the same in Ohio, kentucky, and about 20+ other states as it is in Indiana though. I don't know enough about the real estate market in indy right now or the particular neighborhoods to know where to invest, as this will be years away. I'm just diong research right now. Other towns like South Bend seem good, but property taxes are alot higher there than in other places. But i saw a semi-nice 4 unit complex for 80k in south bend. Living in one and renting the other 3 would be really nice, but im not nearly up to speed enough on local real estate, house maintenance, etc. to determine if that would be a good investment.

Primary goal was, after i graduate, to get a duplex w/15 year mortgage in Indy, rent out half, live cheap and gain enough equity on the property to invest in other real estate properties. Preferably multi unit as the cost/income ratio is higher on duplexes than on single family units.

Have you browsed realtor.com?
 
Razorguns said:
>Makes a lot of money

Yeah, but in other news the bubble i just read has burst. Meaning those who overpaid last month or last year are finding their house values are dropping like flies. Meaning they're LOSING money every month now. They're fucked. We could see a crisis, especially in big urban areas like LA soon if this keeps up.

I feel sorry for anyone buying a house in LA now. That $600k house could be worht $550 next year. Mortgages don't come with GAP insurance.
Click to expand...



Yes you can lose money in a bubble, but depending on how long you`re planning on keeping the property, you can still make out. One good example, in the late 80`s my friend bought a 2 family house in NJ for $514,000. He lived there with his family a long time and rented out the top floor for a large amount of money (at the time) Then the housing market fell through and he sold the property for a steal at $395,000. That`s a huge loss. Well now that same house goes for Minimum $700,000`s maybe more, I would think.

My point is, if you hold long enough, you`ll make the money back. It has it`s ups and downs, but the long term trend is always up.
 
My apartment is in NYC, it's embarassing how much my rent is.... and it's not tax deductable....

My office is in West Chester, housing prices there are UNREAL. As far as the high mortgage rates go, its a function basically of your credit, and how much you have for a down payment. That's why eventhough rates are set to rise if you purchase the home now and in the next few years either your credit improves, or the LTV on the loan drops due to a higher appraisal value you can actually save some money... and yes the PMI drops off any type of loan, but you'd be crazy to refi anything that's a HUD loan as they are usually less then 5%.
 
wow.. im on NJ's "gold coast" Paying about 2000 a month for mortgage/insurance/tax/common charges.. 1 bedroom with parking spot
 
A lot....a real lot.

For all residences..more than $20K per month total...

The current primary residence is about $6000 per month, plus another $2100 for the apartment while the house is built.

Yeah, rent and a mortgage. it;s fucking great!
 
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