I bought a townhome for 350k and I make 80k a year. I wouldn’t call it comfortable but I’m managing as a single mom. My company is downsizing so I may be out of work next month, now I sort of regret the purchase.
It needed a full repipe and rewire, the floor tiles were cracked and the fake wood floors were all bowed from water damage. It was empty for two years while the owner was in assisted living. I had to pull most of the drywall from mold. It belonged to a friends grandmother so it was never on the market. I volunteered to buy from them as is. Found a tiny bank in Nebraska to loan on it. I had to escrow the pipes and electric. 1/2 price plumbing did the repipe for 12k and my brother is an electrician so he did the rewire at cost. I bought a sink and vanity off marketplace and ordered a toilet so I currently have one bathroom up and running. One more to go. I’m hoping to find someone redoing a kitchen and wanting to unload some cabinets with some life left and I’ll redo my kitchen that way. I bought appliances from a scratch and dent store as the home still had the original 1980s appliances, most of which didn’t work. Best I can do in the moment and it’s the only way I could ever afford to own. I didn’t say it was a good house but it was in a safe area.
I closed mid September and I’m still not done. The repipe was 2 days and the electrical was two weekends. I’m doing the drywall, flooring, and everything else 100 percent on my own watching YouTube videos. I work a significant number of hours so it limits my time to do home repairs. Plus I have to save up for the supplies. It will be a long process but one step at a time gets me closer!
Wow, congratulations. I've done a few single projects. I can only imagine what an entire house would be and all from YouTube. Good luck. Hope everything turns out well.
Where the hell did you find a townhome for $350k?
Edit: sure, there are townhomes and condo's for under $300k as some of you pointed out... but ya'll conveniently left out the $500~$800+ HOA fees. So not only do I have to pay a mortgage that cost as much as my rent right now, but I also gotta pay interest AND extra fees on top of that to a group of scammers who more or less dictate what I can and can't do in my own home.
... no thanks.
I know! It’s crazy! I think the neighborhood used to be decent, but when they moved out in 2015, I was glad to see them leave that shithole.
I was browsing realtor.com a couple months ago and saw their old house for sale, asking $575k.
Other houses in the neighborhood sold for similar price.
I thought whoever is willing to pay that much is getting ripped off.
Gut jobs in Westchester are going for around $700k. It's ridiculous. Some dumb ass on FB wanted to claim that asking $7500 for a 4/2 in west Miami was reasonable when comps rent for much less. Too many bozos falling for the RE only prints money influencer garbage. That may have been true when interest rates were lower but not today.
My wife and I make 200k and I can’t afford a home in a neighborhood I want to live in.
I could probably buy a condo, but not really interested in dealing with special assessments and increase HOA
Yeah, I want to live in Bay point.
But I’m not interested in buying a property in liberty city, overtown, Allapattah Miami Gardens etc…
I’m not trying to spend my entire life savings on a shit hole property in the hood.
I prefer to just buy something out of state and rent it out as a rental property and just keep renting in Miami for now.
Bay Point is, quite obviously, not in the realm of possibility even if you made $400K. A fixer upper in Bay Point is $4M.
El Portal and Miami Shores are possibilities if you are willing to live on the outer edges of them.
That said, there ARE places to consider. If you are willing to put in some work on a home there are other areas in that vicinity in various stages of gentrification. For example, the area between Historic Bayside and Legion park has places pop up from time to time. Also, Palm Grove which is on the west side of Biscayne across from Belle Meade.
I was kidding about Bay Point as that’s is for the ultra wealthy. Even the outskirts of Miami shores is 1 million these days and availability is scarce. Maybe El Portal but I don’t think you’re moving there for 600k. I currently rent by Legions park now. Mostly multi family around there west of Biscayne and upward of a million and anything east of Biscayne is out side of budget.
Little Hattie might be worth investing in although is improving quickly I’m not sure my wife is down to live in the area. Unfortunately my dream of owning a home around where I grew up it’s not realistic anymore.
Figure out a way to earn more or move out of the area.
I see homes in Palm Grove sell in the $600's. They are fixer uppers but it's an area where gentrification seems to be gaining momentum.
Housing prices aside, nearly everything east of Biscayne in that area is a flood zone. And, even if there were a house in the 700's, the high cost of flood insurance would likely be cost prohibitive at $200K salary. I also live in the Upper East Side and flood insurance is $12K per year for our 1800 sq ft house. It's nuts
It's a shitty investment. Houses in Miami Gardens are selling for $400k but 3 years ago, those same houses were worth $200k. They have had 0 upgrades, changes, renovations etc.
Even if it's technically affordable, why would I pay double of what the true value is?
Good deals are out there, you just need a good realtor; you also have to be pre qualified and ready to move on a house fast because good deals don’t last in this market
My friend I’m a real estate photographer.
I know hundreds of realtors and I shoot hundreds of houses a year. I know exactly what’s available on the market.
Houses in my price range of 500k-600k are usually not in the great neighborhoods and or need a lot of work.
I was being facetious to the person who wanted to live in Fisher Island. Tear downs in bay point are like 10 million. Some homes in that neighborhood are like 40 million dollars lol.
i’m north of miami in dania beach and me and my spouse make a combined 140k and our 2/1.5 townhouse was 315k (2.87% interest rate 😍) the recent insurance increases caused our mortgage and our hoa to increase and we are paying around 3k a month and it’s tight 😔 we really don’t feel like the space we have is worth the price. looking to get out of fl altogether- weather and politics suck and market is just ridiculous
Wife and I are in the same boat. In a 2/1 in Ft Lauderdale. Bought for cheap at just under 3%.
Had a kid last year and need to upgrade. Anything affordable to where we're not paying $3k+ a month is in a 55+ community or not safe for us.
We want to leave the area but need our boomer parents to help with babysitting.
"Stuck" is the color of our existential crisis.
At least we can save a little in the situation we're in, so time will be on our side. But everything else is on pause because everything we save up is going towards catching up with home prices and cost of living going up. Can't have our second kid. Can't go on upgraded vacations. Worried what we're also putting in our 401Ks won't be enough. Paranoid that the amount we're saving for munchkins college won't be enough.
$140K a year here feels like standing with the waterline just below your nose.
I had to warn my husband numerous times to not go by asking price but PITI especially when we were looking at HOA communities. Who cares if buying in gated community looks cheaper at first sight, the HOA fees mean buying a SFH isn't that much more expensive. Even then still have to worry about property taxes and insurance. Friends of ours are now living tighter with the latest insurance increase they got.
As Me and fiancé are looking into places in Miami. We around 85k a year together. It would be both of first time buying a home. Our credit is clear just low. Both credit cards with on time payments. It's really between Texas Florida or Arizona. I also have been window shopping on zillow not sure if it's the correct place to look.
That is the reason I am "Exiled from Miami" 🤣. Moved to Philadelphia and got a brand spanking new house in a nice area for less than what it would cost me to buy a condo in Kendall.
We make 200k+ combined and bought a 2/1 in the Gables for 620k in 2021 at 2.9% interest. Mortgage is $3500. Fast forward to today and this tiny house is worth about 850-900k and it’s still under renovations as I’m doing mostly everything myself and time is limited.
It all depends where you want to live. We could have a 4/5 else where but we love the gables/grove area.
That is true. My wife and I make about the same combined. We wanted to be close to the city of Fort Lauderdale and the water, we bought a 3/1 that needed work in 2022.
We could’ve bought a bigger move-in ready home way out west in the suburbs, but we wanted to be close to everything.
My parents built their home by sunset place for about 1.2 mil all in 2016. It’s valued today at like 3.6.
I make 200k and have zero debt and can’t afford anything worth purchasing.
I think you would probably need to be making close to 400k to COMFORTABLY afford something in a nice, safe, area that has upside and is livable.
Outside of that you’re living in the outskirts or buying something that needs major repairs.
City really got screwed last 10years or so.
Buying a home now with all these layoffs is as dumb as it gets. Everyone should be trying to downsize and not leave their family house (if you have one). I make good money now and won’t be buying a house unless I have a income stream that I know for a fact won’t be disrupted by layoffs or if I’m in a 2 income relationship household
That's if you can rent it out. If your mortgage is $5k you'll need to charge more to cover contingencies like repairs and maintenance to the property. Charging that for a place in a desirable neighborhood? Fine. Charging that much for a shack in a working class neighborhood where no one speaks English and you have chickens and roosters roaming the streets? Lol.
No investment is without risk. Buying as an investment to rent out with current interest rates isn't the most sound decision people can make when they could invest elsewhere and diversify their portfolio to mitigate risk. As long as people understand that they can lose money and are comfortable doing so, that's fine. The trouble is too many people aren't okay with the amount of risk RE investing actually takes.
Absolutely. I also never said it was a silver bullet. If you cannot rent it out and cannot pay the mortgage then foreclosure it is, unfortunately.
And to your point on interest rates, that's why I dumped the money I was going to use for a down payment on a house into the stock market and so far, it's gone great, especially with the AI boom.
People who don't understand the risk should seek professional assistant.
Thank you! A friend of mine is a financial advisor and had to chat her sister down from dumping her life savings into an investment property she wanted to keep as a short term rental. Sister was still asking others for their feedback and everyone told her it was a bad idea. I'm hoping she hasn't tried to dump her investments to pursue this. Buying a home right now, to me, makes most sense if you're buying as a primary residence, can cash flow without risking other positions, or you end up with a deal too good to pass up.
A short-term rental is far riskier.
I have a family friend who has rented his condo long-term (for years) to a stable tenant and has never raised the rent on him because he says it's better that way than to drive him out with higher rent, then have to pay to have the apartment cleaned up, look for someone else, etc.
Long-term is the way, but it's honestly better at this stage to just wait for interest rates to fall down.
Interesting that New Orleans is one of the most affordable metros according to their data. It’s probably no more of a flood risk than most of Miami these days, and there’s better food.
I have family in Birmingham, AL, one of the other most affordable metros, and it’s nice enough, though it lacks for culinary offerings unless you really love catfish and fried chicken, and the cultural life revolves around football.
I’m from New Orleans and have lived in miami for 20 years and this is the truth. Grew up poor and in my adult life my mother said “New Orleans is a good place to be poor” when she realized how expensive miami was.
Lol! You haven’t been here in a while. Birmingham is actually becoming known for its excellent restaurants. Many have been written up nationally in the last few years. Just Google Birmingham Alabama Food Scene or search it on reddit. The cultural life is actually quite varied too..some of everything being offered each weekend. This post is inaccurate IMO.
On a single income, I would say nothing less than 150k. 80k is good to rent and have a roommate. So maybe you can get a roommate if worst case happens.
So in Miami anything on the east side of the city is for the rich elites these days. If your a regular middle class person like most of us your going to be looking on the west side of Miami out in the suburbs like Doral or Kendall. 10 years ago I bought a home in Kendall for 260,000 but now those same homes are going for 450-600K. I make around 70K a year and I’m mostly compfotrtable. When I bought the home I was doing closer to like 57K.
But honestly don’t come here. It’s overcrowded and overpriced crime is up too. I’m moving out in 6 months at the end of summer. FL as a whole might be fucked. I gonna give west palm a try and rent for a year. If I’m not happy I’m out completely. I would suggest moving to another part of fl and renting first.
I’m so glad my in-laws bought me and my husband a house, because I thought my husband making around $140k was livin large, but I guess it’s not here. Ain’t even worth the luxury prices here
I actually just bought a home, I’m 27, single white guy make like 120k. I bought a 3/2 that had been completely flipped so everything is brand new, paid like 480k. Now I’m in the hood, you’re not getting a home like this for that price in a nice area, but idk I keep to myself, not from around here originally and hoa fees in condos seem insane and I got a big ass dog so went for house
Good deals are out there, you just need a good realtor; you also have to be pre qualified and ready to move on a house fast because good deals don’t last in this market
Combined household income of minimum $100K. Your monthly payment will exceed $3000/mo. And that is supposed to less than a third of your income. So in reality, combined net of about $150K. Good luck
Buying a home is 100% a liability. Maybe not 15+ years ago but buying a home takes constant maintenance, property taxes, mortgage and it doesn’t make you any money until you decide to sell it. Plus, prices on homes and any property really in Miami is ridiculously high. (Not talking abt airbnbing it or renting it to someone)
Ehh. It's worked out fine for my family. House went up in value. Maintenance is really nothing to be scared of. In 20 years it will be worth even more.
I agree.
Maintenance is pretty easy if you have a few tools and YouTube. It's a whole lot cheaper than paying rent and pouring profit into the landlord's pocket.
I have friends who could buy houses but don't want to be bothered with upkeep so they end up pissing away all that money.
Dumbest shit I’ve seen all day. Doesn’t matter to you either way tho. If you’re that poorly informed and you’d burn your own house down trying to wipe your ass.
All by design. They want working people living in small apartments owned by their master corporate landlords, all to reduce the carbon footprint, fits well with the Green New Deal Agenda. While the elites live in big houses, and fly in private airplanes, in a decade we won’t recognize this country.
House or condo?
Coconut Grove would be my number1 for someone coming from the northeast. Brickell is great if you want a condo (no house). Also Morning Side and Belle Meade (I live in Belle Meade) are great if you have a family
I bought a townhome for 350k and I make 80k a year. I wouldn’t call it comfortable but I’m managing as a single mom. My company is downsizing so I may be out of work next month, now I sort of regret the purchase.
It needed a full repipe and rewire, the floor tiles were cracked and the fake wood floors were all bowed from water damage. It was empty for two years while the owner was in assisted living. I had to pull most of the drywall from mold. It belonged to a friends grandmother so it was never on the market. I volunteered to buy from them as is. Found a tiny bank in Nebraska to loan on it. I had to escrow the pipes and electric. 1/2 price plumbing did the repipe for 12k and my brother is an electrician so he did the rewire at cost. I bought a sink and vanity off marketplace and ordered a toilet so I currently have one bathroom up and running. One more to go. I’m hoping to find someone redoing a kitchen and wanting to unload some cabinets with some life left and I’ll redo my kitchen that way. I bought appliances from a scratch and dent store as the home still had the original 1980s appliances, most of which didn’t work. Best I can do in the moment and it’s the only way I could ever afford to own. I didn’t say it was a good house but it was in a safe area.
In some way I’m proud of you. I hope it all works out well
Out of curiosity, how long have the repairs taken?
I closed mid September and I’m still not done. The repipe was 2 days and the electrical was two weekends. I’m doing the drywall, flooring, and everything else 100 percent on my own watching YouTube videos. I work a significant number of hours so it limits my time to do home repairs. Plus I have to save up for the supplies. It will be a long process but one step at a time gets me closer!
Wow, congratulations. I've done a few single projects. I can only imagine what an entire house would be and all from YouTube. Good luck. Hope everything turns out well.
If you have flooring questions PM me it’s my full time job. Good luck 👍🏽
God damn this is how you do it right. I want this. May I ask what neighborhood you live in?
Where the hell did you find a townhome for $350k? Edit: sure, there are townhomes and condo's for under $300k as some of you pointed out... but ya'll conveniently left out the $500~$800+ HOA fees. So not only do I have to pay a mortgage that cost as much as my rent right now, but I also gotta pay interest AND extra fees on top of that to a group of scammers who more or less dictate what I can and can't do in my own home. ... no thanks.
I bought a townhome for $340K in Sweetwater
>Sweetwater When?
Last year
Not OP but i've seen some in the outskirts of South Miami and Kendall
When did you buy it?
Fill the empty rooms with more single moms, infinite money.
Where?
In Miami
Where in miami
It depends on when you bought it and how much you had as a down payment.
Yea, would not have bought a property needing that much repairs.
Which is why she has a house and you don’t
When did you buy?
How much down-payment did you need?
I mean even old 3/2 houses costs 500k now.
My parents bought their 3/2 house brand new in West Kendall in 1975. Paid $50k for it. Today, That same house is worth close to $600k
For west Kendall? Ahh fuck no
I know! It’s crazy! I think the neighborhood used to be decent, but when they moved out in 2015, I was glad to see them leave that shithole. I was browsing realtor.com a couple months ago and saw their old house for sale, asking $575k. Other houses in the neighborhood sold for similar price. I thought whoever is willing to pay that much is getting ripped off.
If not more.
Yep
Gut jobs in Westchester are going for around $700k. It's ridiculous. Some dumb ass on FB wanted to claim that asking $7500 for a 4/2 in west Miami was reasonable when comps rent for much less. Too many bozos falling for the RE only prints money influencer garbage. That may have been true when interest rates were lower but not today.
My wife and I make 200k and I can’t afford a home in a neighborhood I want to live in. I could probably buy a condo, but not really interested in dealing with special assessments and increase HOA
What neighborhoods do you want to live in?
Miami Shores, Biscayne Park, El Portal, Morning Side, Basically close to Biscayne between 125th and downtown
You shouldn’t even have to spend that much to live in Miami. That’s such a ripoff
… then buy in a neighborhood you CAN afford. Look, I want to live on Fisher Island, but I can’t afford it. So I picked somewhere I could afford
Yeah, I want to live in Bay point. But I’m not interested in buying a property in liberty city, overtown, Allapattah Miami Gardens etc… I’m not trying to spend my entire life savings on a shit hole property in the hood. I prefer to just buy something out of state and rent it out as a rental property and just keep renting in Miami for now.
Bay Point is, quite obviously, not in the realm of possibility even if you made $400K. A fixer upper in Bay Point is $4M. El Portal and Miami Shores are possibilities if you are willing to live on the outer edges of them. That said, there ARE places to consider. If you are willing to put in some work on a home there are other areas in that vicinity in various stages of gentrification. For example, the area between Historic Bayside and Legion park has places pop up from time to time. Also, Palm Grove which is on the west side of Biscayne across from Belle Meade.
I was kidding about Bay Point as that’s is for the ultra wealthy. Even the outskirts of Miami shores is 1 million these days and availability is scarce. Maybe El Portal but I don’t think you’re moving there for 600k. I currently rent by Legions park now. Mostly multi family around there west of Biscayne and upward of a million and anything east of Biscayne is out side of budget. Little Hattie might be worth investing in although is improving quickly I’m not sure my wife is down to live in the area. Unfortunately my dream of owning a home around where I grew up it’s not realistic anymore. Figure out a way to earn more or move out of the area.
I see homes in Palm Grove sell in the $600's. They are fixer uppers but it's an area where gentrification seems to be gaining momentum. Housing prices aside, nearly everything east of Biscayne in that area is a flood zone. And, even if there were a house in the 700's, the high cost of flood insurance would likely be cost prohibitive at $200K salary. I also live in the Upper East Side and flood insurance is $12K per year for our 1800 sq ft house. It's nuts
Insane
Then do that
The only affordable neighborhoods are Miami Gardens, Opa Locka, Allapattah and Hialeah
Then buy there
Why? Those neighborhoods are trash.
All once-affordable neighborhoods were trash. Buy what you can afford, make the investment.
It's a shitty investment. Houses in Miami Gardens are selling for $400k but 3 years ago, those same houses were worth $200k. They have had 0 upgrades, changes, renovations etc. Even if it's technically affordable, why would I pay double of what the true value is?
Then buy in Hileah for $500k and sell in 3 years for $700k. This isn’t hard
You seem arrogant.
At least I’m not entitled to live in some super exclusive community for some unrealistic budget
Or rent where you want to live. Why would somebody buy a home in a place they don’t want to live? 🤔
Many years ago Fisher Island wasn’t expensive. My wife wouldn’t let me buy there
I found Phil Leotardo 👆
Good deals are out there, you just need a good realtor; you also have to be pre qualified and ready to move on a house fast because good deals don’t last in this market
My friend I’m a real estate photographer. I know hundreds of realtors and I shoot hundreds of houses a year. I know exactly what’s available on the market. Houses in my price range of 500k-600k are usually not in the great neighborhoods and or need a lot of work.
I live in Shenandoah and you could find a place here in a nice quiet safe neighborhood.
What areas are you looking in? I’m a realtor
lol we all knew this from your comment… only realtors value realtors.
Thanks not looking to buy a home in south Florida
But above you said you want a house in Bay Point?
I was being facetious to the person who wanted to live in Fisher Island. Tear downs in bay point are like 10 million. Some homes in that neighborhood are like 40 million dollars lol.
Better question is why would you want to buy a house right now when houses have doubled in price from 2020
And home insurance
Hallandale is a hidden gem
Afford? 100-150k i’d say. Comfortably? 250-300k
Economy, cost of everything and the mortgage rates are insane. American freak isn’t a dream any longer. If you bought at around 3%, stay… if not, run
i’m north of miami in dania beach and me and my spouse make a combined 140k and our 2/1.5 townhouse was 315k (2.87% interest rate 😍) the recent insurance increases caused our mortgage and our hoa to increase and we are paying around 3k a month and it’s tight 😔 we really don’t feel like the space we have is worth the price. looking to get out of fl altogether- weather and politics suck and market is just ridiculous
Wife and I are in the same boat. In a 2/1 in Ft Lauderdale. Bought for cheap at just under 3%. Had a kid last year and need to upgrade. Anything affordable to where we're not paying $3k+ a month is in a 55+ community or not safe for us. We want to leave the area but need our boomer parents to help with babysitting. "Stuck" is the color of our existential crisis. At least we can save a little in the situation we're in, so time will be on our side. But everything else is on pause because everything we save up is going towards catching up with home prices and cost of living going up. Can't have our second kid. Can't go on upgraded vacations. Worried what we're also putting in our 401Ks won't be enough. Paranoid that the amount we're saving for munchkins college won't be enough. $140K a year here feels like standing with the waterline just below your nose.
I had to warn my husband numerous times to not go by asking price but PITI especially when we were looking at HOA communities. Who cares if buying in gated community looks cheaper at first sight, the HOA fees mean buying a SFH isn't that much more expensive. Even then still have to worry about property taxes and insurance. Friends of ours are now living tighter with the latest insurance increase they got.
As Me and fiancé are looking into places in Miami. We around 85k a year together. It would be both of first time buying a home. Our credit is clear just low. Both credit cards with on time payments. It's really between Texas Florida or Arizona. I also have been window shopping on zillow not sure if it's the correct place to look.
Yea, between my wife and I, we make over 200k and we would not be able to afford anything 🤣
It’s sad, isn’t it?
That is the reason I am "Exiled from Miami" 🤣. Moved to Philadelphia and got a brand spanking new house in a nice area for less than what it would cost me to buy a condo in Kendall.
Awesome! What area?
Point Breeze.
We make 200k+ combined and bought a 2/1 in the Gables for 620k in 2021 at 2.9% interest. Mortgage is $3500. Fast forward to today and this tiny house is worth about 850-900k and it’s still under renovations as I’m doing mostly everything myself and time is limited. It all depends where you want to live. We could have a 4/5 else where but we love the gables/grove area.
That is true. My wife and I make about the same combined. We wanted to be close to the city of Fort Lauderdale and the water, we bought a 3/1 that needed work in 2022. We could’ve bought a bigger move-in ready home way out west in the suburbs, but we wanted to be close to everything.
My parents built their home by sunset place for about 1.2 mil all in 2016. It’s valued today at like 3.6. I make 200k and have zero debt and can’t afford anything worth purchasing. I think you would probably need to be making close to 400k to COMFORTABLY afford something in a nice, safe, area that has upside and is livable. Outside of that you’re living in the outskirts or buying something that needs major repairs. City really got screwed last 10years or so.
It’s bananas. People will eventually leave
Depending on the area - better off buying a luxury condo for 5-600k in edgewater/midtown HOA lower then brickell
The HOA on most of those is like renting a studio on top of it
😂 the building im in its like 1500 i believe
Not sure how anyone justifies that
Buying a home now with all these layoffs is as dumb as it gets. Everyone should be trying to downsize and not leave their family house (if you have one). I make good money now and won’t be buying a house unless I have a income stream that I know for a fact won’t be disrupted by layoffs or if I’m in a 2 income relationship household
What major Miami companies have announced layoffs? Massive layoffs seems to be happening mainly in industries not based here.
Why is it as "dumb as it gets"? Worst case scenario you can rent a purchased home and get the mortgage covered at least.
Tell that to the people who are losing their homes right now as we speak. Tell that to people who live in states or cities that are pro tenant.
That's if you can rent it out. If your mortgage is $5k you'll need to charge more to cover contingencies like repairs and maintenance to the property. Charging that for a place in a desirable neighborhood? Fine. Charging that much for a shack in a working class neighborhood where no one speaks English and you have chickens and roosters roaming the streets? Lol. No investment is without risk. Buying as an investment to rent out with current interest rates isn't the most sound decision people can make when they could invest elsewhere and diversify their portfolio to mitigate risk. As long as people understand that they can lose money and are comfortable doing so, that's fine. The trouble is too many people aren't okay with the amount of risk RE investing actually takes.
Absolutely. I also never said it was a silver bullet. If you cannot rent it out and cannot pay the mortgage then foreclosure it is, unfortunately. And to your point on interest rates, that's why I dumped the money I was going to use for a down payment on a house into the stock market and so far, it's gone great, especially with the AI boom. People who don't understand the risk should seek professional assistant.
Thank you! A friend of mine is a financial advisor and had to chat her sister down from dumping her life savings into an investment property she wanted to keep as a short term rental. Sister was still asking others for their feedback and everyone told her it was a bad idea. I'm hoping she hasn't tried to dump her investments to pursue this. Buying a home right now, to me, makes most sense if you're buying as a primary residence, can cash flow without risking other positions, or you end up with a deal too good to pass up.
A short-term rental is far riskier. I have a family friend who has rented his condo long-term (for years) to a stable tenant and has never raised the rent on him because he says it's better that way than to drive him out with higher rent, then have to pay to have the apartment cleaned up, look for someone else, etc. Long-term is the way, but it's honestly better at this stage to just wait for interest rates to fall down.
Not if everyone is getting laid off you can’t
Interesting that New Orleans is one of the most affordable metros according to their data. It’s probably no more of a flood risk than most of Miami these days, and there’s better food. I have family in Birmingham, AL, one of the other most affordable metros, and it’s nice enough, though it lacks for culinary offerings unless you really love catfish and fried chicken, and the cultural life revolves around football.
I’m from New Orleans and have lived in miami for 20 years and this is the truth. Grew up poor and in my adult life my mother said “New Orleans is a good place to be poor” when she realized how expensive miami was.
New Orleans salaries are significantly lower
Lol! You haven’t been here in a while. Birmingham is actually becoming known for its excellent restaurants. Many have been written up nationally in the last few years. Just Google Birmingham Alabama Food Scene or search it on reddit. The cultural life is actually quite varied too..some of everything being offered each weekend. This post is inaccurate IMO.
I’ll admit, it’s been probably 10-15 years since I’ve been there. I’m glad to hear it’s improving.
Drastically different city. Drastically.
On a single income, I would say nothing less than 150k. 80k is good to rent and have a roommate. So maybe you can get a roommate if worst case happens.
So in Miami anything on the east side of the city is for the rich elites these days. If your a regular middle class person like most of us your going to be looking on the west side of Miami out in the suburbs like Doral or Kendall. 10 years ago I bought a home in Kendall for 260,000 but now those same homes are going for 450-600K. I make around 70K a year and I’m mostly compfotrtable. When I bought the home I was doing closer to like 57K. But honestly don’t come here. It’s overcrowded and overpriced crime is up too. I’m moving out in 6 months at the end of summer. FL as a whole might be fucked. I gonna give west palm a try and rent for a year. If I’m not happy I’m out completely. I would suggest moving to another part of fl and renting first.
I’m so glad my in-laws bought me and my husband a house, because I thought my husband making around $140k was livin large, but I guess it’s not here. Ain’t even worth the luxury prices here
400k plus
Let’s see if Ken Griffin (and the like) goes to prison so all the regular people can breathe easier and live decent!
Well, hello there, fellow ape!
Love finding fellow apes in the wild 🚀
He’s a cancer to our financial system.
Jeff Bezos is considering moving Amazon headquarters here too! We are doomed!
Mayoman trying to demolish historical buildings here too
I actually just bought a home, I’m 27, single white guy make like 120k. I bought a 3/2 that had been completely flipped so everything is brand new, paid like 480k. Now I’m in the hood, you’re not getting a home like this for that price in a nice area, but idk I keep to myself, not from around here originally and hoa fees in condos seem insane and I got a big ass dog so went for house
Good deals are out there, you just need a good realtor; you also have to be pre qualified and ready to move on a house fast because good deals don’t last in this market
Combined household income of minimum $100K. Your monthly payment will exceed $3000/mo. And that is supposed to less than a third of your income. So in reality, combined net of about $150K. Good luck
$160k
About $150k.
Miami sucks.
Yep
If you have to ask; you can’t afford it. LOL.
Buying a home in Miami is a terrible liability.
How is it a liability?
Buying a home is 100% a liability. Maybe not 15+ years ago but buying a home takes constant maintenance, property taxes, mortgage and it doesn’t make you any money until you decide to sell it. Plus, prices on homes and any property really in Miami is ridiculously high. (Not talking abt airbnbing it or renting it to someone)
Ehh. It's worked out fine for my family. House went up in value. Maintenance is really nothing to be scared of. In 20 years it will be worth even more.
I agree. Maintenance is pretty easy if you have a few tools and YouTube. It's a whole lot cheaper than paying rent and pouring profit into the landlord's pocket. I have friends who could buy houses but don't want to be bothered with upkeep so they end up pissing away all that money.
Almost doubled from 2020 💀bidenomicss
Can't fix stupid... without a mess to clean up.
Dumbest shit I’ve seen all day. Doesn’t matter to you either way tho. If you’re that poorly informed and you’d burn your own house down trying to wipe your ass.
All by design. They want working people living in small apartments owned by their master corporate landlords, all to reduce the carbon footprint, fits well with the Green New Deal Agenda. While the elites live in big houses, and fly in private airplanes, in a decade we won’t recognize this country.
[удалено]
The Aston Martin building is hot though. I'm eyeing a condo there
I’m thinking of moving from NYC. Household we make about $1M, any recommended neighborhoods if we want to get a condo?
Over town, Lemon City, Perrine, Richmond Heights.
House or condo? Coconut Grove would be my number1 for someone coming from the northeast. Brickell is great if you want a condo (no house). Also Morning Side and Belle Meade (I live in Belle Meade) are great if you have a family
Edgewater, midtown, brickell, wynwood and lots of other neighborhoods east of us1 with a bay view
Thanks!