fancylad

hahah it's true. I watch those house hunters shows sometimes and i feel the same way. ...but in all fairness, i'm sure the economy has a lot to do with it in some cities. On the flip side i'm sure a condo that goes for $300,000 here would probably fetch $500,000 in Manhattan proper.

jeffb

TORaptor4Ever

Although it would suck living in Manhattan, at least Americans have a TON of options when it comes to relocating to cheaper cities....

... unless you want move out east (Newfoundland, New Brunswick) where there are NO jobs at all.

pzabby

And why do you say living in manhattan would suck? Imo it's one of three american cities worth living in: denver (skiing) LA (beach) and manhattan (night life plus career opportunities)

TORaptor4Ever

LOL.... when you start looking into house prices in those cities come back to me and we'll talk.

Manhattan is great if you're loaded.... not so much if you aren't.

pzabby

Due to the market collapse manhattan prices arent very far off from toronto and la prices i bet you are lower. Dunno much about denver

Bill Haverchuck

Manhattan is not so bad. $800/month will get you a cute little closet....I mean apartment.

Claudius

From doing a little research, the average home price in Manhattan was 1.4 million. The average price in Toronto was 431,000 and change, Los Angeles was 470,000. Now NYC itself was much lower around 400,000 (but that's including all of the burroughs).

At the end of the day, I just think how hard it must be to start a life without being in crazy debt. Myself, I worked all throughout university and saved my money and graduated with no debt. However, I think about it and eating well (fresh food, fruits and vegetables each day, cooking everything from scratch etc.), paying for gas, buying a car, utility bills etc.

I just wonder how you do it today. It's not easy and I know me and my wife make decent money, but trying to put money away just to save, while trying to keep a healthy lifestyle is incredibly difficult today. Then I talk to friends who try to live a simple life but struggle finding a job and I just wonder, do we begin our lives when we're 40?

Some people say, just move, but for someone like me, who's incredibly close to my family, it's not an option and I honestly don't believe in moving solely for a job. Move for the experience, sure. Not a job.

Dario

Im 18, pretty much screwed, finished my HS and jobhunting is so hard in Vancouver, blessed to have a family that will keep me home till im 50 though, lol.

dfunkie1

i think the only way to get ahead is to buy your dream home as early as possible and don't ever re-adjust your mortgage. you'll be tight for a while, but inflation of wages will have your mortgage payments looking like peanuts in ten years. that and invest in property. my plan is to have other people paying my condo mortgage next year. yup, it's that easy lol

Sauce

The problem usually isnt the payments though. Its the downpayment you have to find to place on your dream home, condo or house or whatever. Its not as easy to find 50-100k cash, as it is figuring out how to pay 1500 a month.

dfunkie1

sacrifices are a necessity. obviously depending on your relationship with your parents, living with them for a year or two in order to muster up that kind of cash is pretty much needed.

TORaptor4Ever

Saving 50-100K is going to take a lot longer than a year or two.... esp. if you have to pay off debt from school.

jeffb

Yeah, i don't know anyone who's had that kind of cheddar to put down on their first house. I know for me i had 20k to put down and that wasn't easy.

To save 50k you have to live at home rent free probably 3-5 years and work your ass off.

pzabby

im already at 5k

dfunkie1

ideally, you wouldn't be buying your dream home by yourself. i know it's not going to be easy for anyone, but it can be done with the right support and dedication. obviously if you're making 40000 a year, you're not going to be able to afford a home worth that 50k 5%. i didn't have it (support and dedication) thats why i don't have my dream home, but i'm just saying it's achievable.

TORaptor4Ever

Yep. And then when you take into account that you're probably going to have to sacrifice your social life and any travel desires that you may have it's not an exciting prospect.

Some kids are pretty unrealistic though when it comes to buying their first home. My mom was telling me about the daughter of a friend of hers the other day.... just got married and bought a 450K house with her husband... lived in it for less than 6 months and then had to sell because they couldn't afford to make the payments (even though both were working). Also got carried away buying expensive home furnishings. Silly.

dfunkie1

to add, i think a lot of people want their own independence before they're financially ready for it. going away for school, having your own apartment is wicked cool when you're 18-19 years old, but it isn't exactly setting you up for success when you could take the same program from just as reputable of a school and stay at home with your parents.

TORaptor4Ever

I hear ya. And I agree... I think it IS achieveable too. To be honest, if I could go back 10-15 years I'd have probably moved out west to Fort Mac and just made bank until I had about 300K in my account. Then move to London, ON and buy 2 or 3 townhouses in CASH to live in and rent out. With no mortgage payment and rental income coming in saving would be a breeze if you had even a halfway decent job (40K/yr).

jeffb

Yep! But then again, you have to wonder how they got approved for that much if they had to give it up that quickly.

Myself, i said i wanted my mortgage to be about what i was paying in rent at the time. Especially knowing i was going to have condo fees. I payed 980.00 per month when i was renting. My Mortgage is 1,005.00 per month. I got a great place in a new building and didn't over reach. Hell i even took a place that was less then what i was approved for by the banks. Know your limitations and what you want to pay and set the guidlines with your broker.