Wanna laugh (or cry, if you're a Brazilian)?
São Paulo $ 969 / sqft
With an average income of $ 783. And the land tax is probably a lot higher, too. Rio is even higher.
How Long Will You Need to Save to Buy a Home In Your City?
41–50 of 75 posts
Re: How Long Will You Need to Save to Buy a Home In Your City?
#42I really don't understand the obsession with owning a home. So many people I know expend their entire savings on buying a town home or a condo or some other place where you might as well rent an apartment. But the dream of "being a homeowner" is somehow worth it. It's always struck me as something of a con. Any tax benefits you might see are offset by the much higher monthly mortgage payment. * note my experience is…
You have to run the numbers. Right now because a lot of people with bad credit got forced out of homes and into the rental market, historic low interest rates, and a large volume of homes for sale, here in the east bay you'll pay less if you buy than if you rent. Five years ago the opposite was true (in spades).
Mostly it depends on your circumstances. If you're single and you change jobs relatively often, it doesn't make sense to buy a house. If you have children it's cheaper to buy a house in a good school district than to send your kids to private schools.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#43Earlier quoted context omitted.
I ride a motorcycle year-round...not happening.
I wear a suit to work year-around... DC is miserable for about half the year. :)
I've motorcycled in a mid-western winter.
It is dangerous in ways you cannot possibly comprehend.
Sweating in a suit is a first world problem. Try riding on a two-wheeled motor vehicle on ice in the presence of traffic.
I'll stick to California, thanks.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#44Los Angeles. You buy a house and its a trade off between commute and cost per square foot. I HATE LIVING HERE. Often. I spend 90 minutes in a car every day, and while I love my house, my commute, gas cost, lack of public transportation, etc sucks. It also forces everyone to be so insular. No one socializes outside of work because we have to drive forever to get home. I had a glorious three years where I lived .75 mil…
Why don't you move closer to work?
Re: How Long Will You Need to Save to Buy a Home In Your City?
#45I really don't understand the obsession with owning a home. So many people I know expend their entire savings on buying a town home or a condo or some other place where you might as well rent an apartment. But the dream of "being a homeowner" is somehow worth it. It's always struck me as something of a con. Any tax benefits you might see are offset by the much higher monthly mortgage payment. * note my experience is…
Can someone more worldly than I speak to any possible cultural factor here? By that I mean, is the desire to own property as deeply-rooted elsewhere in the world as it is, or at least seems to be, in America? Are people in Japan breaking their backs to own a home? How about Europe? Brazil?
I'm genuinely fascinated by this, because it really does seem like American society frowns upon people who don't own a home by a certain age, especially when children are involved, almost as if a backyard is absolutely fundamental to the child-rearing process.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#46Earlier quoted context omitted.
Well on the plus side, with the Bay Area, there's plenty of other relatively affordable areas to purchase if one has a car.
Or rides BART. Of course, you then have to live near BART (or drive to BART) and then contend with the ZOMG GERMS!!1Eleven!
BART is horrible. There aren't many trains and they never do maintenance on the rails so it's noisy as hell.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#47Los Angeles. You buy a house and its a trade off between commute and cost per square foot. I HATE LIVING HERE. Often. I spend 90 minutes in a car every day, and while I love my house, my commute, gas cost, lack of public transportation, etc sucks. It also forces everyone to be so insular. No one socializes outside of work because we have to drive forever to get home. I had a glorious three years where I lived .75 mil…
Why don't you move closer to work?
Million dollar houses, or small houses with no yards. We have to live in the burbs.
I also did live closer to work but changed jobs.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#48I really don't understand the obsession with owning a home. So many people I know expend their entire savings on buying a town home or a condo or some other place where you might as well rent an apartment. But the dream of "being a homeowner" is somehow worth it. It's always struck me as something of a con. Any tax benefits you might see are offset by the much higher monthly mortgage payment. * note my experience is…
Say you take out a $400,000 loan for a $500,000 place (this will buy you a 3BR high-rise condo in downtown Chicago). At today's rates, your mortgage payment will be ~$2,000/month. Your first payment on that house will be $600 principal and $1,400 interest. In a condo, your HOA fee will be maybe $800-1000/month. Depending on your tax bracket, your tax savings will be ~$400/month, which will cancel out your property taxes. So your total cost is $1,400 + $1,000 = $2,400. Market rent for the same 3BR high-rise condo is probably $2,500 to $3,000. Moreover, while your rent will go up 2-5% each year, the interest component of your mortgage payment will actually go down (2-3%/year over the first decade). Finally, when house values appreciate, you'll capture that increase rather than your landlord.
Re: How Long Will You Need to Save to Buy a Home In Your City?
#49Earlier quoted context omitted.
I wear a suit to work year-around... DC is miserable for about half the year. :)
I've motorcycled in a mid-western winter. It is dangerous in ways you cannot possibly comprehend. Sweating in a suit is a first world problem. Try riding on a two-wheeled motor vehicle on ice in the presence of traffic. I'll stick to California, thanks.
I wouldn't know the hazards of motorcycling: I live in a city with a real transit infrastructure. ;)
Re: How Long Will You Need to Save to Buy a Home In Your City?
#50Wanna really have a laugh (or cry if you're Norwegian)?
Oslo $ 970 / sqft
In Norway you have a 28% tax decuction on interest paid, but it seems more likely to be a case of tulip fever. Still 85% own their own homes in Norway.