Quote:
Originally Posted by MAXUM
What most people do versus what should be done are two entirely different things. If you are floating a mortgage that consumes up to 50% of your gross take home that leaves very little for other expenses and living costs, forget about saving a dime. This is how people get into financial trouble and the banks are all to happy to drive you right to the edge of financial disaster. Plus this assumes the buyer has at least 10% down in cash. Guarantee anyone holding down one of these jobs isn't sitting on something like that.
Even so, say we find that unicorn... let's use your numbers.... and push the minimum limit with 65K per year. None of these jobs alone will pay that. With an income of two that's 32K per person. That means each person needs to pull at least $18.00 per hour. Don't see any of these jobs paying that. Plus keep in mind some of these are seasonal!
The waterfront properties may skew the median home price a bit, but that is relative as the property tax rate is low comparatively speaking. The median tax rate in NH is right around $25.00 per thousand so that is $10.00 per thousand higher than Meredith which is 15 and change. Again using round figures. The more the tax rate is the less buying power you have as it increases it's share of the overall payment.
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These people you are soaking about would not be purchasing a median priced home of 400k. There are more affordable homes for them under the median at a 200-250k price off the lake with very low property tax. As stated above a mortgage company will not approve a mortgage at 50% ratio. Also missing the extremely favorable rates and down payments for first time homebuyers. Additionally as mentioned in many other places the younger generation is more in favor of renting to have more disposable income.
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