How can I, as a single person making average income in the US, ever afford to buy a house?

>muh land of the free

o im sorry, did you think you could exist without being an eternal debt slave?

guess freedom aint free huh ?

I make $60k/year and there isn't a single house I can afford that's within 2 hours commuting time to my job. My housing payment would be a minimum of $2300 on the absolute cheapest house that's for sale, when you include mortgage, insurance, and property taxes. That's about 60% of my take home pay. It's the same way in the suburbs of pretty much every major metro area in the US.

People do crazy things when they are high off of cheap money and artificially low interest rates

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Are you a poorer version of me? I make $100k and can’t afford shit that’s less than two hours drive from work.

I bought a house last year two weeks after my 19th birthday for $1500 down

Move to the flyover states and build a time machine back to 3.5% interest

yall need to come to the midwest. you can get a nice little starter home in a non-diverse neighborhood for $100k.

or, look what you can get for under $300k:

zillow.com/homes/for_sale/105615069_zpid/priced_sort/37.848019,-89.088135,37.621845,-89.316445_rect/11_zm/3_p/

I also have no real knowledge of real estate.
AMA

Just wait for the market to cool off a little and buy in. The FED will ensure that the dollars you pay it back in will be worth less than the ones the bank loaned you.

2pBp

Other than a lengthy recession, what would "cool off" the market? Would user still have a $100K job if that happened?

We will come as soon as they have decent jobs in the Midwest. Not going to buy a 100k house making 8 bucks an hour, that's the same as me buying a 400k house where I live with the money I make now.

Right now, you can't in most parts of the country. It has gotten to the point that developers are building luxury homes that they know they will never sell in large numbers, but are still making a profit because they are on small lots and the artificial scarcity drives up prices. They are always able to find a few Poojeets and boomers to become rent slaves that occupy the space. Theyre also building even more strip malls, even though brick and mortar stores are dying, simply to jack up the land values. They want everywhere to be San Francisco.

Note that this only applies to areas with decent job prospects. If you can get a decent paying job in the Rust Belt, then you can find a starter home; just hope it hasn't been flipped.

Wait 3 years for home prices to crash
In the meantime buy link
Then sell link at 5k and buy a house

Move to the midwest

I live in the midwest. There are jobs companies cant fill that start at $18 an hour.

>afford to buy a house
You shouldn't.
Live in an apartment, you priviliged faggot

>$400k / $11/hr = 36363 hours work = 4545 days of work = 909 weeks work = ~20 years conservatively assuming 45 weeks worked per year.

TLDR: you only have to leech 20 years off your parents (while working and saving every single penny) and you're go.

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Why should you, as a single person with no roastie and kids weighing you down, ever consider wasting your money and labor on a house in the first place?

>$11/hr
Lmao are you working at Walmart?

It's mad, I know people earning like 30k+ bongs a year, and I ask their saving and it's like 2k a year

like what the fuck are they spending all their money on

Im in the Midwest and theres endless 1 story WW2 houses

Roommates bro.
I make 35K a year with OT
315K house
Have 2 roommates
$700 or so a month

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>under communism you will have to share your house!
>want to not live on the street?
>just get some roommates and airbnb on the weekends
No, you know what. This is actually worse than that because the gig economy makes this extend to every facet of your life. I know people who have to work at uber to pay for LEASED cars they drive.

>what is compound interest

zillow.com/homes/for_sale/Oklahoma-City-OK/pmf,pf_pt/house,townhouse_type/21969079_zpid/33225_rid/90000-160000_price/372-661_mp/globalrelevanceex_sort/35.722266,-97.103692,35.241413,-97.806817_rect/10_zm/

What the fuck are you talking about?

you can definitely find things that are wrong for the market and go for less although you're right, everything basically sucks right now. the only things I ever see still go for really cheap are basically ruined properties that only certain developers would want to deal with. so yeah, you're basically fucked. just keep looking. if rates keep going up, prices should come down unless wage growth picks up or there is a continuing demographic influx in your area in which case move if you want cheap housing

>How can I, as a single person making average income in the US, ever afford to buy a house?

>what is a mortgage

>what is a mortgage

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>monthly HOA fee
>in fucking Oklahoma City

>HOA

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>mortgage
OP asked about owning a house not renting it

yeah spend the rest of your waking life on a job you will never lose on house payments, then sure you can "afford" it

interest works against you in this case, time preference of money