How are you surviving financially?
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| Wed, 12-08-2004 - 1:11pm |
Hi everyone - I'm mostly a lurker, but I was wondering how you all are able to survive financially on one income. We live in a part of the country where a 2 bed townhouse goes for over half a million dollars, and we are barely surviving here. We bought it when it was cheaper, but we found out we are expecting again and need to find a bigger house and I don't know if we can afford to live here anymore without me working.
Our family is here, and I would like to stay, but I am so angry that we can't seem to afford a decent house in a family neighborhood here w/o me working. I think it's imperative that I stay home while our babies are young, but what do we do? Move to some other state away from family, have DH change jobs and do something he may not like, or stay here and have me work?? I am so angry because we have worked so hard to get all this education (we both have graduate degrees) and where we live that still doesn't cut it.
We could possibly make it if he worked even more than he does now - 12-14 hours per day and weekends. But then he would never see the kids. I just don't know what to think. This whole thing seems so unfair. :(
How do you do it? What should we do?????
-Melissa

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What year did you graduate? Makes the world seem so small.
Sarah and Maggie
I will be back there for almost a month over Christmas.
Sarah
We lived in Orange County, just south of Bloomington and north of Louisville.
I graduated in 92..
angela
Posey County is the MOST SW part of IN.... we are 3 miles to Kentucky(we can see Kentucky across the OHIO river--just cant get there without going into evansville--and about 10miles from IL. We hear about French Lick all the time on the News--Donald Trumph will be building his casino there. I've never been there or been to the east side of the state. When we travel we travel on the west side of the state or thru INDY(to go thru Carmel, kokomo)
I haven't heard of ORange County--but all the houses down this way seem to take a year or two to sell--Its just that way.
angela
Goodness it sounds like you have to be a millionaire to live down South anymore. I grew up down in Azuza and back then it was still reasonable. We live in the Central Valley in California and it is starting to get expensive to live here too. Luckily we got into a rather large home just in time. In the past 2 years our home has gone up 200,000 in value. It is absolutely crazy. It is getting so expensive here that you literally have to make atleast 100,000 to have anything descent. We are fortunate that my husband is in the profession that he is in. I am able to stay at home with my daughter and hopefully can continue to do so. It seems there are so many people moving away from the South and Bay Area to come out to the valley which is driving the cost of living up here too. I would like to know what profession these people are in that they can afford to pay for a 700,000 home.
Trish :)
I graduated in 93. I might know him?
Sarah and Maggie
Sarah
I know what you mean by wanting to know how people get into 700k homes. We are going to be one of those families and would like to spend less than 700k. I don't think we can afford that. A 5k a month house payment is just sick. I don't even think if I got a job that I would make that much to help out after daycare and all. Something to think about. My dh will most likely have to take a management job that he does not want to be able to get the salary we need to get a house. He already has to work his butt off 12+ a day so I can stay at home. Maybe I should try to sell some more houses.
Sarah and Maggie
Sarah
My guess about how people spend 700K on a home is that most people here bought homes when they were 1/7th the price - 100K. And the price rose and rose and rose! For example, we bought our home a little over a year ago and it has increased 150K already! So, instead of 300K, we can now afford almost 500K - but it's all a sham because salaries are still the same, it's just the same old people buying all these new houses at inflated prices. They take the profit on their old home and put it towards a new home. Anyway, that's my guess. I read a newspaper article in the Register that said that soon there will only be the lucky (i.e. people who bought 5-10 yrs ago when prices were low) and really rich people who live here because young families can't afford it. :(
i say try renting downtown. but don't sell your place till you find a good enough replacement.
prop. taxes may be too high for you to want a more expensive house?
can you move east for better value?
i lived in nyc for yrs.- we all get used to living in 450 sq. ft. total spaces.
my DH works 12-14 hr. days- in part b/c of commute also.
i've thought about selling our house b/c it needed so many renovations but it's right by the ocean.
also in orange county.
Jordan
Yep our housing is supposed to go up about another 15% for 2005 which is considered average. First time buyers are not going to be able to get anything. I told dh this and we too bought our townhouse a year ago and he hates it there. I told him if we don't get in now then we are never going to get in and if we can't buy we are moving. We only have 60k in equity in ours. But hey not bad for a year. The average income needed for the median home with 20% down is around 85K a year. And I don't think most people make that. I know my dh does not so he has to work his crazy butt off for bonuses. He said he needs more money so we can buy a 400k house I laughed at him and said I don't know where you plan on living LOL. You can get something decent in Placentia or Fullerton for under 600k so that is where we will hopefully (crossing fingers) look.
Take care.
Sarah and Maggie
Sarah
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