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Discussion Starter · #1 ·
I'm just curious to know how long after a student graduates can he expect to be able to purchase his own home, should he choose to stay in OR very very near the city.

I am thinking about my own future and I think I may have to deal with apartments for the rest of my life because once I finish school, I'll be up to my eyeballs in student loans and I'll have to make sure I get those paid off--seems like that would take up most of my funds, in addition to regular living expenses.

I won't have to worry about having a car since I don't drive so I will save money in gas, car insurance, car upkeep, and car purchase cost.

The only other little things I will have ot pay for besides food and utilities are landline, cell, and internet.

I don't reckon I'll be having a family ANY time soon if at all so I'd be most interested in a house suitable for a single person + a guest (so like a 2br for an occassional visitor like family or friend).

Since I would prefer to live in a city, I've given up hope for a backyard, but I would like a place that's just right if I want to have at least a medium sized doggy.

What I'm asking is, how long do you think it would take to be able to afford a small house (NOT a condo!) in a city, after I finish gradschool? Is it just completely arbitrary? Is it entirely dependent on what kind of job I can secure after graduation? Is it more so dependent on which city I ultimately end up in? Is it impossible to purchase property before the age of 30 in a major city? What are good ways to become eligible for a decent mortgage in a major city? Ideally I'd like to get a 15 year plan so as to 1. pay it off sooner and 2. not end up paying 2x+ for the property in the long run. Is it possible to own a home in a major city on an accountant or CPA's salary?

Thanks......
 

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For one, it depends on which city we're talking about here.
 

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I have several friends that pair up after college here and share houses/lofts. I plan to do so aswell, hopefully with my closest friend.
 

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Discussion Starter · #4 ·
krazeeboi said:
For one, it depends on which city we're talking about here.
Which city depends partially where I end up at gradschool as for convenience purposes, I may choose to remain there afterwards.

Some places I have been considering are as follows (mainly based on public transit/pedestrian-friendliness........

NYC (newly considering...wasn't before!)
Boston
Chicago
Portland
LA
San Francisco
Seattle
DC-metro area
Philly

Generally speaking I prefer the Eastcoast...Northeast in particular, BUT as the list shows, I would consider the West, and the Midwest to a lesser degree. Anyplace further SOuth than VA is almost completely out of the question.

*Note, the cities listed above are in no particular order of preference...they are just examples.
 

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NYC is the most expensive place to live in the country. For an okay place, the cost will be over $350,000 in Manhattan. Boston is the second most expensive place in the country. I don't know the prices there though.
 

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Discussion Starter · #7 · (Edited)
Goldie84 said:
Which city depends partially where I end up at gradschool as for convenience purposes, I may choose to remain there afterwards.

Some places I have been considering are as follows (mainly based on public transit/pedestrian-friendliness........

NYC (newly considering...wasn't before!)
Boston
Chicago
Portland
LA
San Francisco
Seattle
DC-metro area
Philly

Generally speaking I prefer the Eastcoast...Northeast in particular, BUT as the list shows, I would consider the West, and the Midwest to a lesser degree. Anyplace further SOuth than VA is almost completely out of the question.

*Note, the cities listed above are in no particular order of preference...they are just examples.
Ooops, forgot to mention that when considering NY, I'm more interested in other burroughs besides Manhattan....though I do know that it would be expensive either way....lol. Btw, I wasn't able to access the pic of the $335k property...dunno why.
 

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^^^^Goldie I say look at Chicago, it has all the amenities of a very large city and still remains relatively affordable.....1bd in highly desirable area will run you a bit.....over 200 and in some places close to 300K.....2bd of course more

However, Chi is a very very big city and you don't necessarily have to live in one of the ultra hot hoods.....move a little bit from them and prices reduce significantly
 

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Goldie84 said:
Which city depends partially where I end up at gradschool as for convenience purposes, I may choose to remain there afterwards.

Some places I have been considering are as follows (mainly based on public transit/pedestrian-friendliness........

NYC (newly considering...wasn't before!)
Boston
Chicago
Portland
LA
San Francisco
Seattle
DC-metro area
Philly

Generally speaking I prefer the Eastcoast...Northeast in particular, BUT as the list shows, I would consider the West, and the Midwest to a lesser degree. Anyplace further SOuth than VA is almost completely out of the question.

*Note, the cities listed above are in no particular order of preference...they are just examples.
Of those, the only one you'd probably have a good shot at getting a pretty nice house is Philadelphia. They have the cheapest real estate in the BosWash corridor by far. But with all that's going on in that city now with development, the prices are probably climbing pretty fast.
 

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Discussion Starter · #10 ·
You know, I had actually forgotten about Philly for a while untill I composed the list in this thread.....I guess I had it way in the back of my mind because I didn't think I could get into gradschool there, but I think I iwill reconsider and at least apply for that area.....if that ends up being unsuccessful, i could also consider moving there later. I'm a member of the PhillyBLog, but haven't posted lately....may have to go there and ask some more qs about Philly.
 

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Discussion Starter · #12 ·
WOW, YOU BOUGHT A CONDO AT 19????

I don't reckon my abilities will be like that prior to age 30..lol. I'm only 22 now, but after one more year of undergrad + at least 2 years of gradschool, I'm thinking at least 5 years worth of steady and good paying job experience would be needed to even consider putting a downpayment on anything....and even then, I'd still have to pay off loans in the meantime so I dunno if my "dream" is even doable :(.

I used to not want a house, really....but then I really want the freedome to do what I want to my property and relaly feel like I OWN it as opposed to...well paying on soemthing for the rest of my life that I will never own.

I mean apts vs homeowning--both have pros and cons worth considering but I woudl liek to at least have the option of buying a home. Maybe I'll marry a man that already owns a home...that would then save me the trouble :)
 

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My dad built his first 3 bedroom 2 bath split level when he was 18. If you are a nerdy teenager like he was and save all of your money and spend more time at work than you do hanging out and whatever, it's possible. I'm expecting to buy a house after my sophomore year in college.
 

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I'm 5 years out of school and about 25% of my income goes to student loans, and I could easily afford a house, just would need to be a no-money down, something I'm not particularly keen on. Meanwhile I own a better car than I probably need, pay for cable TV :), etc...

It's all where you live, some places are [dramatically] cheaper than others. You need to look at what you want, really, and then weigh the options.
 

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lol hey now sargeant, you live in one of the most affordable housing markets in the country. You have no excuse! jk
 

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As far as average home prices, San Francisco is the most expensive major city and the most expensive metropolitan area in the nation with the average for the metro hovering at $750,000-about $200,000-$300,000 more then the NY and LA Metros.

Tens of Thousands of people have relocated to the Central Valley and then commute back to the bay area everyday even though it can take 4 hrs each way in horrific traffic.

Even in the most dangerous neighborhoods of the metro, its not really uncommon to find homes selling for $600,000-$1,000,000

When I graduated college in the mid 90s-homes averaged $250,000 and I went on a buying spree in the cheap areas which at that time had homes selling for $130,000-$150,000. I also acquired lots of commercial and industrial properties for really good prices back then. I saw getting my foot in the door as a way of building credit. I had the places renovated and then rented or leased them out.

The collective value of the real estate I bought in this region in the 90s has increased in value by 700%.
 

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And another thing, people always talk about a bubble that supposed to burst. Well, San Francisco survived the dot com bust-300,000 jobs lost and $2 Trillion in local stock value. During the time of the bust, home prices soared because supply and demand was still an issue-even if there was no bust to calm things down the average home price in The Bay Area would probably be over a million bucks by now-and so in that respect it was good that things slowed down. As far as Im concerned, we've already withstood something far more serious then anything a bubble could do.
 

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I found this website that sys NY is the most expensive area to live in.
http://www.soyouwanna.com/site/toptens/expensivecities/expensivecities4.html
bay_area said:
As far as average home prices, San Francisco is the most expensive major city and the most expensive metropolitan area in the nation with the average for the metro hovering at $750,000-about $200,000-$300,000 more then the NY and LA Metros.

Tens of Thousands of people have relocated to the Central Valley and then commute back to the bay area everyday even though it can take 4 hrs each way in horrific traffic.

Even in the most dangerous neighborhoods of the metro, its not really uncommon to find homes selling for $600,000-$1,000,000

When I graduated college in the mid 90s-homes averaged $250,000 and I went on a buying spree in the cheap areas which at that time had homes selling for $130,000-$150,000. I also acquired lots of commercial and industrial properties for really good prices back then. I saw getting my foot in the door as a way of building credit. I had the places renovated and then rented or leased them out.

The collective value of the real estate I bought in this region in the 90s has increased in value by 700%.
 

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