How Much $$ You Need To Buy A $1M House!
How Much Money You Need To Buy a Million Dollar House – Enjoy! Add me on Instagram: GPStephan
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I didn’t need a video explaining this to understand I can’t afford a $1M house but I watched it anyway
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I can afford one but why do i still feel like i can’t? Oh because saving letting go of 200k is about as hard as saving it
You can do it bro
lol i have a million dollar house and i have none of these things.
And, keep in mind, most properties nowadays are VASTLY inflated in price. A $1M home isn’t the impressive mansion people have the idea of it being…
In Berlin, a newly built, 90m² apartment near the city center is 1m while the average salary is 50k euros lol, Europe is cooked
@@deiminator2 Yea, y’all are kinda fucked unless you build more houses.
I mean properties have always been inflated in price?
You can easily get an impressive mansion for $1m, or in New York you probably get a 1 bedroom apartment, almost as if there is supply and demand.
Exactly! Basically hard to live in, hope rates go down then it will be a much better living situation
The houses in this video were more like 100 million dollar
I mean, my husband & I make more than 200k this a year but even a $400,000 home makes me wanna cry. But I live in the middle of BFE Kansas where homes are on the cheaper side, thank goodness!!!
Right, I am probably looking into that 400k range when I go to buy a house in 18 ish months but our HHI should be over 200k by that point.
Kansas is a hidden gem , I loved it on my USA road trip . Love from ireland
Kansas is amazing! Cheapest houses in the US
You’re doing it correctly. Buy what you need, even if you can afford more. My wife and I bought a house in the low $400s despite being able to afford a home 4x that. It’s more than enough for our family and we sleep extremely well at night.
200k? 🧢
Not true u actually need one million dollars to buy a house for 1 million dollars u sillly goose
Omg your right I never thought of it like that
@@yinard ya it’s really a difficult concept no wonder no one else thought of it like that
Kewl story
Thank you for clearing that up
@GrahamStephan correction, it’s “cool story,” silly goose.
One big Ponzi!🤣
👍🏻Roll it baby doll
In my area, $1-$2 million are the average housing cost and I don’t live in a crazy affluent area. So to live normally, you need to make closer to $200k then, also considering for long-term investments and other financial responsibilities like cars.
Pressing play on this video shattered my hopes and dreams.
The amount is wrong, you need to earn that much money after tax.
No, pre-tax. He’s right, makes no sense but back end is 43% max for FHA loans and it’s calculated off gross income.
that is not correct, based on gross income not post-tax net
Just to add one more obstacle: if you’re lucky enough to bid on a 1 million dollar house… you’re not bidding against other families for a home …. You’ll be bidding against real estate corporations with deep pockets
What are you talking about? Only 2-3% of single family homes in the US are owned by corporations or large institutional investors. Realistically you are in fact bidding against other families or small individual investors.
This is just about 2/3 of the average house price here in Canada. The average Canadian income is about $70k. Gotta love our Gov’t
I’m not gonna lie, it’s messed up but I find it slightly satisfying to watch Canada’s gradual deterioration and worsening economic conditions. They voted for it and got the expected outcome of their backwards policies. I live in South Florida where a lot of snowbirds from Ontario and Quebec spend their winters. Recently I’ve noticed many have had to sell their properties in my neighborhood as they just could no longer afford it between rising cost of living and a devalued currency. I’m sure glad they can’t vote here and stay all year otherwise we’d be on the same track.
@@aahsimovieprojects Dude you need to get your head out of the sand. As if voting did that, especially for one politician or party.
Almost ALL parties and governments in most of the Western world have consistently made the rich richer and the middle class poorer in the last 40 years. Doesn’t matter if you vote for Trump Obama Bush etc.
The rich are taking a bigger piece of the pie every year don’t you get that?
If certain parties or individuals did that we wouldn’t see it as such a global trend.
That income better be net take home. If not there is no way any one can afford a 800k mortgage on only a gross salary of $170k. Realistic gross you need like 300k income to live like that and actually prosper and not be house poor.
50% dot or under, first time home buyers can do 3% down
Even $220k seems still way too low to comfortably a $1M home. I’d think probably closer to $500K
I love how a 1 million dollar home is just a regular 3 bed 2 bath where I live
Unless it’s a fourplex … then you can qualify the appraisals for rent of the other units… even rent the rooms in your unit and just live in one… and just get a good lender. Mainly small banks. Investors never use big banks. Your welcome.
I make over 200k per year, and no way would I ever be buying a $1MM home. I dont want to pay even over $500k. Bought my house for $183k about 10 years ago.. 4br 3bth. Happy with it. 1400$ mortgage payment. Winning
The row homes/townhomes in my area with no yard START at $1.25 million… I’m ready to get the pitchforks and torches this is ridiculous
I can’t even wrap my mind around committing to 30 years of a 6-7k a month minimum* payment for a bed to sleep in.
We made $260k last year.. have zero debt and no children.. there is zero chance we could swing a million dollar home unless we ate ramen 5 nights a week and never did anything fun or went on vacation lol
Math is way off on the insurances and property taxes. Minimum for that home in taxes should be closer to 2k a month and insurances closer to 400