The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: J. P. who wrote (1617)	2/19/2002 12:34:26 PM
From: Tradelite	Read Replies (2) of 306849

<<you need to make mid six figures just to live in an average home....Those that bought 5-10 years ago or more are doing OK because they bought when housing prices were more aligned with incomes.>> No, you don't have to make mid-six figures to own a home--and I don't care where you live. One thing that is essential, however, is to adopt a savings plan very early in life and save up for a down payment....even if it means not driving a new Jag or Mercedes or even a Ford every three years and even if it means not going to movies or dinner. People who say they can't afford a home are often those who insist on having other things in life first--and they see nothing wrong with buying those things with a credit card and paying the credit card company major bucks in interest every month. Not easy to save much under those circumstances. Just an observation from someone who has worked with a lot of people who want to buy a home. Sometimes I've had to tell them to go back to the drawing board and think about where the down payment is coming from first, before they start applying their champagne tastes to buying a new home. Sounds like common sense, but some people don't have it.

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