OT: Cost of your first home? (Jxn housing thread got me thinking)
- Thread starter horshack.sixpack
- Start date
Least you could do is give them one of the big screens instead of tossing it to the curb.
3 bd, 2 bath on 3.4 acres with septic system in place.........$49,000 (1984)
10.6% sucks but we would all kill for a decent house that cost $55K nowadays lol
Now I understand why the school up north owns us..
If this was posted on OM Spirit these housing prices would be doubled.
If this was posted on OM Spirit these housing prices would be doubled.
$39,500 - 4BR, 2B. 1 acre …. Dirt road Houston, MS. 1986
FHA STYLE with enclosed carport as 4th BR with added carport and extra outside utility room.
later had to tear out carport br because it was not enclosed properly and had mold. Left with 3Br double garage afterward. Sold in 2010 for 72,000. Burned to ground a few years later
FHA STYLE with enclosed carport as 4th BR with added carport and extra outside utility room.
later had to tear out carport br because it was not enclosed properly and had mold. Left with 3Br double garage afterward. Sold in 2010 for 72,000. Burned to ground a few years later
I remember in '74 (age 11) we bought a big home on Grand Blvd in Greenwood for around $40K and Mama saying "It's so beautiful but how are we ever gonna pay for it?".
Apparently 2010-2015 was a generational buying opportunity.
The billion dollar question is whether 2024 is the same????????????
Who do we blame for this ****?
The billion dollar question is whether 2024 is the same????????????
Who do we blame for this ****?
2006. 2000 sf 182k. Within 6 months it lost 30% of its value thanks to the housing bust.
Original plan was sell in a few years and build. 14 years later the value finally rose above original purchase price.
Sold in 21 for 24k thanks to the new bubble.
Original plan was sell in a few years and build. 14 years later the value finally rose above original purchase price.
Sold in 21 for 24k thanks to the new bubble.
Not bashing you, we are basically "trained" by our parties to think this way, but I think that us constantly looking to place blame rather than find solutions and understand that most of the time things just happen, run in cycles, etc. I believe this line of thinking, fomented by our society, is one of the most detrimental things that has happened in this country.
I'm not excepting myself from falling victim, just trying to recognize in my life where I fall in the trap and try not to linger there any longer.
Funny, that crash, while it did not put me underwater, it erased enough of my equity that I completely changed my mindset on home ownership. I was on a tear to push as much equity as I could into it and pay it off as soon as I could. That crash made me realize that I had put too much of my money in a single illiquid investment. After things recovered, I refinanced at a low rate, pulled a lot of equity out and put it to work in the market. Turns out to be one of my rare good financial ideas...
Last edited:
Ocean Springs - Fountainbleu Area
1200 SF
3 BR 2 BA
$119,000
2007
The realtor really screwed me on the comps when I sold it in 2014. They downgraded the 3rd bedroom to storage because it didn't have a window adjacent to it. It was a loft. Sold it in 2014 for 89k. Best decision I have ever made was leaving the coast.
The market is tough at times. Focusing on what you can do to mitigate the damage or protecting yourself can do wonders. Car prices are outrageous… keep the one you have. Interest rates are nuts… don’t take on new debt. Capitalism is great but also cruel. Blaming others really doesn’t help you out much and leads people to make awful decisions.
Hey, a fellow former negative amortization'er!
First house was in north St. Louis - 1980, 900sf, 3/1.5 (the .5 in the "master suite"**)52,000, rate at 16 or so on a conventional.
Then bought a house in "west county" in 1982/3, 1800sf, 4/2.5, 92,000 and this is where the NA scheme came into play for me as I recall with "lower interest rates" (seems the precursor to ARMs?). Guessing this is how we thought we could "afford it" and I bit. In hindsight, I didn't really understand what I was biting off but thankfully I was transferred 2 years later and the company bought my house to pull me out of that fire. An early adulthood lesson learned.
In 2006
3500 s.f.
$176,500
At the time my brother in law was renting a 1 bedroom apartment in Nashville for $19 pess than we were making our mortgage payment.
2017, craftsman bungalow in Tampa, 3/1, 972 sq ft - $191,500
2002: $172K - 3/2 '54 Ranch, 1,800 sq ft, 3/4 ac on cul de sac Vestavia, AL
Bought 1st house in April 2006, zero down payment. Bought 2nd house in June 2008.
As you can imagine, 1st house was underwater, its value had dropped $50k, and we were unsure what to do with it.
We decided to rent the 1st house (to help pay our mortgage), which was pretty scary since neither of us had any experience as landlords.
Getting into the rental market wasn't easy and there have been a few bumps in the road, but it was a great decision. We still rent that 1st house, and it's fully paid off.
2010 - 1850 sq ft., 3/2, $178k. Belhaven. We have sold and moved on from there (thankfully).
Best decision we ever made as a family was to leave Jackson / Hinds county. Damn near every aspect of our lives have improved exponentially.
Best decision we ever made as a family was to leave Jackson / Hinds county. Damn near every aspect of our lives have improved exponentially.
Last edited:
Hazlhurst, 2007 $32,000. 1/2 acre lot. And it was actually a semi ok house. Old lady living there wanted to go in nursing home, but only on her terms. So it was a long closing. Haha. Ripped up the cat piss covered carpet to beautiful hard wood floors. Sold it 9 months later for $89,000 and all i did was rip up carpet and paint walls
Get unlimited access today.