That House Costs WHAT?!?!

[Haven]

Okay, I''ll admit it--FI and I have been watching a bit of HGTV since we started looking for a home.

We just caught an episode of the show Property Virgins where a young couple was looking for a SFH in Fort Worth, TX and the homes they were looking at were nice, around 2,000 sq. ft., and they only cost between $130,000 and $150,000.

I can''t believe it--we just bought a small one-storey ranch for $350,000 in a suburb of Chicago and we were shocked to find ANYTHING under $400,000.

This must make me sound incredibly naive, but I had no idea that there was SUCH enormous variation in housing prices across the country. I knew there were different markets, but this is incredible.

Okay, I suppose I don''t really have a question. I''m just shocked that you can buy a nice home for so little. And I must admit, I''m a little jealous!

 

[dani13]

OMG, Haven! I SO know how you feel. MH and I watch those shoes on HGTV together all the time, and what you said is so true. We cant believe the price differences in housing markets across the US as compared to our area either (northern NJ). You really cant get a decent house in a nice area for under 450K where we live, and the taxes are ridiculous. And that amount of $$ would still only buy you a smaller home that probably would need some work. Its ridiculous!!!

 

[zoebartlett]

I know! It''s crazy how inexpensive houses are in certain areas of the country. I love HGTV and the other day I was watching Property Virgins. This one was about a young single guy looking for his first home. I think it was in TX also but I can''t remember. Anyway, the houses he was looking at were sooooo inexpensive -- granted, they were fixer-uppers but still...

I get so sad looking at MLS listings in our area because what we want is not what we can afford. We''re not even looking for our dream home yet either. We''re in New England, by the way.

 

[Haven]

It''s REALLY interesting to see the differences, isn''t it Dani? I''m going to have to watch more of this HGTV to get a peek inside of other real estate markets.

I''m sure our house looks like a steal for people living in pricier markets than Chicago, and that just boggles the mind, too! I shouldn''t be so surprised, though, because I see a huge difference in the cost of homes even a few suburbs west of where we are.

 

[dani13]

Date: 3/30/2008 7:21:33 PM
Author: Haven
It's REALLY interesting to see the differences, isn't it Dani? I'm going to have to watch more of this HGTV to get a peek inside of other real estate markets.


I'm sure our house looks like a steal for people living in pricier markets than Chicago, and that just boggles the mind, too! I shouldn't be so surprised, though, because I see a huge difference in the cost of homes even a few suburbs west of where we are.

It really is. We bought our 1,000 sq. ft condo 2 yrs ago at the height of the market for $318K. Now we have found ourselves in a predicament, because we would like to buy a home next year (and wont be ready to do so until then), but we dont know what to do with the condo. Obviously, we want to lose as little money as possible on it. The question is, do we sell it within the next couple of months (and rent an apt until we are ready to buy), do we hold onto it till next yr and then sell it, or do we move out next yr and rent it out until the market goes back up again? Its such a hard decision. That's what we are dealing with now....Such a PITA.

eta: we are in a great location, 45 mins from NYC.....but still, its insane if you think of what we have for the price. Its nice, but so small. Crazy!!!!

 

[CrookedRock]

It really is amazing how much it differs and how much people''s perception of price differs bc of it. I''m kinda in the same boat as Dani. Nothing in our neighborhood can be had for under 500k, and even those I would never live in without 300k worth of work. The majority are in the 1mil range and it kills me to think about the taxes. We are def waiting another 6-12 months before we buy, bc we really feel it is only going to come down in our area... It has too! Or I''m gonna move to Texas! LOL

 

[Fancy605]

Haven, I''ve had the opposite happen. I live in an area where housing is less expensive. My own house was about 170,000, and it has 3 BR 2.5 baths, a garage, a basement, and all that stuff I thought was standard. I was shocked at the amount comparable houses go for in other parts of the country. It''s crazy to me for housing to be so expensive. I can see why people would want to rent instead.

 

[DivaDiamond007]

I love the show My House is Worth What on HGTV because they all seem so expensive to me. DH and I live in NW Ohio and I''d say the average home price in this area is probably around 130K - 150K. We are so shocked when we watch the show and see people looking at "average" homes (3 beds, 2 baths, garage) and the price is like 400K! I just can''t get over it sometimes. It really makes us realize how "cheap" it is to live around here.

Jess

 

[Skippy123]

I was reading not too long ago that the average American''s home is $260k and the median home in the US is $215k. It is interesting to see how much certain cities and neighborhoods vary.

 

[ladypirate]

Oh man--I feel you on this one! We''re moving out of SoCal and one of the main reasons is that we can''t afford the million dollar median home price (actually, I think it''s around 1.2 million now) in our area. It''s really depressing to look around and see that the fixer upper starter homes are priced at at least 600K.

 

[xapora]

We purchased our first house (a 1,600 square feet ranch style home less than 30 minutes from Tampa) last year for $89,000 - new roof, new a/c, maybe a little outdated but not a fixer upper by any means. Home prices have dropped even MORE around here since then - you can get a 2-3 bedroom house around here for less than $100K and have a huge selection of homes. We got a great deal on the house, but even so, with the prices they are today I wish we had waited to buy! It''s crazy around here and people are becoming SO desperate to sell.

 

[Dee*Jay]

Haven, come to *downtown* Chicago and I'll be lucky if I can find you even a two bedroom condo that's habitable for $350K LOL! For $120-150K I can get you two nice parking spots on Lake Shore Drive...

 

[Haven]

Oh, you''re telling me, Dee*Jay! We both live in the city right now, and we wouldn''t have stayed anyway because I work so far out in the suburbs, but HOLY COW--for the 400K that we wanted to spend there weren''t many option!

My FI''s condo is on LSD, he just put it up for sale and someone already contacted him to ask about his valet parking spot in the garage. He said he can have it if he buys the condo, too. Nope, he just wanted the parking spot.

 

[LAJennifer]

Date: 3/30/2008 7:01:38 PM
Author:Haven
Okay, I''ll admit it--FI and I have been watching a bit of HGTV since we started looking for a home.

We just caught an episode of the show Property Virgins where a young couple was looking for a SFH in Fort Worth, TX and the homes they were looking at were nice, around 2,000 sq. ft., and they only cost between $130,000 and $150,000.

I can''t believe it--we just bought a small one-storey ranch for $350,000 in a suburb of Chicago and we were shocked to find ANYTHING under $400,000.

This must make me sound incredibly naive, but I had no idea that there was SUCH enormous variation in housing prices across the country. I knew there were different markets, but this is incredible.

Okay, I suppose I don''t really have a question. I''m just shocked that you can buy a nice home for so little. And I must admit, I''m a little jealous!

Haven, I LOVE your home - but you would faint if you knew how much it would cost to buy your house in my neighborhood (West Hollywood, CA). Now, the market has dropped considerably since last year, but about 12 months ago a nice 2 bedroom house across the street from my building sold for $1.1 million. My husband and I make six figures, but we can''t afford to buy a house. We could probably find something for 600K, but it would be a fixer-upper (and that is still way more than I''m willing to pay). We''re thinking of moving to Chicago.

 

[LAJennifer]

Date: 3/30/2008 9:28:54 PM
Author: ladypirate
Oh man--I feel you on this one! We''re moving out of SoCal and one of the main reasons is that we can''t afford the million dollar median home price (actually, I think it''s around 1.2 million now) in our area. It''s really depressing to look around and see that the fixer upper starter homes are priced at at least 600K.

Yeah, what she said.

 

[Haven]

Date: 3/30/2008 10:08:07 PM
Author: LAJennifer

Date: 3/30/2008 7:01:38 PM

Author:Haven

Okay, I''ll admit it--FI and I have been watching a bit of HGTV since we started looking for a home.


We just caught an episode of the show Property Virgins where a young couple was looking for a SFH in Fort Worth, TX and the homes they were looking at were nice, around 2,000 sq. ft., and they only cost between $130,000 and $150,000.


I can''t believe it--we just bought a small one-storey ranch for $350,000 in a suburb of Chicago and we were shocked to find ANYTHING under $400,000.


This must make me sound incredibly naive, but I had no idea that there was SUCH enormous variation in housing prices across the country. I knew there were different markets, but this is incredible.


Okay, I suppose I don''t really have a question. I''m just shocked that you can buy a nice home for so little. And I must admit, I''m a little jealous!

Haven, I LOVE your home - but you would faint if you knew how much it would cost to buy your house in my neighborhood (West Hollywood, CA). Now, the market has dropped considerably since last year, but about 12 months ago a nice 2 bedroom house across the street from my building sold for $1.1 million. My husband and I make six figures, but we can''t afford to buy a house. We could probably find something for 600K, but it would be a fixer-upper (and that is still way more than I''m willing to pay). We''re thinking of moving to Chicago.

If you come to Chicago you must let us know! I have yet to make it to a Chicago GTG but I''m sure we could whip up a fabulous welcome party for you!

 

[Skippy123]

Haven, I will be in Chicago end of May and would love to meet up w/you if you get a chance!!!

 

[mimzy]

haha i guess this is one of the advantages of living in SW Michigan. FI and I aren't going to buy here because we are likely going to move out of state soon after we get married, but it is so tempting because there are so many good deals here that aren't going to be where we are moving

there is this adorable 3 bedroom, 1 1/2 bath house in a nearby town that is really cute (both the house and the town). it's got hardwood floors, a lot of curb appeal, updated kitchen and bath,a big master bedroom, AND it's really near the downtown (main street) and you can see the water (detroit river).....for just over 95k.

 

[ephemery1]

Date: 3/30/2008 9:52:58 PM
Author: Dee*Jay
Haven, come to *downtown* Chicago and I'll be lucky if I can find you even a two bedroom condo that's habitable for $350K LOL! For $120-150K I can get you two nice parking spots on Lake Shore Drive...

Sounds more like what we're used to here in Philly! The 950 sf, 1 bed/1 bath apartment upstairs just sold for $425,000... and that's only because she wanted to sell it as quickly as possible. Granted we are in a nice condo building in a nice area, but for center city, that seems to be pretty average. And in the nicer school districts out in the 'burbs, it would be miraculous to find a modest home for under $300,000 that wasn't a major fixer-upper.

And on the topic of parking, DH's garage downtown costs $350/month (over $4k a year!)... fortunately his company pays for it.

 

[TravelingGal]

Date: 3/30/2008 10:10:38 PM
Author: LAJennifer

Date: 3/30/2008 9:28:54 PM
Author: ladypirate
Oh man--I feel you on this one! We''re moving out of SoCal and one of the main reasons is that we can''t afford the million dollar median home price (actually, I think it''s around 1.2 million now) in our area. It''s really depressing to look around and see that the fixer upper starter homes are priced at at least 600K.

Yeah, what she said.

Ditto. TGuy and I feel comfortable with 500K, but everything in our area (which isn''t even the best part of the South Bay) is way over 600K.

 

[diamondseeker2006]

Oh, how glad I am to live in the southeast where you can get a very nice house for around $100 a square foot including a lot of 1/2 acre + ! (2500 sq. ft= $250,000)

 

[luckystar112]

Our house is (we''re still paying for it, obviously) 112k, and it is 4 bedrooms, 2.5 bathrooms. Crazy, I know. We live just north of Houston. But it''s not like our house is the nicest on the block or anything. But 250k down here can get you a really nice house.

We plan on moving to the northeast as soon as I graduate college. My parent''s house is the same size/bedrooms/bathrooms as ours and cost around 350k! I have no idea how we''re going to do it, but we''re going to have to because I refuse to stay here. lol. We''re thinking that since the cost of living is higher you probably get paid more. We also figure that if we fix this house up and sell it for a good profit, we can put a huge down payment on a more expensive house and try to keep our mortgage low. *Hopefully*. We''ll just have to see!!! I''m nervous though. We''re definitely spoiled down here.

 

[bebe]

I''m in the HOuston ''burbs. We are lucky to have the pricing on homes we have. I have built custom homes for years, so I''m very
familiar with the costs involved. Housing in Texas is increasing in cost, but we are no where near what the rest of the country
has to pay. But in the hot areas of Texas like Austin and the hill country, prices are getting higher, but still a bargain
compared to other parts of the country.

 

[Elmorton]

We've been looking at older homes in our area (Eastern Iowa), so you get a little more sq footage for the money.

Today, when we were going to open houses, we visited:

-a 3 bedroom, 1-bath bungalow with a big kitchen and unfinished basement for 140k (built circa 1930-40)
-a 4 bedroom, 1 full bath, 1 partial bath in basement with large 80's kitchen, formal dining room with GORGEOUS built-in china hutch circa 1920 for 115k
-a 3 bedroom flip with 2 walk-in closets and wardrobe built-ins in the master (huuuge), 1.5 bath, new kitchen, sunroom, formal dining and living for 115k

Even though these were all older houses, they were all updated and move-in ready - all were around 1700-2000 sq ft. I would say the median house price in our area is 150k-200k.

So, you can imagine my shock when I watch HGTV! I can't believe how much houses cost in large metro areas/ on the coasts.

 

[Octavia]

Date: 3/30/2008 10:39:36 PM
Author: ephemery1

Date: 3/30/2008 9:52:58 PM

Author: Dee*Jay

Haven, come to *downtown* Chicago and I'll be lucky if I can find you even a two bedroom condo that's habitable for $350K LOL! For $120-150K I can get you two nice parking spots on Lake Shore Drive...

Sounds more like what we're used to here in Philly! The 950 sf, 1 bed/1 bath apartment upstairs just sold for $425,000... and that's only because she wanted to sell it as quickly as possible. Granted we are in a nice condo building in a nice area, but for center city, that seems to be pretty average. And in the nicer school districts out in the 'burbs, it would be miraculous to find a modest home for under $300,000 that wasn't a major fixer-upper.


And on the topic of parking, DH's garage downtown costs $350/month (over $4k a year!)... fortunately his company pays for it.

What Ephemery said. FI and I have been casually scoping out places for awhile, and I'm glad we're in no hurry to buy because there are no good options. FI hates trinity-style houses, and I'm not a fan of brownstones converted into condos -- if we're going to be in a condo, I want it to be a well-established building with a fair number of owners to share the costs. And condo fees are so high! There are some nice newer townhouses in some CC areas, but they're at the top of our (currently hypothetical) budget. We could probably afford around $500K but neither of us want to spend that much, since we'll probably sell in 5-6 years when we have kiddos and move out to the suburbs. Plus, Philly is AWFUL for parking, and I must have it. Don't know what I'm going to do with my poor car when I "officially" move into the city, it's stressing me out terribly.

My parents live in a fairly rural area where 3BR/2BRs with den and 2-car garage are around $150K. It makes me question why on earth I live here.

 

[kellyfish]

I live in S. Louisiana & we have a 3200 sqf home on an acre by the water. Purhcased it in 2005 6 months before Katrina. We had 2ft of water wash into our home and it is built up 4ft --so about 6 ft in the yard. The debris is our interior furniture, etc. on the curb--which stayed there for months. The blankets covered my ds''s toys so he would not see them on the pile. Our family of 4 lived in the 1 upstairs bedroom for 9 months. We are back on track, now, however. We paidonly $240k for this home and it has so much character. I can''t fathom some of the prices I see on the home shows......

 

[kellyfish]

here is the pic

 

[Octavia]

Yikes! Kellyfish, I take back my complaints...I hope that your repairs are going well and that your family is more comfortable now than when that photo was taken.

 

[LegacyGirl]

I''m looking to buy soon but houses need to come down a lot more here. Everything went crazy in Florida and it seems a lot of people are trying to hang on to their overpriced homes and get something that they are really just not worth... they are coming down slowly but surely.

 

[kellyfish]

Oh, thank--everythin* is fine, now. That was the only pic of my house--which I think you can see over the rubble. We were insured--so once the repairs were done (which was the main hurdle) our house was better than when we first purchased it. I was tryin to show that you can buy a historic-style plantation home on an acre by the water here for about $250k--not bad. Well, except for the occasional hurricane

How much would you have to make to pay some of the prices you see on those home shows? Ouch--we find it hard as it is to afford our home + student loans, etc.