I’m just glad we bought our house 20+ years ago. We’ll pay it off next year. I could sell it for triple or even quadruple what we paid for it and it would probably have a contract with 1-2 days after it was listed.
A wealthy income is any income a family can live comfortably. All depends on how they choose to live.
but where would you move to
I bought my first house 25 years ago 80k , sold it 4 years later for 120k , put what I made into the down payment on this house in 04 paying 114 we moved town because we could not afford the town we were living in there were no other houses in our price range. there had been one we lost it because we didn't qualify for a gap loan , our house sold 4 days later.
we moved here paid 114 and we had more than the 20% down payment from what we made on the first house, 2010 everyone in the neighborhood was foreclosed on , well almost there are 4 of us that have been here since pre 2010
mortgage was upside down houses around us were selling for 40-80K we just kept paying , it is paid off now
today it would sell for 250ish and if I did I still wouldn't have much of a place to go.
I have no intention of moving at this point maybe some day. not sure where to we are still some of the most affordable houses in southern WI
I have a formula
take a basic 3 bed house and divide by 3 that is what skilled labor in an area should be making
if you are comfortable well divide that house price by 2
and if you are doing well , 1
so in my area where 250k is about where a basic 3 bed house is selling
secure would be 83K
comfortable would be 125K
well would be 250K
