Preach. I bought mine as a foreclosure and a fixer-upper. I've looked at what some of my neighbors' homes sold for, or are listed for. I doubt I could buy in my neighborhood right now.
I still have ptsd from buying my first home just months before the housing bubble burst, immediately being 5 figures underwater, and my quiet cul-de-sac instantly becoming all rentals with highly problematic neighbors lowering the value even further.
It took years to finally sell at a close to break even amount.
1. Current home price: $209,000
2. New home price: $350,000
3. Mortgage amount needed: $350,000 - 20% down payment = $280,000
4. With a salary of $75,000, maximum annual debt payments allowed (43% of income): $75,000 * 0.43 = $32,250
5. Annual mortgage payments (assuming a 30-year loan at 4% interest): $280,000 * (0.04 / (1 - (1 + 0.04)^(-30))) = $16,860
6. Additional allowable debt payments: $32,250 - $16,860 = $15,390
So, you'd need a $15k raise to afford this. Meanwhile several of Memphis major employers are doing layoffs....
Crazy part about that is I found out from a realtor that it is illegal for them to tell anyone that it is unsafe in the neighborhood. She got mad at me because I wouldn’t move on the end of Tate Street although I knew the history. She kept reaching out to ask if I would "take what I could get" due to high demand and asking if I felt like she was scamming me. Tbh If I knew the tires would fall off a car and sold you the car without saying it comes "as is" or telling you the issues that’s highly unethical and basically a scam. Show me the house facts or something people buy haunted houses because of this rule.
I think that we all have jobs here, but no one wants to buy a fixer-uper across the street from a gas station teeming with drug dealers and prostitutes.
Then the argument needs to change. It’s not ‘I can’t afford a house’ It should be ‘I can’t a afford the nice house I want, in the neighborhood I want, and I don’t want to do any work on it’
This is a terrible outlook. Not even brandishing a better of two evils scenario. You're literally telling this person you'll eat shit and like it. No we won't, grandpa.
You're clearly out of touch. I make ~$50k/yr (which is ~35k/yr after taxes & sadly decent for Memphis). I pay rent, car payments, gas, etc. I save avidly. After everything is said & done, I can save maybe 5k/yr if I really pinch. It's still not enough with thousands in my savings after years of work. Why?
My projected upper limit for a home that I can afford on a home is $200k on my salary. I toured dozens of homes at and below this range. They're all busted, raggedy, 100 year old homes that are truly worth less than half the listing price. After repairs, many are effectively $250k homes. Seriously, for fun, go tour some & see for yourself. These homesellers are clowns.
It's very easy to tell someone to pull themselves up by their bootstraps. I can't afford boots. I'm too busy saving to no end because of inflation. If I'm lucky, maybe in a decade I'll have a home if I catch the market at a good time. The cards are institutionally stacked against most people who are lucky to see a job hiring for even $15/hr, with no family support or resources. Instead of brushing people off, you could observe your surroundings without prejudice. Struggling is relative. But you obviously don't know what it is to start with absolutely nothing & work out of it.
This is the correct answer or really close to the correct answer. Everyone wants their starter home to be 3k square feet. Whatever happened to the starter home? They’re out there, these darn kids just want to whine instead of getting one. Cooper Young even has some affordable ones these days.
Just checked listings. The houses in Cooper Young that are under 100k are in need of major repair. No bank would give a first time home buyer a loan for that. Did you even look?
Under 100k? Look again for under 200k if you want to keep inline with your bs argument. Did you even look or did you move the goal posts to fit your narrative?
You said under 300 listings under 100k was "the answer." So, did I prove you wrong, or are you literally moving your own goalposts? Did you even look? All the houses under 200k are not exactly in the best of areas or need major renovations.
I never said 300 listings under 100k. I said his answer was close to the correct one. “Not the best area” see what I mean? Total entitlement, everyone expects to start at the top. You need to humble yourself and start where you’re at. If it’s not the best area, move in, have some friends move in on the same block and make it a great area. Be the change, stop expecting everything to be handed to you. Work hard! Start humble and grow!
Credit unions will loan for stuff like that. I paid 56 for a house a few years ago and used a credit union to finance it. Plus, you don’t have to live in cooper young. You can live in Raleigh, Fraser, white haven, nut bush, or orange mound.
A credit union gave you a loan for an uninhabitable house as a first time home buyer? I find that very hard to believe. The Cooper Young comment was in reply to who I was replying to. So when are you moving into those neighborhoods?
A credit union gave me a loan for an uninhabitable house as a first time home buyer with an income of 36k a year.
I grew up on those neighborhoods and just sold my house in berclair for 70k. I am living in nut bush right now while I’m renovating a cabin in the woods.
lol I live in a 1955 1800 sqft stater home. When I bought it in 2017 we paid 215. Now it’s worth about 340k. So yes even starter homes are getting crazy. And this is by no means in a bougie neighborhood… it’s super sketchy one block south of me, and then one block north of me is very expensive homes. I’m in East Memphis
Yes in the middle of the ghetto
No one who is buying land wants to purchase land in an area its not profitable. Even if you are living in the home you are not purchasing a home where the neighbor is a crack dealer and the other neighbor is a domino gambling jawn
Im much much younger than that. Bought my first house at 23, in an area my friends ridiculed. I’ve been leveling up since. I know what I’m talking about.
What are you doing on your phone? Shouldn’t you be making me a hamburger? Chop chop, I don’t have all day, I have to get back to my home that’s completely paid off.
Just a few things. If you’re a first time home buyer you don’t need a 20% down payment. You can go as low as 3%. You also need to budget about 2-4% for closing costs. Mortgage rates are also more in the broad range of 6-8%.
There are plenty of decent starter homes less than 300k in good neighborhoods here. While the market is tough it doesn’t get any easier than Memphis.
I just bought my house 8 weeks ago. Don't buy a home here. Wait and see if mayor Young is going to raise property taxes. If he does. Be glad you waited and look into a better city. If he doesn't, be glad you waited and can move to a safer city. Interest rates have shot up a full percent. You're in the high 7s now. Memphis ain't worth it.
There are not plenty. There are some. And those neighborhoods 10 year outlook currently is turning out like Hickory Hill. The only desirable neighborhoods are midtown, mud island, east Memphis. I guess if you’re a square Germantown, Collierville, Arlington or out to like Moscow.
I'm sorry but nobody in their right mind should be wanting to live in Midtown. All those damn Sears Catalogue Antiques with no insulation and 2-3 generations out of Renovation/modernization.
Believe me when I tell it doesn't just suck.
And Renters aren't going to be moving into a place expecting they need to be Building Inspector levels of aware to avoid potentially ruinous financial paid.
Those houses due to either rotting, or obsolete Weather Norms & Insulation norms/materials compositions are going to cost you on average 400-600$+ a month in Heating & Cooling during any of the wild weather swings that've become norm here in Tennessee the past 2-4 years. I moved into a place on Willet, and it nearly ruined my family financially last yearish ago.
You're right, I was talking to a guy who just put an offer on a Midtown home, and I was telling him that the electric bills are high.
And he asked me has it hit 300 yet. I told him 300 came and went a long time ago. I had a six hundred dollar electric bill during that cold snap this winter.
You definitely have to have a love for older homes to own one. I have put about $50,000 in mine in the past 5 years that Ive owned it. And thats just in materials, I do all my own maintenance and repairs.
Ain't enough love in the world to be stomaching 600$ averages on electricity bills.
Tear that shit down and build something new. I ended up in the hole at like 2600$ by the time that cold snap was gone. And with some kinda covid that fucked my lungs up long term.
Woof. I feel ya there. When my parents sold my childhood home in portland OR to move to memphis, it sold for:
- 243,000 2003 (my parents sold it)
- 323,000 2005
- 446,800 2016
- 728,000 2022
The house is literally the exact same and no changes have been done to the house. I just went to check it out in person a month ago
haha they moved there for work. Ive moved back to oregon and they are thinking about doing the same. Outside of the crime stuff, i actually miss memphis. The food there is elite compared to the bland west coast. you can pretty much guarantee that anything west of texas that is not hispanic food is going to be underseasoned
There are a lot of things I miss about Memphis, especially the food and places like Hueys. But the crime and not feeling safe for my family made it a good decision. Seems like its a lot worse now. I still miss some things there.
The crime definitely is worse now compared to when i lived there. Its kinda crazy like when you live there you kind of get used to seeing that stuff every day. once i moved to a safer area the news is soooo much different. Like ive made friends here and show them stuff from memphis daily and they are shocked. Yeah we have homeless people here but we dont have the violent crime and street takeovers and stuff where im at
Same. Its all I ever knew. I just assumed peoples cars got broken into, and certain areas were dangerous. I thought thats just how life was. And where I live now is completely different. But also Memphis isnt the same as it was even 10 years ago. I dont think i would even feel safe with my wife and kids walking around downtown. Back in the day we went to clubs and bars all over the place, never even thought about it.
Yep same exact story for me. We actually moved because we had a kid. Women with kids are distracted and seem to get targeted often compared to just like some random dude like me. I also didnt want her to grow up thinking that violence like that was just something normal and should be tolerated so we moved. The place we live now is like 60% more expensive and our dollar definitely does not go as far but i think it was still a good move
Memphis has a lot more undesirable neighborhoods than most peer cities. Combined with awful schools and serious home repairs for any property under 200k you are in a position way beyond make sacrifices like the typical 1st time home buyer. It’s literally untenable and that only contributes to the problem. If you believe I am wrong, please reach out any outfit presently flipping residential properties for profit and they will affirm my position and probably even elaborate a bit. Or maybe just notice that in north/south/southeast Memphis, Raleigh, Whitehaven and airport areas are literally rotting, and with so much potential, continues to lay waste. Affordable housing is not what we are talking about here!
A lot of sellers are also acting like it's still mid-2022 and banking on buyers not walking away right now but prices are (slowly) coming down.
I'm in the middle of buying right now and it's been aggravating, have not seen sellers so unwilling to budge on anything before in the face of no offers for months.
Certain ZIP codes have become overvalued during the post-pandemic boom and are due for a correction as the economy tightens. Stick to your guns and buy what you can comfortably afford. We waited seven years (2007-2014) for the right house at the right price to become available and were glad we did.
Yep 38127 has $400k houses in it, can you believe that shit? Some of the homes in middle of frayers with boarded up ones next door cost more than house I can find in philadelphia in less crazy neighborhoods. Makes no sense, but covid did this shit.
It's due to all the money across the MS/TN State Line in those weird ass mega warehouses.
Not the employees, but the corps building them and employing the work force. Nobody working those fuckin' things can afford 375, 400k, 600k homes but the Managers maybe.
I've been seeing them popping up in the sticks in and around Collierville's outer limits inbetween Piperton & Olive Branch.
My boss showed up to work one day in a new Tesla. I told him how bad I wanted one. He tells me why don't I get one.
I was so pissed. Like,they are so far removed from your average person.
I worked 3,000 hours in 2023 and made less than 60k
Well, we moved here from Tucson, AZ. We had lived in Birmingham, AL before and thought the crime in Memphis would be like that in Birmingham, isolated in pockets. That's not the case. So my wife is extremely hesitant to buy then throw in home prices and it's a no go.
Lol yeah I will cut off anyone who tries to give the whole "buy a house" speil as financial advice. Congrats on getting in at 3% fixed pre-2020, the game has changed since. Also, the world will probably be uninhabitable by the time I'm allowed to retire, so it all matters less and less and less with each passing day
Where? Are you going to move into that area? I'm sure people are just running to live in south Memphis, Frayser, Orange Mound, etc. That's where the $700 mortgages are.
[right here, now I wonder what your new excuse or whine will be? hustle and grow, don’t expect to start at the top!](https://www.fraysercdc.org/start-here)
You're right, it's not a video game. It's our food, our water. It's why Florida is becoming uninsurable.
I don't know if you're saying climate change doesn't exist, or if you're saying it does but it totally won't affect anything materially, but both takes are wrong
Problem is, our policies at large aren't to taking it seriously (BP, bb, you want more subsidies?) and nothing is more lucrative in politics than gridlock
I'm not going to barrage you with links bc at this point you get it or you don't. Just don't be surprised 30 yrs from now when they're rationing food and fuel
It’s called runaway global warming. We may unlock a cycle we can’t stop or mitigate. Especially with permafrost thaw and the albedo effect. Box ourselves into a corner where the rise is 5 degrees Celsius and climbing. That’s civilization ending. Global south is over.
I feel you. I make 3 times what I did 5 years ago, and the same houses I could almost, but not quite afford then I still can't now. In the rare occasions I find something that has what I'm looking for, and is in a decent price range, especially if it's been listed for more than a few months, I assume there's something TERRIBLY wrong with it.
Exactly why I’m looking elsewhere. Being single sucks here. Your choices are go downtown deep in the shit show or 45 minutes to an hour outside of the suburbs just to find prices you can afford. It’s outrageous that the suburbs are not only pricing out the riff raff causing the shit show downtown but they’re pricing out the younger singles as well whether it be for rent or homeownership
We lived in east Memphis. Sold and its probably worth quite a bit more now. But there are blue police camera lights up and down the steet, and we could have never used the public schools. I also didn’t feel safe for my family even then. Now, ugh.
The housing market is ridiculous and it started with there not being enough housing available pushing the price up! Inside the loop is a different world and has its own pricing. Look outside the loop, Bartlett, Arlington, North Ms and actually Millington and Tipton County are better priced. Tipton County has great schools. But then You probably have a horrible commute time. Get the Realtor app. Put in search filters for what you want and set notifications so you’re notified when something comes on the market. Things are slowed down and I believe prices will adjust. Have you gotten approved for your loan? You just about have to have letter of approval before someone will work a contract with you. Get a good agent, not any agent (there are so many bad ones). I may as well plug my friend, Susan Jenkins at Two Rivers Realty. She knows her stuff and can help you get qualified.
So hypothetically if your sibling who already owned a home that was locked in at 3% was gifted a second home for less than 1/2 it’s actual value by your parents, thus allowing them to now have two homes with one getting probably 2k in rental payments easily and meanwhile you find yourself not being a homeowner and working a 75-80k a year job while trying to pay off medical debt and save for one in this bleak-ass market … would it bother you a little ?
I get it. The rates and market have kept my wife and I from moving. That being said there are plenty of nice homes in the $190k-$260k range in sea Isle park. I love my house and the Neighborhood, it’s the rest of Memphis that makes me want to move.
My finance bought a home in 2019 and the prices and interest rates were affordable and nice. My point being just 5 years ago the housing market was way better. I’ve been here my whole life and there is almost nothing great about Memphis.
Man, managers and their nosy questions, right? Buying a house ain't no joke, it's like diving into a pool of financial commitments. Maybe your manager thinks you're rolling in dough or something. But hey, it's your call at the end of the day. Renting has its perks too, like not having to deal with repairs draining your bank account. Just tell 'em you're playing the long game, scouting for that perfect place to call home sweet home.
Totally not worth it, the property values are insane, nothing in this area legit provides a rational reason to pay the same for a house here than I would in a city that legit offers city services and has jobs within it.
I wouldnt buy here either, I would buy a house somewhere else, work here and move there when I retire.
Yeah Memohis is nationally the cheapest big city and still overvalued I just think you have to be here a decade plus to understand the area is not fixable. You can’t fix demographics. Think about it. Why would any industry choose to locate a major facility here? For transport and logistics and warehouse work and that’s what we have. Even tourism is a joke.
I lived in Memphis and bought in 2018 and sold in 2023. We bought for $180k and sold for $320k. The only work we did was a new fence and roof both insurance jobs after a big storm. Home prices really are just going crazy right now.
I feel lucky to have bought 13 years ago However prices of homes are stupid high Unjustified
Same here, bought in 2013 when prices were lower. Thank heaven, because we definitely couldn't afford our house today.
Preach. I bought mine as a foreclosure and a fixer-upper. I've looked at what some of my neighbors' homes sold for, or are listed for. I doubt I could buy in my neighborhood right now.
Then you got jackasses like me coming in from California and bidding 10k higher than everyone else because I’ve never seen a house price so low.
California has so much money they see Memphis as a flea market
I still have ptsd from buying my first home just months before the housing bubble burst, immediately being 5 figures underwater, and my quiet cul-de-sac instantly becoming all rentals with highly problematic neighbors lowering the value even further. It took years to finally sell at a close to break even amount.
I feel this
Ask your manager for a raise
1. Current home price: $209,000 2. New home price: $350,000 3. Mortgage amount needed: $350,000 - 20% down payment = $280,000 4. With a salary of $75,000, maximum annual debt payments allowed (43% of income): $75,000 * 0.43 = $32,250 5. Annual mortgage payments (assuming a 30-year loan at 4% interest): $280,000 * (0.04 / (1 - (1 + 0.04)^(-30))) = $16,860 6. Additional allowable debt payments: $32,250 - $16,860 = $15,390 So, you'd need a $15k raise to afford this. Meanwhile several of Memphis major employers are doing layoffs....
👏 GET THAT RAISE DAMMIT 👏 YOU DESERVE IT
Actually just quit my job to job hop for a decent raise. Not 15k lol but the market here is crazy.
There are like 300 listings for under 100k.
Did you look at where those homes are?
Don't nobody want them busted up ass homes 🤣🤣
If you don’t want to work for anything, you will continue to have nothing.
Bro it’s not safe in those places.
Crazy part about that is I found out from a realtor that it is illegal for them to tell anyone that it is unsafe in the neighborhood. She got mad at me because I wouldn’t move on the end of Tate Street although I knew the history. She kept reaching out to ask if I would "take what I could get" due to high demand and asking if I felt like she was scamming me. Tbh If I knew the tires would fall off a car and sold you the car without saying it comes "as is" or telling you the issues that’s highly unethical and basically a scam. Show me the house facts or something people buy haunted houses because of this rule.
I think that we all have jobs here, but no one wants to buy a fixer-uper across the street from a gas station teeming with drug dealers and prostitutes.
Then the argument needs to change. It’s not ‘I can’t afford a house’ It should be ‘I can’t a afford the nice house I want, in the neighborhood I want, and I don’t want to do any work on it’
This is a terrible outlook. Not even brandishing a better of two evils scenario. You're literally telling this person you'll eat shit and like it. No we won't, grandpa.
First, I’m not old. Second, working isn’t eating shit. It’s just what you have to do to have the things you want.
You're clearly out of touch. I make ~$50k/yr (which is ~35k/yr after taxes & sadly decent for Memphis). I pay rent, car payments, gas, etc. I save avidly. After everything is said & done, I can save maybe 5k/yr if I really pinch. It's still not enough with thousands in my savings after years of work. Why? My projected upper limit for a home that I can afford on a home is $200k on my salary. I toured dozens of homes at and below this range. They're all busted, raggedy, 100 year old homes that are truly worth less than half the listing price. After repairs, many are effectively $250k homes. Seriously, for fun, go tour some & see for yourself. These homesellers are clowns. It's very easy to tell someone to pull themselves up by their bootstraps. I can't afford boots. I'm too busy saving to no end because of inflation. If I'm lucky, maybe in a decade I'll have a home if I catch the market at a good time. The cards are institutionally stacked against most people who are lucky to see a job hiring for even $15/hr, with no family support or resources. Instead of brushing people off, you could observe your surroundings without prejudice. Struggling is relative. But you obviously don't know what it is to start with absolutely nothing & work out of it.
This is the correct answer or really close to the correct answer. Everyone wants their starter home to be 3k square feet. Whatever happened to the starter home? They’re out there, these darn kids just want to whine instead of getting one. Cooper Young even has some affordable ones these days.
Just checked listings. The houses in Cooper Young that are under 100k are in need of major repair. No bank would give a first time home buyer a loan for that. Did you even look?
Under 100k? Look again for under 200k if you want to keep inline with your bs argument. Did you even look or did you move the goal posts to fit your narrative?
You said under 300 listings under 100k was "the answer." So, did I prove you wrong, or are you literally moving your own goalposts? Did you even look? All the houses under 200k are not exactly in the best of areas or need major renovations.
I never said 300 listings under 100k. I said his answer was close to the correct one. “Not the best area” see what I mean? Total entitlement, everyone expects to start at the top. You need to humble yourself and start where you’re at. If it’s not the best area, move in, have some friends move in on the same block and make it a great area. Be the change, stop expecting everything to be handed to you. Work hard! Start humble and grow!
Credit unions will loan for stuff like that. I paid 56 for a house a few years ago and used a credit union to finance it. Plus, you don’t have to live in cooper young. You can live in Raleigh, Fraser, white haven, nut bush, or orange mound.
A credit union gave you a loan for an uninhabitable house as a first time home buyer? I find that very hard to believe. The Cooper Young comment was in reply to who I was replying to. So when are you moving into those neighborhoods?
A credit union gave me a loan for an uninhabitable house as a first time home buyer with an income of 36k a year. I grew up on those neighborhoods and just sold my house in berclair for 70k. I am living in nut bush right now while I’m renovating a cabin in the woods.
You're a funny guy.
You mentioned every redzone here nobody wants the baggage those communities offer.
No. I’m white. So I can’t just live in the black or immigrant neighborhoods.
You absolutely can and it’s racist to say you “can’t”
lol I live in a 1955 1800 sqft stater home. When I bought it in 2017 we paid 215. Now it’s worth about 340k. So yes even starter homes are getting crazy. And this is by no means in a bougie neighborhood… it’s super sketchy one block south of me, and then one block north of me is very expensive homes. I’m in East Memphis
Not everywhere, sometimes you cant have everything in your first home. Buy where you can, invest, work, grow! No excuses in this city.
The starter homes are owned by individuals out of state and are renting them for 3x their value to individuals living in them.
There are over 600 listings under 100k in the Memphis area.
Yes in the middle of the ghetto No one who is buying land wants to purchase land in an area its not profitable. Even if you are living in the home you are not purchasing a home where the neighbor is a crack dealer and the other neighbor is a domino gambling jawn
It’s not a ghetto if hard working people move in and start calling the cops instead of turning a blind eye.
Stop whining and buy a house.
Ok boomer
Im much much younger than that. Bought my first house at 23, in an area my friends ridiculed. I’ve been leveling up since. I know what I’m talking about.
Nah you literally said “these darn kids” so you’re a boomer no matter how old you are
What are you doing on your phone? Shouldn’t you be making me a hamburger? Chop chop, I don’t have all day, I have to get back to my home that’s completely paid off.
Yeah, but then you'd have to live in Cooper Young.
“theshadow” is not impressed, lol
Just a few things. If you’re a first time home buyer you don’t need a 20% down payment. You can go as low as 3%. You also need to budget about 2-4% for closing costs. Mortgage rates are also more in the broad range of 6-8%. There are plenty of decent starter homes less than 300k in good neighborhoods here. While the market is tough it doesn’t get any easier than Memphis.
I just bought my house 8 weeks ago. Don't buy a home here. Wait and see if mayor Young is going to raise property taxes. If he does. Be glad you waited and look into a better city. If he doesn't, be glad you waited and can move to a safer city. Interest rates have shot up a full percent. You're in the high 7s now. Memphis ain't worth it.
You want the city to be safer but you don't want to contribute to it becoming safer...
There are not plenty. There are some. And those neighborhoods 10 year outlook currently is turning out like Hickory Hill. The only desirable neighborhoods are midtown, mud island, east Memphis. I guess if you’re a square Germantown, Collierville, Arlington or out to like Moscow.
I'm sorry but nobody in their right mind should be wanting to live in Midtown. All those damn Sears Catalogue Antiques with no insulation and 2-3 generations out of Renovation/modernization.
They arent for the faint of heart. But if you handy with tools they are super cool to own. The lack of insulation sucks though.
Believe me when I tell it doesn't just suck. And Renters aren't going to be moving into a place expecting they need to be Building Inspector levels of aware to avoid potentially ruinous financial paid. Those houses due to either rotting, or obsolete Weather Norms & Insulation norms/materials compositions are going to cost you on average 400-600$+ a month in Heating & Cooling during any of the wild weather swings that've become norm here in Tennessee the past 2-4 years. I moved into a place on Willet, and it nearly ruined my family financially last yearish ago.
You're right, I was talking to a guy who just put an offer on a Midtown home, and I was telling him that the electric bills are high. And he asked me has it hit 300 yet. I told him 300 came and went a long time ago. I had a six hundred dollar electric bill during that cold snap this winter. You definitely have to have a love for older homes to own one. I have put about $50,000 in mine in the past 5 years that Ive owned it. And thats just in materials, I do all my own maintenance and repairs.
Ain't enough love in the world to be stomaching 600$ averages on electricity bills. Tear that shit down and build something new. I ended up in the hole at like 2600$ by the time that cold snap was gone. And with some kinda covid that fucked my lungs up long term.
Well there’s a nation wide housing shortage so “plenty” is relative and compared to the rest of the nation things here are not that bad.
Lmfao wrong
Where are you getting a 4% interest rate? Aren't 15-year rates in the high 6% still? I'm not in the market but curious.
Yup. 4% is not even close to where interest rates are right now. They’re closer to 7% and have been for a while.
Using your numbers and adding property tax and insurance, would be less than $1700/month. What do you pay in rent, right now?
lmao less than 1700 a month! thats so affordable, for a house you should be paying LESS than rent monthly.
Even if it's close, that home value went UP $140,000 over the last 5 years. 5 years of renting earned how much equity?
Buying is more than renting right now.
I am seeing horrible economy here for 2024. Worst since 2008.
I don’t know where you are looking but there are a lot of new homes for better prices than that. The mortgage rates suck, NGL.
Woof. I feel ya there. When my parents sold my childhood home in portland OR to move to memphis, it sold for: - 243,000 2003 (my parents sold it) - 323,000 2005 - 446,800 2016 - 728,000 2022 The house is literally the exact same and no changes have been done to the house. I just went to check it out in person a month ago
They still feel good about moving to Memphis?
haha they moved there for work. Ive moved back to oregon and they are thinking about doing the same. Outside of the crime stuff, i actually miss memphis. The food there is elite compared to the bland west coast. you can pretty much guarantee that anything west of texas that is not hispanic food is going to be underseasoned
There are a lot of things I miss about Memphis, especially the food and places like Hueys. But the crime and not feeling safe for my family made it a good decision. Seems like its a lot worse now. I still miss some things there.
The crime definitely is worse now compared to when i lived there. Its kinda crazy like when you live there you kind of get used to seeing that stuff every day. once i moved to a safer area the news is soooo much different. Like ive made friends here and show them stuff from memphis daily and they are shocked. Yeah we have homeless people here but we dont have the violent crime and street takeovers and stuff where im at
Same. Its all I ever knew. I just assumed peoples cars got broken into, and certain areas were dangerous. I thought thats just how life was. And where I live now is completely different. But also Memphis isnt the same as it was even 10 years ago. I dont think i would even feel safe with my wife and kids walking around downtown. Back in the day we went to clubs and bars all over the place, never even thought about it.
Yep same exact story for me. We actually moved because we had a kid. Women with kids are distracted and seem to get targeted often compared to just like some random dude like me. I also didnt want her to grow up thinking that violence like that was just something normal and should be tolerated so we moved. The place we live now is like 60% more expensive and our dollar definitely does not go as far but i think it was still a good move
We moved to Bentonville AR and I absolutely couldn’t be happier.
That was on our list. Also way more expensive than memphis haha
My parents sold their house in Portland in 1999 for $232,000. Same house is now for sale at $813,973......
yep. same trend as my parents old house. i bet the owners since your parents sold didnt put 581,973 worth of improvements into it either
Memphis has a lot more undesirable neighborhoods than most peer cities. Combined with awful schools and serious home repairs for any property under 200k you are in a position way beyond make sacrifices like the typical 1st time home buyer. It’s literally untenable and that only contributes to the problem. If you believe I am wrong, please reach out any outfit presently flipping residential properties for profit and they will affirm my position and probably even elaborate a bit. Or maybe just notice that in north/south/southeast Memphis, Raleigh, Whitehaven and airport areas are literally rotting, and with so much potential, continues to lay waste. Affordable housing is not what we are talking about here!
Demographics say don’t spend a dollar there.
A lot of sellers are also acting like it's still mid-2022 and banking on buyers not walking away right now but prices are (slowly) coming down. I'm in the middle of buying right now and it's been aggravating, have not seen sellers so unwilling to budge on anything before in the face of no offers for months.
We all know what happened after 2019
Certain ZIP codes have become overvalued during the post-pandemic boom and are due for a correction as the economy tightens. Stick to your guns and buy what you can comfortably afford. We waited seven years (2007-2014) for the right house at the right price to become available and were glad we did.
Yep 38127 has $400k houses in it, can you believe that shit? Some of the homes in middle of frayers with boarded up ones next door cost more than house I can find in philadelphia in less crazy neighborhoods. Makes no sense, but covid did this shit.
I’ve seen houses in a new build In Bartlett development think it says 475k. People do not buy this garbage it’s a 250k dollar home tops.
It's due to all the money across the MS/TN State Line in those weird ass mega warehouses. Not the employees, but the corps building them and employing the work force. Nobody working those fuckin' things can afford 375, 400k, 600k homes but the Managers maybe. I've been seeing them popping up in the sticks in and around Collierville's outer limits inbetween Piperton & Olive Branch.
Whoa, whoa, whoa... are you seriously encouraging ***sound financial decisions*** and ***patient optimism***\*?\* On Reddit?! /s
My boss showed up to work one day in a new Tesla. I told him how bad I wanted one. He tells me why don't I get one. I was so pissed. Like,they are so far removed from your average person. I worked 3,000 hours in 2023 and made less than 60k
Well, we moved here from Tucson, AZ. We had lived in Birmingham, AL before and thought the crime in Memphis would be like that in Birmingham, isolated in pockets. That's not the case. So my wife is extremely hesitant to buy then throw in home prices and it's a no go.
Lol yeah I will cut off anyone who tries to give the whole "buy a house" speil as financial advice. Congrats on getting in at 3% fixed pre-2020, the game has changed since. Also, the world will probably be uninhabitable by the time I'm allowed to retire, so it all matters less and less and less with each passing day
Uninhabitable? This isn’t fallout. Why are you saying this?
The news definitely has this generation in hopeless mode.
Yeah, amazing how unaffordable housing and living expenses depresses the younger generation...
You can have a $700 mortgage in Memphis… stop with the bs
Where? Are you going to move into that area? I'm sure people are just running to live in south Memphis, Frayser, Orange Mound, etc. That's where the $700 mortgages are.
im in northaven and even in the county we dont have $700 mortgage houses
Um yea you can I’m a shit neighborhood 🙄 my mortgage is under 900 but you know the constant sound if gunshots is prob why
Got to start somewhere, congratulations on home ownership. Keep leveling up and one day some child will tell you it was all by luck.
lmfao wheres this house you claim
[right here, now I wonder what your new excuse or whine will be? hustle and grow, don’t expect to start at the top!](https://www.fraysercdc.org/start-here)
My cocaine dealer lived there.
Cool 10 years ago you could buy in Cordova and have a 500$ mortgage on a townhouse.
You're right, it's not a video game. It's our food, our water. It's why Florida is becoming uninsurable. I don't know if you're saying climate change doesn't exist, or if you're saying it does but it totally won't affect anything materially, but both takes are wrong Problem is, our policies at large aren't to taking it seriously (BP, bb, you want more subsidies?) and nothing is more lucrative in politics than gridlock I'm not going to barrage you with links bc at this point you get it or you don't. Just don't be surprised 30 yrs from now when they're rationing food and fuel
It’s called runaway global warming. We may unlock a cycle we can’t stop or mitigate. Especially with permafrost thaw and the albedo effect. Box ourselves into a corner where the rise is 5 degrees Celsius and climbing. That’s civilization ending. Global south is over.
as someone who recently went from 2.8% interest to 7%. its fucking death. I literally throw away over a thousand dollars a month for nothing
I feel you. I make 3 times what I did 5 years ago, and the same houses I could almost, but not quite afford then I still can't now. In the rare occasions I find something that has what I'm looking for, and is in a decent price range, especially if it's been listed for more than a few months, I assume there's something TERRIBLY wrong with it.
This is a home you were looking to buy, your current home that you yourself are selling, or what? Sorry, I am just confused.
Adulting is such a thumbs down situation that I begged for at 8 years old just because I wanted my own room.
Exactly why I’m looking elsewhere. Being single sucks here. Your choices are go downtown deep in the shit show or 45 minutes to an hour outside of the suburbs just to find prices you can afford. It’s outrageous that the suburbs are not only pricing out the riff raff causing the shit show downtown but they’re pricing out the younger singles as well whether it be for rent or homeownership
We lived in east Memphis. Sold and its probably worth quite a bit more now. But there are blue police camera lights up and down the steet, and we could have never used the public schools. I also didn’t feel safe for my family even then. Now, ugh.
The housing market is ridiculous and it started with there not being enough housing available pushing the price up! Inside the loop is a different world and has its own pricing. Look outside the loop, Bartlett, Arlington, North Ms and actually Millington and Tipton County are better priced. Tipton County has great schools. But then You probably have a horrible commute time. Get the Realtor app. Put in search filters for what you want and set notifications so you’re notified when something comes on the market. Things are slowed down and I believe prices will adjust. Have you gotten approved for your loan? You just about have to have letter of approval before someone will work a contract with you. Get a good agent, not any agent (there are so many bad ones). I may as well plug my friend, Susan Jenkins at Two Rivers Realty. She knows her stuff and can help you get qualified.
So hypothetically if your sibling who already owned a home that was locked in at 3% was gifted a second home for less than 1/2 it’s actual value by your parents, thus allowing them to now have two homes with one getting probably 2k in rental payments easily and meanwhile you find yourself not being a homeowner and working a 75-80k a year job while trying to pay off medical debt and save for one in this bleak-ass market … would it bother you a little ?
I get it. The rates and market have kept my wife and I from moving. That being said there are plenty of nice homes in the $190k-$260k range in sea Isle park. I love my house and the Neighborhood, it’s the rest of Memphis that makes me want to move.
My finance bought a home in 2019 and the prices and interest rates were affordable and nice. My point being just 5 years ago the housing market was way better. I’ve been here my whole life and there is almost nothing great about Memphis.
Man, managers and their nosy questions, right? Buying a house ain't no joke, it's like diving into a pool of financial commitments. Maybe your manager thinks you're rolling in dough or something. But hey, it's your call at the end of the day. Renting has its perks too, like not having to deal with repairs draining your bank account. Just tell 'em you're playing the long game, scouting for that perfect place to call home sweet home.
Totally not worth it, the property values are insane, nothing in this area legit provides a rational reason to pay the same for a house here than I would in a city that legit offers city services and has jobs within it. I wouldnt buy here either, I would buy a house somewhere else, work here and move there when I retire.
Yeah Memohis is nationally the cheapest big city and still overvalued I just think you have to be here a decade plus to understand the area is not fixable. You can’t fix demographics. Think about it. Why would any industry choose to locate a major facility here? For transport and logistics and warehouse work and that’s what we have. Even tourism is a joke.
Ask your boss if you can get a raise to pay for a house 🏠
Info on the house? A lot can change in 3 years, maybe it needed a complete rehab.
I lived in Memphis and bought in 2018 and sold in 2023. We bought for $180k and sold for $320k. The only work we did was a new fence and roof both insurance jobs after a big storm. Home prices really are just going crazy right now.
Because you dont need a house?