2021 Real Estate Observations (Boston, Worcester, Cambridge: rated, financed, Russian)

[bricka]

we are about 16% of gross for PITI, nat gas, electric, water, internet

i wonder how many of these new buyers are closer to 30-40%

[simplexsimon]

Originally Posted by bricka

we are about 16% of gross for PITI, nat gas, electric, water, internet

i wonder how many of these new buyers are closer to 30-40%

I imagine DTI will always be high for new buyers, especially in the HCOL markets. It takes time for equity and incomes to grow. That's kind of the main point to buying a house isn't it? To lock in housing costs for the long term and hedge against inflation. One just needs to make sure they're employed.

Those in the 15% or better range - how long have you been a homeowner?

[BostonMike7]

Originally Posted by simplexsimon

Those in the 15% or better range - how long have you been a homeowner?

14 years.

Purchased my first property (1BR condo) at age 27. 25% down, and PITI + HOA fees was 20-25% of my gross. I was single without kids.

Wife and I bought our SFH in 2015. 20% down (all equity from sale of above), and PITI was ~17-19% at the time. It's now at 13%

[massnative71]

When I lived/owned it would have been 15-17%(ish) PITI, now renting I am up around 24%. This is as high as I feel comfortable going (either owning or renting). I can't imagine doing 30-40%, that is totally nuts.

[id77]

Originally Posted by simplexsimon

I imagine DTI will always be high for new buyers, especially in the HCOL markets. It takes time for equity and incomes to grow. That's kind of the main point to buying a house isn't it? To lock in housing costs for the long term and hedge against inflation. One just needs to make sure they're employed.

Those in the 15% or better range - how long have you been a homeowner?

Also about 14-15% PITI; bought in 2020.

[GeoffD]

Originally Posted by bricka

what percent of gross income do people on this forum spend monthly on Housing expenses (PITI)?

Using just my income? #DIV0 exception. LOL


The West Portugal house is ~ 3% of my wife's gross income if you're counting utilities.

[msRB311]

Originally Posted by GeoffD

Using just my income? #DIV0 exception. LOL


The West Portugal house is ~ 3% of my wife's gross income if you're counting utilities.

Are you in Fall River or New Bedford? I have to say I never heard of the west Portugal reference until this forum. I think I saw you say this before and I was like, oh that's cool, he has a house in Portugal.

Lived here my whole life and never heard it.

[GeoffD]

Originally Posted by msRB311

Are you in Fall River or New Bedford? I have to say I never heard of the west Portugal reference until this forum. I think I saw you say this before and I was like, oh that's cool, he has a house in Portugal.

Lived here my whole life and never heard it.

It's a reference to this map:



I believe you're in the Irish Riviera?


A realtor would say I'm in the Padanaram part of South Dartmouth. I'm a few hundred yards outside of it. I was born in New Bedford and grew up 5 minutes walk from where I live now.

[msRB311]

Ha, funny. Yes, mostly Irish riviera but we have a few cranberry bogs too...

[BostonMike7]

Guess i live in a "Quaint-ass town" as i'm certainly not a witch or fisherman.

I've seen several versions of that map. All funny