Mon Valley in 10 years? (Pittsburgh, McKeesport: townhouse, buyers, theater)

[robrobrob]

We didn't buy our first home until I was 33.

Unexpected expenses become more expensive when you buy a home. It is okay to rent while you figure out a career path.

[jjd76539]

Originally Posted by robrobrob

The problem is that there is a chance that the house will be reassessed at the actual purchase price.

I was worried about that with my home purchase.. But there was no hike due to reassessment.. There was a 10k difference in the assessment and purchase price..

[BrassTacksGal]

Originally Posted by jay5835

Now you've done it.

Sorry. Sometimes my curiosity gets the best of me. As a mom, I would be upset if my kids who finished college were earning so little money years after graduation. Just seems unusual for two college graduates to have such low paying jobs. Obviously there are problems that I am unaware of and I did not intend to step on any toes or offend anyone.

[Copanut]

Originally Posted by jjd76539

I was worried about that with my home purchase.. But there was no hike due to reassessment.. There was a 10k difference in the assessment and purchase price..

Keep your fingers crossed, if it's worth it to the school district, they will come calling.

[Goinback2011]

Originally Posted by SteelCityRising

Every time I have thousands saved towards my first home something happens---taxes; car hits a pothole and socks me $700; someone who is uninsured hits my car while parked making me out $500 deductible; health issues with the roommate's dog; etc. It's not exactly easy to save when you're only making ~$35,000/year and then have to pay student loans, taxes, a car payment, car insurance, utilities, gas, rent, groceries, car maintenance/repairs, etc. There's generally not much left beyond my contingency savings that I always seem to have to keep replenishing.

I have yet to see what makes Pittsburgh "cheap". We're cheaper than EXPENSIVE areas. Okay. I get that. How are we cheap generally speaking, though?

In any event I've decided I'm not buying a home here anymore. I just can't afford to because my employer doesn't pay well enough. It is what it is. Nobody's fault but my own.

Homebuyers

[Copanut]

Originally Posted by Geeo

It's a big step. I bought my first house in my 20s with 5% down and had the PMI, but was able to drop it after about five or six years because the area on the North Side had appreciated so much. But I was young and foolish and didn't account for annual maintenance and having enough money set aside for that.

With the second house, I had all my ducks in a row: 20% down, 15-year mortgage, 8 months emergency living expenses in cash, and a few thousand in a separate account for home maintenance every year. There are always unexpected costs that you should expect with a house.

Smart guy.


500 in rent vs 500 in mortgage payment are two different things. Do you have tools, lawn mower, ladder, do the walls need painted, oops, need TO BE painted, washer and dryer. That first year I promise you won't see the inside of too many restaurants. Best way to go IMHO, is buy a duplex and use FHA funding. The other unit's rent can be included in your income to help you qualify, build up some equity, drop the pmi, and when you move on you can keep it and become a lousy, stinkin' slum landlord and become rich like those of us who own property n'at.

[PreservationPioneer]

Originally Posted by BrassTacksGal

Sorry. Sometimes my curiosity gets the best of me. As a mom, I would be upset if my kids who finished college were earning so little money years after graduation. Just seems unusual for two college graduates to have such low paying jobs. Obviously there are problems that I am unaware of and I did not intend to step on any toes or offend anyone.

Depends on what your college degree is. If you have a BSW, as I do, expect to make $35k a year if you're lucky.

[Merge]

Originally Posted by PreservationPioneer

Depends on what your college degree is. If you have a BSW, as I do, expect to make $35k a year if you're lucky.

It's like having a "liberal arts" degree. You were a psychology or sociology or fine arts or history or philosophy major... NO guarantee of being paid like a professional. It's going to come down to a whole lot of factors other than whatever you got in those college classes.

[UKyank]

Originally Posted by Copanut

Best way to go IMHO, is buy a duplex and use FHA funding. The other unit's rent can be included in your income to help you qualify, build up some equity, drop the pmi, and when you move on you can keep it and become a lousy, stinkin' slum landlord and become rich like those of us who own property n'at.

Unfortunately the new FHA rules don't allow you to drop the pmi when you pay down the loan as they did before

[Copanut]

Originally Posted by UKyank

Unfortunately the new FHA rules don't allow you to drop the pmi when you pay down the loan as they did before

Forgot they changed the rules. You could always go conventional if the equity is there.