St. Louis low cost of living...how?

[Sharpydove]

Originally Posted by billiken

I'm not sure how a house built 20 years ago would require $150k in work. That's...impressive. You're being dramatic and it's just annoying. I know lots of people who've done new kitchens, new baths, etc because their 90s oak cabinet just aren't what they want, and while it's expensive, it's not as bad as you're making it sound.

Excuse me, have you been inside the house I rent?? I don't think so. It is now at the age it needs new roof, painting inside and out, HVAC, flooring, kitchen gut, bathroom gut, foundation repairs, and about $5000 alone in the yard! How about commenting on things you know about?

[BubbyBobble]

Originally Posted by Sharpydove

Excuse me, have you been inside the house I rent?? I don't think so. It is now at the age it needs new roof, painting inside and out, HVAC, flooring, kitchen gut, bathroom gut, foundation repairs, and about $5000 alone in the yard! How about commenting on things you know about?

I think he has. Which is why you shoulda took that ADT special when you had the chance!

[MUTGR]

Originally Posted by Chicago76

One of the things that I've noticed since we moved here is that while things are cheap on average, because of how tiny municipalities and school districts are, the pricing is kind of spiked in certain areas more than one might expect. The fragmentation of the districts creates scarcity in certain areas that is maybe more extreme than it is in areas that are not as fragmented.

For example: if you want an old home with some character, 2000-3000 sq ft, 3+BR, 2+BA in a part of Kirkwood walkable (a few blocks) to the commercial district, the entry price for a home in reasonably good condition (updated and turnkey but maybe needs a couple of things done) is about 450,000. For the nicer homes, you're looking at 600K to even a bit over 700K.

If you want the same thing in Oak Park, IL, at the low end you're probably only looking at about 10-15% more. If I compare homes in Oak Park in the 600K to 750K range to those in Kirkwood, I don't see a lot of difference. Maybe a 50K Kirkwood discount. OP offers similar school quality, slightly smaller yards compared to older Kirkwood areas, but probably better overall amenities (better park and library facilities, more stores and restaurants, public transit options to work, etc.)...higher property taxes to pay for those amenities as well.

Just for comparison purposes, he's a traditional old victorian near us in Kirkwood FSBO which was dropped recently to $479k. This is close to downtown Kirkwood and very walkable.

[billiken]

Originally Posted by Sharpydove

Excuse me, have you been inside the house I rent?? I don't think so. It is now at the age it needs new roof, painting inside and out, HVAC, flooring, kitchen gut, bathroom gut, foundation repairs, and about $5000 alone in the yard! How about commenting on things you know about?

I get the kitchen, bathrooms, etc. but roofing, new A/C, new heating, etc....that's just costs of owning a house. If it doesn't function currently, most people either get a lower price, have the seller repair, or walk away. You'll pretty much replace them one day anyways. I also avoid homes with foundation problems. I wasn't speaking about the house you're renting...just a $300k house in general shouldn't need that much in work done. A house with bad systems won't be selling for a high price. I'd be shocked.

I can understand being frustrated with the real estate market though--the nicely updated, well priced homes are flying off the market here! It took us months to find the right place.

I figured I'd edit to add: Those who struggle to find the type of house they want in West County often try south county or St Charles instead. Solid schools can be found both places.

[Sharpydove]

Originally Posted by billiken

I get the kitchen, bathrooms, etc. but roofing, new A/C, new heating, etc....that's just costs of owning a house. If it doesn't function currently, most people either get a lower price, have the seller repair, or walk away. You'll pretty much replace them one day anyways. I also avoid homes with foundation problems. I wasn't speaking about the house you're renting...just a $300k house in general shouldn't need that much in work done. A house with bad systems won't be selling for a high price. I'd be shocked.

I can understand being frustrated with the real estate market though--the nicely updated, well priced homes are flying off the market here! It took us months to find the right place.

I figured I'd edit to add: Those who struggle to find the type of house they want in West County often try south county or St Charles instead. Solid schools can be found both places.

Well, I do appreciate that clarification and did not mean to seem so offended. Here's the thing: If my husband is going to have a 45 min. + commute for us to get the home we want, we would just prefer to build our retirement home in the Ozarks, go there on weekends for now, and keep an apt. here. I don't want to have to sell a house here when we are done working, anyway. I bet lots of young empty nesters do the same thing.
I guess I need to stop comparing homes here to TX and OK, the last two states we owned in. We've learned a lot and it's been enlightening coming here, though.

[Hector2]

Originally Posted by Sharpydove

Well, I do appreciate that clarification and did not mean to seem so offended. Here's the thing: If my husband is going to have a 45 min. + commute for us to get the home we want, we would just prefer to build our retirement home in the Ozarks, go there on weekends for now, and keep an apt. here. I don't want to have to sell a house here when we are done working, anyway. I bet lots of young empty nesters do the same thing.
I guess I need to stop comparing homes here to TX and OK, the last two states we owned in. We've learned a lot and it's been enlightening coming here, though.

Well, how do you like Manchester (aside from the house you're renting which you apparently hate)? Here is a house that was listed for $349,000 and certainly does not need any "gut-jobs." It's gone now but if that's the state of the market I don't know that things are so unaffordable. And what about the house in Clarkson Valley I linked to earlier? I'm struggling to see how your $400K budget won't work in many parts of west county. No, it won't get you into the most central areas, like Bopp, nor should you expect it to.

[Leo58]

Originally Posted by Sharpydove

What does it matter if the total income comes from one or two? But, yes, caught what you said and our income is taking that into consideration. We have a great income and have worked hard to get there. I do think your "what's left" numbers are a little "rosey", too. We put 15% in to retirement, pay Medicare, SS, medical premiums, and are helping our last get through college. Our rule is mortgage/rent is never more than 25% of take-home.
But, nevertheless, I'm ok with $400,000 - it just better be my dream house... not some Brady Bunch house that needs gutted or some early 2000 McMansion ten feet from the neighbor...and that is what I'm seeing in that price-range.

You're right, $400k won't get your dream house in West County, but $600k might, which is where that equity downpayment comes in.

But I'm agreeing with you that West County ain't cheap, and I'm not arguing that you get your money's worth there, I was just giving an example of how people can afford to live there if they choose to.

[Sharpydove]

Originally Posted by Leo58

You're right, $400k won't get your dream house in West County, but $600k might, which is where that equity downpayment comes in.

But I'm agreeing with you that West County ain't cheap, and I'm not arguing that you get your money's worth there, I was just giving an example of how people can afford to live there if they choose to.

Not all of us have an "equity" downpayment. In fact, we just lost money selling a house in another state, but that was our problem. We unknowingly bought at the top of the market and then real estate crashed. At least we honored our debt, unlike so many others who walked away. We'd like to pay off the next house we buy in 10-15 years. Not interested in a mortgage in my 70's.
I think it's clear buying in this area is not for us, but talking is great because the people coming in who DO want to buy can be prepared. I should have did more research myself! Aside from home prices, we do love our time here so far.