I know there are tons and tons of variables to factor in, but roughly what would a mortgage cost on a $400,000 home?

well, today i looked up a mort around 300k and the payment was arond 1700, not including taxes and insurancem, around 6.5% interest rate.... let me look it up for you

400k mortgage, at 7% = 2661.21

Thanks, I didnt even think of asking you! :lol if anybody would know, it'd be you :giggle

400 is the median price out here, right?

400k mortgage, at 7% = 2661.21

:eek :sigh

then factor in monthly taxes around $416 and maybe insurance around 60/month... sooo $3137 approx :D

then factor in monthly taxes around $416 and maybe insurance around 60/month... sooo $3137 approx :D

Sorry to butt in but can I just say YIKES!!!

Thanks for the nice dose of reality :lol

yup... it's 400-475k median


San Diego’s Housing Crisis - Statistics and Trends
The following statistics paint a stark picture of the growing housing crisis in San
Diego and throughout California. Soaring housing prices and rents are becoming
out of reach for most San Diegans – a reality that negatively impacts the region’s
economy as well as its residents’ quality of life.

For-Sale Homes Out of Reach

San Diego’s high housing prices, coupled with its relatively low wages, make it the 6th least affordable major metropolitan area in the country. (National Association of Home Builders, 4th quarter 2006)
The minimum annual household income first-time buyers need to purchase a median-priced home at $472,000 in San Diego is about $100,000. (San Diego Metropolitan, 3/07; California Association of Realtors)
The average monthly mortgage payment in San Diego – including taxes and insurance – is $3,330. (San Diego Metropolitan, 3/07; California Association of Realtors)
There were 1,621 home mortgage foreclosures in San Diego County during 2006, compared to 212 in 2005, a jump of 665 percent. (The San Diego Union-Tribune, 2/27/07; DataQuick Information Systems)
San Diego’s Purchase Prices

Overall median home price (new and resale, attached and detached) . .$472,000
Average price of a new detached home . . . . . . . . . . . . . . . . . . . . . . .$835,794
Single-family resale home median price . . . . . . . . . . . . . . . . . . . . . . $540,000
Resale condo median price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $380,000
Median price for newly-built houses, condos and condo conversions . . $395,000
National median home price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$220,000
(The San Diego Union-Tribune, 2/15/07; DataQuick Information Systems; MarketPointe Realty; National Association of Realtors)

Rents Are Rising

The minimum annual income needed to afford a one-bedroom apartment in San Diego is $48,200. (The San Diego Union-Tribune, 1/10/07; National Housing Conference Center for Housing Policy, “Paycheck to Paycheck”)
Rents are up and vacancies are low as renters who cannot afford to buy homes remain as tenants and hope for prices to fall. Average rents for all types of units increased 5.8 percent over the previous year to $1,237, a nearly 100 percent increase from 1992’s average rent of $643. (The San Diego Union-Tribune, 1/16/07; San Diego County Apartment Association)
Renters be warned: Landlords are expected to raise apartment rents for a third-straight year in 2007, forcing tenants to turn over a growing chunk of their pay and making it harder to save for a home. (USA Today, 2/23/07; National Association of Residential Real Estate Investment Advisors)
How the Cost of Housing Impacts Employment and Commuting

“Folks with kids who hope to be homeowners one day are leaving the area. Tenants will move farther and farther out, creating more and more pressures on employers and jobs and traffic,” says Sue Reynolds, president of Community Housing Works, a lender and developer of affordable housing. (The San Diego Union-Tribune, 6/5/07)
“Companies often rely on the desirability of San Diego itself as an incentive to attract new employees. But it doesn’t always work. At a certain point, sunshine just can’t pay for housing,” says Tad Seth Parzen of Parzen Consulting. (The Daily Transcript, 9/6/07)
College grads seeking their first jobs might want to consider moving east to places such as Knoxville, Tennessee, or Kokomo, Indiana, rather than focusing on San Diego or Los Angeles, based on the results of a recent cost of living survey. (San Diego Business Journal, 7/7/06)
County-to-county commuting has become especially pronounced in recent years in San Diego as thousands of aspiring home buyers headed to Riverside communities such as Temecula and Murrieta in search of more affordable places to live. (The San Diego Union-Tribune, 8/30/06; U.S. Census Bureau)
About 13 percent of the work force earns less than $8.35 per hour, according to the San Diego Association of Governments. New professionals are among those who have a hard time affording to live in San Diego, and may be tempted to move elsewhere to buy better housing with their salaries. (The Daily Transcript, 9/6/06)
Updated March 21, 2007

i got that from http://www.sdhc.net/giaboutus2.shtml

It is crazy out here. DH just got a promotion and still it would be very very tight for us:(

I was wondering that myself. We are looking to buy in about a year.

Yeah, I was about to say a $400K house with taxes and insurance would probably be like $3100-$3200 a month, thats with a good interest rate too. So, yeah. :pukey

what about a 200K home (unrealistic for CA), I know...Im just trying to get a baseline idea on that, since we just might move back to AZ and 200k there would be an awesome home!

Also remember that if you can't afford to put AT LEAST 10% down, if not 20, its too much for you.
You dont have to put it down, but you will need the reserves for emergencies (roof damage, etc)

what about a 200K home (unrealistic for CA), I know...Im just trying to get a baseline idea on that, since we just might move back to AZ and 200k there would be an awesome home!

$200K with taxes and insurance with a decent interest rate (Around 7%) would probably run around 1600ish. My moms house is around 165-170K and with everything together, her payments are around 1350ish with everything and her apr is pretty low (6 point something ).

so, i'd guess maybe around $1600, give or take :dunno

$200K with taxes and insurance with a decent interest rate (Around 7%) would probably run around 1600ish. My moms house is around 165-170K and with everything together, her payments are around 1350ish with everything and her apr is pretty low (6 point something ).

so, i'd guess maybe around $1600, give or take :dunno

:tu perfect! It will probably be several years before we can make a purchase, good to know some rough estimates though! :cp

Also remember that if you can't afford to put AT LEAST 10% down, if not 20, its too much for you.
You dont have to put it down, but you will need the reserves for emergencies (roof damage, etc)

Something else definitely good to know! We have close to 10% saved for a 200k home, so one step at a time, right? :tu:D

Also remember that if you can't afford to put AT LEAST 10% down, if not 20, its too much for you.
You dont have to put it down, but you will need the reserves for emergencies (roof damage, etc)

I don't think that is necessarily true. Most homeowners I know, especially military have not put anything down and are able to make their payments just fine, while still living very comfortably. With the VA loan and other grants out there, especially for first time buyers, there is no reason anyone has to pass up a home within their price range just because they don't have $50K laying around :lol

Definitely will be a while for us :D I cant wait though, the thought of us owning a home (L)

omg im glad rent or a mortage isnt that high here.you can find a decent looking house under 100,000.

I don't think that is necessarily true. Most homeowners I know, especially military have not put anything down and are able to make their payments just fine, while still living very comfortably. With the VA loan and other grants out there, especially for first time buyers, there is no reason anyone has to pass up a home within their price range just because they don't have $50K laying around :lol


ditto--

we just bought- 189,900, 0 down, 6.10% our payments are 1473 including escrow.