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Originally Posted by AtomicLabMonkey
Dude, all I know is that I could afford a $200k house on my salary, and I get paid far less than just about any kind of engineer of comparable experience. I might not have much money to spend on anything else besides the house payments & bills, but I could do it. If you only get 1000ft^2 for that, so be it - it's just a question of how bad you want to own a house. Like I said, it might not be the best house in the world, or exactly the area that you want to be located, but it's do-able.
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In addition to the comments above, why would I want to own a POS house? Owning a house just to own a house is retarded. If I were to buy one of those 1000sqft $200k shitboxes, then I'd be paying $1500/mo for a place that's too small, run-down, has no garage, and will probably get broken into. Meanwhile, if the house is appreciating, so are all the other houses in Reno, so if I decide to sell it to move to a better place, I still can't afford a nice house because they've gotten more expensive faster. Or worse, I buy the POS and then the bubble bursts and now I'm upside down so I can't even sell it and go back to renting!
I'm not gonna buy anything that's in a shit neighborhood, under 1500sqft, or w/o a large 2 car, or 3 car garage. It's not worth it to me. I'll rent a condo w/ and attached garage for $1500/mo first.