November 22, 2008
Is $100,000 a lot to owe on a home?
Posted by: admin : Category: home improvement
I live in Michigan (where the market SUCKS in every aspect) and orginally bought my home for $60,000 and after 3 years refinanced it at $100,000 (yes I have/had that much equity) to get rid of credit cards/loans and make more improvements. Is $100,000 a lot to owe on a home? PS- I purchsed my home where I was 19, I am now almost 23. Tell me what you think!
I don't know anyone who owes so little on their home! Assuming your home isn't a total dump, I wouldn't be at all worried about owing that much on your home.
November 22nd, 2008 at 9:15 pm
100,000 is not a lot for a house. houses in my area are at an average of 175,000 to 220,000
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November 22nd, 2008 at 9:36 pm
No, sounds about right for an average home.
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November 22nd, 2008 at 10:14 pm
yes it is alot to owe.
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November 22nd, 2008 at 10:37 pm
I don't know anyone who owes so little on their home! Assuming your home isn't a total dump, I wouldn't be at all worried about owing that much on your home.
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November 22nd, 2008 at 11:14 pm
It depends on the area… In my area 100k would be a fortune to owe on a home that you bought 3 years ago at 60k. If you owe more on your house than you could get for it if you sold it, then you owe too much.
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November 22nd, 2008 at 11:38 pm
yes
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November 23rd, 2008 at 12:20 am
It depends on your income. If you have enough to support it - no worries. If you are barely making ends meet, then maybe it is a lot to owe. Also, look on Zillow and see what your house is worth. You do not want to be upside down and not enough income to support it.
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November 23rd, 2008 at 12:29 am
that is well below average,
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November 23rd, 2008 at 1:07 am
If you owe more than what your house is worth, then yes.
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November 23rd, 2008 at 1:30 am
You have nothing to worry about. I still owe $250,000 on mine.
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November 23rd, 2008 at 1:36 am
Depends on your income. Your payment should be no more than 35% of your gross pay.
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November 23rd, 2008 at 1:47 am
No and if the bank refinanced then the home is worth atleast the amount you owe.
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November 23rd, 2008 at 1:57 am
Depends on the house, area and………that's it!!!
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November 23rd, 2008 at 2:37 am
In Michigan it is, I just saw a home on craigslist.com in Michigan and it was selling for about $17000. But maybe you are in a better area.
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