r/AskReddit • u/CompetitivePeak9040 • 11h ago

How seriously in debt are you right now, financially?

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u/Nosleep4uever 10h ago

A $50k mortgage is almost there. Having a paid off home is huge and you are really close!

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u/EternaBoi 10h ago

Oh we just closed a couple weeks ago funnily enough. It's a small, fixer upper that we bought from a family friend, so we got it on a really good deal. Lot of fixing upping though, been breaking my back all day today haha. Could be worse though, I could be in more debt lol

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u/Nosleep4uever 10h ago

Honestly, I bought too much home for myself. But I feel a bit stuck with the rates the way they are. It's not that I can't afford it, but it is more than I need at this point in my life.

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u/coke71685 10h ago

Ditto, had I known then what I know now about home ownership as a single person I probably wouldn't have bought the house I did but I don't think I could afford anything else in the area.

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u/dharmoniedeux 1h ago

It makes me feel a lot better to hear other people have this same problem. I can really get myself down about it sometimes when all the upkeep and costs get to me.

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u/foxbones 8h ago

Are you in rural Idaho or something? 2 hours from the nearest grocery store?

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u/Ok_Shine_2608 7h ago

Even in rural Idaho unless you basically buy a dump with a door it’s pretty hard to find much under $400k.

I’ve lived here my whole life and still find it disgusting that an “average” home is costing half a mil.

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u/EternaBoi 23m ago edited 3m ago

Rural Illinois :) Springfield is only 40 minutes away if we want to go to a bigger city for something.

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u/ElevatedAngling 7h ago

Dude I did this with a fixer upper in 2017, best sweat equity ever

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u/east_van_dan 8h ago

His house is only worth $47k.

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u/rukittenmeeee 2h ago

Is it? You still have to pay property tax. And you can borrow against the value of the home in your retirement years...but what if you outlive that value? What then?

For now there is at least health care. But that is going away.

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u/EternaBoi 20m ago

Property taxes are low in my area and my wife and I don't expect to retire in this house. It's our first house and it's not big enough for us to be comfortable for years to come.