How the heck are first time home buyers going to afford $420k mortgages?

 In RealEstate

Currently in the market for a home in Atlanta (my hometown) and it’s been incredibly difficult to find a desirable home. Any home that I am interested is going to $400k+, $420k is my stretch budget but it’s really stretching it out. Realistically, I’d want to buy something less than $350k

I am lucky enough to have a six figure job and cash on hand but I still keep getting beat out for homes I’ve been interested in. I always offer listing and sometimes $10k above with an approval letter as well.

I keep wondering who it is I am competing against? Because if it’s other people like myself or people who make around $80-$90k I’d I have no idea how they would afford a $400k home.

How the f are people going to afford these mortgages for the next few years?

Are the people I am competing against generally married couples, investors, people with significantly higher incomes, bullshit companies lIke Divvy?

I’ve grew up here my whole life and incomes have never been California or New York levels so it’s perplexing to me so many homes are being bought at these prices (I am aware the whole country is having this issue)

TLDR: damn this is frustrating.

submitted by /u/jaskeil_113
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