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I wonder if it's net or gross.
Besides, it's not seven figures, just mid-six figures necessary for that.
The typical "30% on income" advice is based on gross, not net. Which is about 93,000 a year for the median mortgage payment right now.
Maybe roommates?
Just to point out, with the median mortgage at $2349 a month, it's more like you need a household income of $93,000 a year (probably closer to $100k with utilities and other expenses) for your housing costs to equal 30% of your income. That is steep for a lot of people, but still much more attainable than 7 figures. A quick Google says that makes up around 37% of US households as of 2022. Still doesn't quite add up to their figures, admittedly, unless "nearly half" is doing a lot of work in that sentence.
I lived in a place that cost 800$ a month for a room in the bay area and I was taking home more than 60% of my income working full time.
It's doable, and it doesn't mean only rich people aren't rent burdened...
You don't need remotely close to that income level. 200k household income will get you a nice home at a reasonable price.
Oh yeah just 2.5 times the median household income, no problem. Hey while we're here can I have a million dollar loan?
If you move outside the city, shit gets much, much cheaper. Mortgages are easily $1,750/mo ($300k, 30yr, tax + insurance included). If your goal is to live in NYC or Seattle, you will be spending quite a bit on your chosen lifestyle. If your goal instead is to buy/rent an affordable 2-3br home, there are lots of options.
Ugh. I get really annoyed when people defend egregious housing prices with the "just live in a shitty place, in a shitty location, in the middle of a food desert, far from economic opportunities, social interactions, public transportation, and you can afford it" argument
Lol yeah exactly.. Its such a brain dead take.
F
There are a lot of unanswered questions here: what size is the place where you live? What is your income? How many people live with you and what is the collective income? How long is your commute? How long is the commute of the others who live with you, if there are any? What local amenities are available?
Not only that I’d be curious if 1) you’re required to own a car and all the costs associated with it, 2) the only thing really out there is chain restaurants and chain stores? 3) the only “entertainment” is a massive movie theater, and maybe a bowling alley.
Move far, far outside of populated areas and you don't even need a mortgage.
Also known as The Unabomber Rental Mitigation Technique.
Kaczynski was unironically right about a number of things, criminal activity aside.
Like avoiding high rent by living in a shack in the woods!
Actually yes. Really. True peace is not having debt or ongoing payments being demanded of you. Living in an apartment in a city sounds like hell.
I'd rather live where it doesn't take an ambulance or a fire truck two hours to get to me, but you do you.
"If you live where the jobs aren't, you can afford a house."
Cool.
Where are you finding a livable home for 300k? I live in a rural area, and I love it here, but you're never going to find a house for 300k unless you're willing to put another 150k into stripping it down to the studs and renovating it.
Detroit Metro area. That's what I did. Went from a $3400 rent to a $1800 mortgage. House is in great condition but I do have plans to remodel it, no rush.
They are rare but they are out there.
I was able to find a home for about $320k about 15 miles from the city. I searched for two years. My interest rate is shit. But hey, I have a house!
It was fully renovated.
I'm not saying the market isn't shit. Because it is due to fucking investors.
I know I am lucky to have a job that pays well, even though it hasn't kept up with inflation. I know that this isn't the case for everyone and I'd be willing to take a hit on my home value if it meant others could buy a home too.
But my neighbors don't feel the same way.
Now add in the cost of a car
And the cost of time spent commuting 2-3h each way to and from work every day
The last time we moved we actually did this. Kept us from paying more bills to commute longer. I highly recommend figuring out your monthly gas/mass transit bill and adding that to the price of places you're comparing.
Also, commuting time. If you have young kids but you don't get home until 7:30, you're going to spend very little time on them. And possibly a lot on child care.
But even if you're not a parent, long commutes, by car, by public transit, or both can be pretty stressful after a long day at work.