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Let's say you make a $100k per year and take out a $60k mortgage, that seems very reasonable. If the railway is going to make their economy more productive and
by guelo 10y ago
Let's say you make a $100k per year and take out a $60k mortgage, that seems very reasonable. If the railway is going to make their economy more productive and efficient then it seems like a really good idea.
- maxerickson 10y agoIt depends a little bit on how much of their economy they can afford to spend on transit projects though. Home buyers can usually devote a significant portion of their annual income towards housing.
- dghughes 10y agoPeople buy cars that are worth more than their yearly salary and it's a common thing. Spend 100% of your yearly effort on a thing that will be worth 25% less in twelve months. Plus it costs probably about $5,000 per year to own and operate a vehicle.
- mikeash 10y agoIs that really a common thing? Cars depreciate rapidly and buying one that costs more than your early salary sounds like a complete disaster to me. Maybe the people I know are just unusually financially responsible?