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> Nobody was made to buy a home they couldn't afford. They wanted it I suppose, in the same way that no one forces me to buy drinking water, I just want it, so
by maxsilver 9y ago
> Nobody was made to buy a home they couldn't afford. They wanted it
I suppose, in the same way that no one forces me to buy drinking water, I just want it, so as not to die.
If there is no affordable housing available (as is the case in most US markets today), you essentially are made to buy/rent an unaffordable home if at all possible. Because the alternative is homelessness, which isn't really an alternative.
Obviously, sometimes people purposely overspend on housing because of lifestyle inflation. But I don't think that's a majority -- many people are overspending on housing because housing is a fundamental human need and they have literally zero alternatives to overspending. It's more common than most people will admit.
- guntars 9y agoThere's plenty of affordable housing around, it's just not in places people want to live. Some markets require you to shell out 50% of your income on housing, but it's not like people have no choice. They do it because overall it's worth it to them. If they didn't, there wouldn't be enough takers.
- will4274 9y agoThe difference here is that many of the people caught in the mortgage crisis could afford homes, they just couldn't afford the really nice homes that they bought. People who's finances would reasonably put them in a $250,000 home were instead buying $750,000 homes on the idea that the price would only go up and the loans were cheap.