3 ms·
I make a decent living, way above median household income, but my wife and I rent in a dense urban center for the simple reason that even with our income we cou
by efficax 9y ago
I make a decent living, way above median household income, but my wife and I rent in a dense urban center for the simple reason that even with our income we couldn't afford to own in this area. Even if we weren't paying student loans it would take several years to build up a down payment that would result in cheaper mortgage payments than our rent burden, which would be crucial since homeownership adds property taxes and significant upkeep costs above the mortgage payment. Sure, we could afford a house in the 'burbs, but we don't want to live in the 'burbs. The rent is too damn high, but so are the housing prices.
- tedmiston 9y agoLikewise for me. I chose to live in an apartment in the city center / startup hub (and walk to work) vs buy a house in the suburbs with a half hour commute every day. There are condos here but the market is much higher.
- matt_wulfeck 9y ago7 years of saving I believe is the average for a down payment. It doesn’t sound like your story is too outside the range of normal.
- techisamix 9y agoI haven't heard that before, link?
- hammock 9y agoSeems to make sense, buy a house 3x your annual income, with 20% down you could get that in 7 years if you save away 8.5% per year. And you have a house at 29
- davidjnelson 9y agoLol, houses for 3x your income? I take it you don't live in the Bay Area ;-)
- hammock 9y agoThat's a general rule of thumb for safe mortgages...which is why so many rent in bay area
- rentcontrol 9y agoIs it actually too high? It sounds like it's just right to me. Clearly you're paying the premium to live close.