3 ms·
The interesting part of the story is that the people with $700k mortgages - I'd hesitate to call this class 'the wealthy', more like the 'above-average middle c
by sandoooo 6y ago
The interesting part of the story is that the people with $700k mortgages - I'd hesitate to call this class 'the wealthy', more like the 'above-average middle class' - are getting hit with a double-whammy: their wages are paying for the mortgage subsidies for the poor which are driving their own mortgage needs off the market.
Next stop: universal health care. Then the real gnashing of teeth starts.
- kmanlives 6y agoIn the state of Georgia, I'd definitely call someone with a $700k mortgage wealthy. I'm in an affluent suburb north of Atlanta and I'd probably be showing some bias if I didn't consider myself to be wealthy in a $400k house. If I read it correctly, the example given in the article was for a refinance for a lower rate, and while that would be nice, it's not as likely to be a necessity. I've considered a refi, but as a small business owner I'm not sure I'd qualify in the current climate (even though my software company is still making money).
- sandoooo 6y agoI'd say much of this board disproportionately lives in places where $700k is the going rate for a normal mortgage, though. My definition of 'rich' would mostly include people who don't need $700k mortgages.
- kmanlives 6y agoAgreed on the HN demographic. I have lived in the NYC metro area and felt the pain of expensive housing, and I would only do it again if I met your definition of rich.
- deleted 6y ago[deleted]