4 ms·
>Because unless your family bought a house in the 60s, you probably want to earn $150k to live in the city. That's renting a 1 bedroom apartment money. To even
by aphextron 6y ago
>Because unless your family bought a house in the 60s, you probably want to earn $150k to live in the city.
That's renting a 1 bedroom apartment money. To even dream of ever buying something and supporting a family you're talking $200k+.
- konjin 6y ago200k? I know people on 600k total comp who have been stuck in a one bedroom flat for 4 years because of how many strings the money comes attached with.
- bb88 6y agoI've heard that in the past before 2008, banks were willing to offer mortgages up to 3.5x income at 5 or 6% interest. With a fixed 3% rate, you could probably do a mortgage with 4x income. And a quick look shows there are not a lot of houses in the $600k range. Most decent homes are going to be in the $1M range.