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The home ownership rate is a lot higher outside major cities. It's only 30-40% in most major US cities. Regardless, at current (historically quite low) interes
by rory 6y ago
The home ownership rate is a lot higher outside major cities. It's only 30-40% in most major US cities.
Regardless, at current (historically quite low) interest rates, a typical software engineer's salary will qualify you for a very large mortgage.
You'd be surprised. At 30, I saw many of my friends go from thinking they'll never afford a home to each buying one over just a few years.
- nly 6y agoMedian house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage. Low interest rates aren't helping most people, they're hurting by pushing up house prices. Only those with significant capital for a deposit benefit.
- chrisseaton 6y ago> Median house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage. Most people buy as a couple, so this is achievable.
- nly 6y agoUntil 1 parent stops working (entirely or goes part time) to help raise the kids
- rory 6y agoYes, sorry, I was referring to the USA specifically. The real estate speculation problem is a lot worse in other Anglosphere countries (UK, Canada, Australia). Outside California, US prices are still somewhat reasonable compared to incomes.