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> So, what the fuck is going on? It's a great question. I know a couple with a pre-tax household income of $180k that just paid $600,000 for a house with $50k
by tdfx 5y ago
> So, what the fuck is going on?
It's a great question. I know a couple with a pre-tax household income of $180k that just paid $600,000 for a house with $50k down. Napkin math leads me to believe they're spending approximately 50% of their take home income just on mortgage+tax+insurance payments, assuming nothing in their house needs maintenance or repair. This house was sold for $350k in 2016. Is everyone just financially ruining themselves to check the "house" box on a middle class life checklist?
- crate_barre 5y agoI’m just glad I’m not the only one baffled here. It takes 4 missed mortgage payments to start going into a default and we’re talking a 30-year time line for things to go sideways. Yellow cab medallion drivers literally committed suicide after purchasing their medallion for a million after Uber/Lyft showed up. So, yeah, I know I keep asking ‘how’, but really how? How is everyone’s head above water, how are they not being eaten alive? I suppose infinite house price increase, eh? If there’s no risk to this, then I must be a fool for not buying the MAX amount my loan affords me. I always thought ‘hey I’ll get a loan, but no way on hell am I going to bid the upper limit’, but apparently, that’s what’s going on. Just a little bit of dark humor, but those condo owners in Ukraine must be pissed as shit.
- after_care 5y agoWhat's the alternative to buying a 600k house? I'd argue you'll end up paying more for less space over 30 years if you rent.