3 ms·
Sorry to be so blunt, but you have absolutely no idea what you're talking about. The median household income = 67K[0]. >60% of US households own a home.[1] Cle
by marcusverus 5y ago
Sorry to be so blunt, but you have absolutely no idea what you're talking about.
The median household income = 67K[0]. >60% of US households own a home.[1] Clearly 80K is more than enough to safe up for a down payment.
[0]https://fred.stlouisfed.org/series/MEHOINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
[1]https://en.wikipedia.org/wiki/Home-ownership_in_the_United_States https://en.wikipedia.org/wiki/Home-ownership_in_the_United_S...
- polygamous_bat 5y agoThat is a logical fallacy: owning a home != buying a home, inheritance is a thing.
- sidewndr46 5y agoTo reinforce this, if you follow the links it states > The term "home-ownership rate" can also be misleading because it includes households that owe on a mortgage. Depending on your credit score and your down payment, you can wind up functionally renting a home for many years even if you "own" it on paper. It isn't until the final years of a 30 year mortgage that you actually significantly pay down the principal. As long as interest rates remain low and the credit requirements are lax, most of America can in fact "own" a home. Expect prices to skyrocket, as buyers become more and more decoupled from the cost.
- marcusverus 5y agoThis doesn't really contradict my point. How do these people have mortgages if they're incapable of affording a down payment?
- marcusverus 5y agoOnly ~30% of people receive an inheritance, at an average age of ~50. But folks in their 50s already have a homeownership rate of >60%. I doubt inheritance has much of an impact.