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Wouldn’t prices have to fall very very significantly for this to make sense? Let’s say you can afford a $700k house at 3%. The principle on that with 20% down i
by ryanSrich 4y ago
Wouldn’t prices have to fall very very significantly for this to make sense? Let’s say you can afford a $700k house at 3%. The principle on that with 20% down is about $2,360 per month. At 6% interest you’d be at $3,360. To have a similar payment of $2,360, that $700k would have to fall to $490,000. I can say with complete confidence that $700k houses are not going anywhere near $490k. Higher interest rates are not the answer.
- datavirtue 4y ago$700k luxury items can easily drop by $200k.
- ryanSrich 4y agoA house isn’t a luxury item for most, and a $700k house is fairly modest in most US cities, if not down right basic.
- jandrewrogers 4y ago$700k is a nice house in most US cities. The median price is around $400k.
- willcipriano 4y agoThe median home isn't in a city is it?
- ryanSrich 4y agoThis doesn’t really mean anything. Look at what $700k (not list price, sale price) gets you in Seattle, Portland, The Bay, LA, or Denver. It’s not much.