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if you don’t own a house yet and now staring at a mortgage at 7.5% instead of 2.5% you’re going to spend thousands more a month in interest as part of your mort
by tempsy 3y ago
if you don’t own a house yet and now staring at a mortgage at 7.5% instead of 2.5% you’re going to spend thousands more a month in interest as part of your mortgage payment, not accounting for home price appreciation since the low rates of 2021.
so it doesn’t matter if you make $200k-$300k a year in a high paid profession a mortgage these days will require a much higher % of your take home pay than someone who bought the same house at 2.5%
- phillipcarter 3y agoYes, as was the case throughout most of US history. Housing has never been, and likely never will be, a financial guarantee aside for the rich. I certainly hope people didn't get into software thinking it was a magical get-rich-quick scheme, because it's never been that. It certainly is a high-paying profession that allows you to live a comfortable life with amenities.
- tempsy 3y agoyou won’t be able to comfortably afford a $1M house, which would be well below average in a coastal area where SWE jobs are mostly located, at today’s rates if you make $200k. Would be tight even on $300k.