4 ms·

Well...they are kinda right. 3k a month mortgage when the interest rate was low, now I imagine it would be closer to 4k per month. Housing prices might not be g

Well...they are kinda right. 3k a month mortgage when the interest rate was low, now I imagine it would be closer to 4k per month. Housing prices might not be growing as fast but I haven't seen them dropping.

alephnerd 3y ago
> closer to 4k per month Think $5-7k/mo.
rco8786 3y ago
A 4k payment is a ~$580k house at 7.5%. Median home price is $387,600 as of November '23, for a payment of $2716. Not to say things aren't tough out there. Just that a $4k mortgage is still 30%+ more than what people can expect to pay at the median. This ignores taxes and insurance of course.
- darth_avocado 3y ago
  $2716 is still 40% of your pretax household income at the median household income of $78k annually. Post tax, if you include all the other home ownership costs (taxes, insurance, upkeep), this comfortably exceeds 50% of your income, which is unaffordable at that income levels.
  - rco8786 3y ago
    Totally agree - just think it's important to work with statistically realistic figures when discussing these sorts of things.
- kube-system 3y ago
  > Median home price is $387,600 as of November '23, for a payment of $2716. An actual mortgage payment would probably be closer to 3,000-3,200 after escrowed PMI, taxes, insurance, on a typical loan.
  - rco8786 3y ago
    As mentioned in my post "this ignores taxes and insurance". OP just said mortgage payment so I was only looking at that specifically. Taxes and insurance varies wildly by location.
- lcfcjs 3y ago
  [dead]
- willis936 3y ago
  I pay more than $4000 / month in rent. In order to reduce this my SO or I would have to leave a respective dream job or spend 3-4 hours a day commuting. Even if we thought ditching dream jobs was something worth doing, we would only be trading into lower income / less fulfilling jobs to enter a historically awful housing market.
- SubiculumCode 3y ago
  not in Cali
  - rco8786 3y ago
    This is simple math that is true in every state. The median price is of course different in Cali. And different in Montana. And different in every state. We're discussing "Americans" as a whole here.

alephnerd 3y ago

> closer to 4k per month Think $5-7k/mo.

rco8786 3y ago

A 4k payment is a ~$580k house at 7.5%. Median home price is $387,600 as of November '23, for a payment of $2716. Not to say things aren't tough out there. Just that a $4k mortgage is still 30%+ more than what people can expect to pay at the median. This ignores taxes and insurance of course.

darth_avocado 3y ago
$2716 is still 40% of your pretax household income at the median household income of $78k annually. Post tax, if you include all the other home ownership costs (taxes, insurance, upkeep), this comfortably exceeds 50% of your income, which is unaffordable at that income levels.
- rco8786 3y ago
  Totally agree - just think it's important to work with statistically realistic figures when discussing these sorts of things.
kube-system 3y ago
> Median home price is $387,600 as of November '23, for a payment of $2716. An actual mortgage payment would probably be closer to 3,000-3,200 after escrowed PMI, taxes, insurance, on a typical loan.
- rco8786 3y ago
  As mentioned in my post "this ignores taxes and insurance". OP just said mortgage payment so I was only looking at that specifically. Taxes and insurance varies wildly by location.
lcfcjs 3y ago
[dead]
willis936 3y ago
I pay more than $4000 / month in rent. In order to reduce this my SO or I would have to leave a respective dream job or spend 3-4 hours a day commuting. Even if we thought ditching dream jobs was something worth doing, we would only be trading into lower income / less fulfilling jobs to enter a historically awful housing market.
SubiculumCode 3y ago
not in Cali
- rco8786 3y ago
  This is simple math that is true in every state. The median price is of course different in Cali. And different in Montana. And different in every state. We're discussing "Americans" as a whole here.