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To get to a $3k/month payment on a 500k apartment unit, the author assumes that people have $100,000 in cash to drop on a down payment. People renting often don
by pseudometa 13y ago
To get to a $3k/month payment on a 500k apartment unit, the author assumes that people have $100,000 in cash to drop on a down payment. People renting often don't have that much cash on hand and are already trying to pay their school loans.
- philipdlang 13y agoYes, that is an assumption I make in the article. A 20% downpayment is going to be the minimum that you would need for any bank to approve you for a mortgage. Many readers either have that cash in their bank account or the ability to get help from (extremely) generous parents.
- Domenic_S 13y agoEh? There's FHA (2.5% down), I did that myself. Was easy. Messes with your overall purchasing power because your monthly is so high, though. > Many readers either have that cash in their bank account or the ability to get help from (extremely) generous parents. LOL