Study: Hopeful homebuyers need income of nearly $117,000 to afford typical home in U.S.

Comments

• Yawweee877h444@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  “Afford” = go into debt for 30 years.

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  • pdxfed@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    And who doesn’t feel at ease predicting stable employment for several decades for themselves? After all in a world of “at will” employment and executives that need to hit their numbers for that quarterly stock grant, barely any unions, deliberately anemic unemployment insurance benefits, who wouldn’t jump at the chance?

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  • TimewornTraveler@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

    debt? our mortgage costs the same as my sister’s rent, but we’re not pissing our money away to a landlord every month. when we sell the house, we’ll be getting our value back and then some. even if we only stay a couple of years and merely break even, we’re essentially living rent free during this time

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    • Yawweee877h444@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      That’s a different topic, although I agree with you.

      I’m pointing out the undeniable surface detail, you owe money to the bank for 30 years. It’s debt. Pretty simple.

      I hate giving away free money to a landlord every month also. But when you get a mortgage you’re giving away free money to a bank, in the from of interest.

      There could even be an argument that landlords provide more of a service, in the form of upkeep and repairs. The bank provides no service, other then fronting cash.

      Tomato tomato. I hate landlords and the mortgage industry both. But generally you’re right it’s much better for the individual to own due to equity and ownership.

      The shitty thing for me and many people though is owning is semi-permanent. More of a hassle to sell and move. Landlords suck when they have year leases which also makes things harder if moving is necessary, but can be easier than owning. I try to only live in places that are month to month.

      Call me a commie, I’ll accept that label with pride, I think all things housing should be socialized and regulated as a public good. No more profit for banks, wall street, hedge funds, etc. And yes, that includes small time landlords. I don’t know or care how it would be organized or work (it never will), but I hate our current system. People with more wealth are able to exploit and take advantage of people with less wealth. Full stop.

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  • Albbi@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

    The house will appreciate more than the mortgage interest. It’s debt, but not bad debt.

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    • refurbishedrefurbisher@lemmy.sdf.org ⁨3⁩ ⁨weeks⁩ ago

      That only matters if you ever plan on selling your home. Not everyone buys houses as an investment.

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• suburban_hillbilly@lemmy.ml ⁨3⁩ ⁨weeks⁩ ago

  Image

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• Etterra@discuss.online ⁨3⁩ ⁨weeks⁩ ago

  Is it more expensive or less when the neighborhood has a giant sticky note looming over it?

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  • Obi@sopuli.xyz ⁨3⁩ ⁨weeks⁩ ago

    Yeah I don’t know why it’s relevant in this picture but the giant liminal cube in the background really grabbed me, the more I look at it the more I want to give my soul to Zorg, destroyer of worlds.

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• dryfter@lemm.ee ⁨3⁩ ⁨weeks⁩ ago

  looks at pay statement

  looks at $117,000 needed to “afford” a house

  looks back at pay statement and realizes the income works out to very close to 10 times LESS

  😐

  I knew I was poor, but damn dude.

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• qjkxbmwvz@startrek.website ⁨2⁩ ⁨weeks⁩ ago

  VHCOL area (San Francisco) — “middle class” usually means household income of 300k or so.

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• aesthelete@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  Try it here, you have to make over $200k a year.

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  • Witchfire@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    …for 30 years

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• gravitas_deficiency@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

  And if you want to live anywhere a decent city… good fuckin’ luck lol

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