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re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/9/22 at 6:25 pm to OleVaught14
Posted on 4/9/22 at 6:25 pm to OleVaught14
Quick Google search shows median household income in USA is 70 and median home is 370.
3
Posted on 4/12/22 at 10:35 pm to down time
quote:I’m not sure if this proves an accurate representation for a couple of reasons. One I bet homeowners have a overall higher median household income than the overall population. And maybe more importantly, because home values and income increases at different rates, and owning a home is a hedge against inflation, a lot of homeowners have home value/income multiple but the monthly costs are much lower. So home buyers are probably buying homes at a lower multiple, although unfortunately the stock is so low, especially for starter homes, so that multiple is higher than ideal (lower interest rates helped, but that’s not as much of the case, even if they’re lower than a lot of historical rates).
Quick Google search shows median household income in USA is 70 and median home is 370.
Posted on 4/13/22 at 11:29 am to down time
quote:
Quick Google search shows median household income in USA is 70 and median home is 370.
Home values in shitty markets have increased 30% over the last 5 years so that logic is flawed.
No more than 36% of monthly take home should be your mortgage payment. Again if your take home is 50k/mo you can probably feel ok about stretching that mortgage payment a little. The opposite is true if your take home is 5k/mo.
Lifestyle matters. Know thy self is best rule of real estate.
Posted on 4/13/22 at 1:18 pm to down time
quote:
Quick Google search shows median household income in USA is 70 and median home is 370.
Not everyone that has a job owns a house
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