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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/18/23 at 2:11 pm to JohnnyKilroy
Posted on 10/18/23 at 2:11 pm to JohnnyKilroy
quote:I would think that they should be patient and continue to rent until they could afford to buy the house they want...it's just basic economics.
And here is the disconnect.
If someone in their mid 20s said that he and his wife both had good jobs but complained about not being able to buy a 5 bedroom 3k sqft new build in a hot surburb you would probably think they were insanely spoiled, entitled and delsuional.
quote:no, a lot of people my age waited until their 30's to buy...or whenever they could buy what they wanted.
But that's what people your age did.
What is your issue with renting in this situation?
3
Posted on 10/18/23 at 2:15 pm to Chicken
You think salaries are keeping up with rent?
Posted on 10/18/23 at 2:16 pm to Chicken
quote:
What is your issue with renting in this situation?
The issue is that rent is so high now most people have a hard time saving money for a downpayment to purchase.
The rent vs mortgage gap has closed more than at any other point in like 50 years since they started tracking.
This post was edited on 10/18/23 at 2:17 pm
Posted on 10/18/23 at 2:33 pm to Chicken
quote:Statistically false.
no, a lot of people my age waited until their 30's to buy...or whenever they could buy what they wanted.
Your view is likely anecdotal.
Here is the true statistic by generation:
Current 23 to 31 years old comprise only 18% of the share of homebuyers.
At that age, 73% of the Silent Generation owned homes, 68% of Baby Boomers owned homes and 64% of Generation X owned homes.
[quote]LINK ]
If you are generation X, your generation was purchasing homes in their 20s.
Also according to that link, of older millennials (early 40s) only 60% own homes.
Previous generations were owning homes at a higher percentage and at a younger age.
This post was edited on 10/18/23 at 2:35 pm
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