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re: The math for buying a home no longer works, per WSJ
Posted on 12/20/23 at 10:15 am to Epic Cajun
Posted on 12/20/23 at 10:15 am to Epic Cajun
quote:
I have friends who did this. They are stuck in a house they've outgrown and probably make 1.5x what their house is worth, but don't feel like they can afford (or just don't want to afford) to buy something larger in this current market.
On the other hand, we bought a house that was about 3x our gross, but that we could grow into as our family grows and our incomes grow. We're locked into a 2.75% interest rate on a home that is now less than 2x our income and we have space to have more kids (currently only have 1).
Truth, if you can swing it. And everyone wonders why people aren't having kids until their 30's now. Some of these responses are out of touch with reality.
I say all of this as a current 2bed 1bath homeowner
1
Posted on 12/20/23 at 10:22 am to 904
quote:
Some of these responses are out of touch with reality.
It’s how these threads always go. The people saying it’s bad journalism or denying reality are older and haven’t bought homes in 15-30 years.
The market is totally out of whack. We were lucky and used the equity from my condo plus a physician mortgage to get our house in 2022. 0% down, no PMI, 3.25% interest…though we did a 10 year ARM because rate was lower and we know we will outgrow the house within 5 to 8 years.
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