re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home

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that is not a fact

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A single dime is likely a stretch, but Americans are abysmal at saving.

That stat was also in regards to a down payment.

There is this financial audit podcaster/YouTuber, Caleb Hammer, who brings people in and goes over their finances.

They are likely worse than most, but it is really mind boggling how bad some people are at finances.

I get a kick out of his videos.

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I think you should look that up.

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https://www.usinflationcalculator.com/inflation/current-inflation-rates/

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The optimal inflation rate is often considered to be around 2%.

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Come here you can get any property cheap

Here is a ready to go full service gas station, repair and tire shop for 187k

LINK

It just closed down under a year ago when Gresham Petroleum sold Double Quick to a corporation. This station was their original one and wasn’t sold with the chain gas stations. Very successful tire shop with a lot of farm accounts

The solution is to close the border

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My dad's parents married when they were 18. Dad was born a little over a year later and my aunt a couple years after that. My grandfather was a full-time student, played football in college (DIII), had a job, and my grandmother had to drop out of college to take care of my dad and aunt. She didn't work. They didn't have financial support from family either. This was the late 50's through early 60s so times were obviously different. But somehow they were able to buy a house and maintain a family with all of that going on.

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People forget how strict the parents of these households were about expenses though.

1. Turn lights off when not needed
2. Cooked at home, little eating out and you didn’t waste food
3. One tv, no cable. Local channels
4. One phone, local calls only
5. Appliances were repaired, not replaced.
6. Many homes had no central heat or air. Utility cost low

Back then owning a home and car were huge deals. It was a life goal for many and the focus started there on affording that, and other things came way later. If you couldn’t afford a washer and dryer, they used a tub and clothesline.

Let’s not pretend life then was easy for them just because they bought a house. For the working and middle class, they had few luxuries outside of basic home ownership.

Today we have modern comforts and due to technology many things are necessary such as computers, phones, internet that cost money. However, some people waste too much on this stuff beyond what’s necessary for work or life. If many people really gave up a lot of “extras” and lifestyle choices they could live without easily, they’d be able to afford a home even with the inflated prices.

But corporations buying up family homes are the core issue that’s preventing prices from coming down and it’s a problem that needs addressing. They’re the ones jacking up rent as well because they have to make income off these expensive investments.

I think investment groups and corporations should be barred from buying up residential zoned property unless it’s explicitly used to house employees of that company.

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15 miles? I mean shite thats the entire city. 15 miles from the house you posted puts you across the river in port allen.

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That’s what I mean by not being that far. Moving to Houston has me fricked up now

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People forget how strict the parents of these households were about expenses though.

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Sure.

Kind of irrelevant though when you can't afford to get in the door, isn't it?

Just a data point..

My parents sold their starter house (3br 2ba 1960 sq ft) in suburban Jax for $168k back in 2003. House looks the exact same on the exterior (dated) and is estimated by Zillow at $379k.

If it was updated to the current times, it would probably be valued in mid to high-400's.

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My parents sold their starter house (3br 2ba 1960 sq ft) in suburban Jax for $168k back in 2003. House looks the exact same on the exterior (dated) and is estimated by Zillow at $379k.

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My wife and I bought our 2200 sq ft starter home in 2018 for ~$360k in Franklin, TN. Houses with our comps in our neighborhood are selling for ~$700k now. Nice to have that equity but not nice knowing that we're prisoners in our home for the foreseeable future. To buy a larger home for our still growing family would cost over a million easily in our area. And with current interest rates triple what our is now, our mortgage payments would triple, rendering it a financial impossibility. It would honestly be a stretch to buy our existing house under the current conditions, despite the fact that we have raised our household income by ~$70% since we bought in 2018.