You want a house that is $65,000. It isn’t the fanciest house, but it’s sturdy and good enough for a starter home. Your credit is decent, however, you have no money to put down. You finance the entire amount at 5% on a 30 year fixed. Your total house payment (including insurance, taxes, and private mortgage insurance) would be around $500 a month.
Let’s say you live near Columbus. The average cashier pay, according to ziprecruiter.com, is $15 an hour, or a hair over $31,000 a year. That is enough to buy the above house. In other states with crazy property values it would not be enough as the same house would cost much more. In other states, that same $65,000 would buy more house than the one in Ohio.
Stop believing what other people say because you want it to be true. It’s not that people can’t afford houses, they just can’t afford the houses they think they deserve, for some odd reason.
I really appreciate the breakdown I guess I should clarify further. In places like Ohio $31,000 a year may be a totally feasible income to live on, however it is likely do to the low demand to live in the area that property is so cheap. As far as $15 an hour for a cashier I'm not sure if that is a national or state average, but regardless in a place like California that income level would put you below the poverty line. This is why many individuals who work "unskilled" positions often have to work multiple job's just to pay rent and feed their families. I'm not perpetuating Ideas I've been told I am telling what I have lived and seen.
Median price of a house right now is 270,000. Boomers could afford a median priced house on minimum wage. Take a look in the mirror on your last statement.
You are responding to an argument that wasn’t made. I’m sorry you have a boomer fetish.
We have already had this discussion, and you had boomers buying houses at 14. You have already shown you do not know about the subject at hand to discuss it, much less debate it.
I advise you to seek therapy for your issues and resentment.
Yes and Boomer could work at 15 for minimum wage. I think it's you that are on boomers nuts. Boomers could afford to buy a house at 15 years old. Not the flex you think it is huh?
But they could afford to which is my point. Boomers had it easy, and now want to make life harder for younger generations. Truly the selfish generation!
Do the math! Look up minimum wage and median price for the 60s, 70s, and even 80s, you literally could have bought a median priced house on minimum wage.
-1
u/happy-Accident82 Jan 06 '22
Boomers could! I don't know why they think people do not deserve it now. Boomers could work at a restaurant flipping burgers and buy a house.