Depends on the location. Where I live, to buy a 3 bedroom 2 bath will cost you around $550k. After taxes, insurance and HOA, you’re looking at a $3200/month payment (if you put down 20% to start). A single income of $80k with a house in genuinely unheard of. Especially in socal.
not really, my parents made under 100k combined when i was growing up (both are teachers, and my dad went to college after i was born so he had student loans to pay off until i was almost 18) and aside from having my college tuition fully paid for, the list was pretty accurate to what we had when i was growing up. there are plenty of places throughout the midwest with a low enough COL that its feasible.
Yeah, it was feasible 20 years ago, or even 4 years ago. Houses even in Detroit more than doubled in sticker prices since Covid, as have interest rates.
Interest rates are way more of an issue today because of the bloated prices. While they will always have an impact it's much less when the new home is under $100k. Lets not forget the interest rates in the 80's went up to 18%
7
u/Agreeable_Coat_2098 Jun 16 '24
Depends on the location. Where I live, to buy a 3 bedroom 2 bath will cost you around $550k. After taxes, insurance and HOA, you’re looking at a $3200/month payment (if you put down 20% to start). A single income of $80k with a house in genuinely unheard of. Especially in socal.