400k is nearly untouchable for most people right now.
My partner and I had to scrimp and save for years, and then borrow money from my family, and then go into a bit of CC debt to secure a house for 317.
And we’re two working professionals with no kids.
Median household income in the US ~80k. Your mortgage is supposed to be no more than 1/3rd of your income.
So that means the median household has about 2300 a month for housing expenses. My 317k house right now is running ~2700 a month (~2100 for the house, 600 for PMI and escrow).
So you’re probably only getting ~270k at most on the median income. 400k is way out of the typical buyer’s price.
30% of Gen z and 50% of millennials own homes. Stop blatantly making things up.
Homes are too expensive and should come down. Wholly agree. But majority of the population, even projected gen x will own their home. The median rate that they are selling at is about 420k +/- who you talk to.
As someone who just bought a house…
400k is nearly untouchable for most people right now.
My partner and I had to scrimp and save for years, and then borrow money from my family, and then go into a bit of CC debt to secure a house for 317.
And we’re two working professionals with no kids.
Median household income in the US ~80k. Your mortgage is supposed to be no more than 1/3rd of your income.
So that means the median household has about 2300 a month for housing expenses. My 317k house right now is running ~2700 a month (~2100 for the house, 600 for PMI and escrow).
So you’re probably only getting ~270k at most on the median income. 400k is way out of the typical buyer’s price.
30% of Gen z and 50% of millennials own homes. Stop blatantly making things up.
Homes are too expensive and should come down. Wholly agree. But majority of the population, even projected gen x will own their home. The median rate that they are selling at is about 420k +/- who you talk to.
Posts real numbers from an actual recent home purchase
Also, this…
https://www.nar.realtor/press-releases/first-time-home-buyer-share-falls-to-historic-low-of-21-median-age-rises-to-40