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The 30-year mortgage rate hits 7.48%, the highest level since 2000
(www.nbcnews.com)
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this post was submitted on 22 Aug 2023
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I appreciate you typing this out because I think it's a realistic representation of what a typical millenial homebuyer would go through. I experienced much the same as I am a millenial who came in with 5% down in a high COL area before interest rates plummetted.
My original reply was to a user who quoted the article saying that the $2300 payment was for a buyer with 20% down. That immediately frees up your $400/month PMI, which makes the entire thing FAR more manageable. I would also suspect that many millenials that are in considering buying a home have already paid off their student loans and credit cards so that's an additional $500/month. Freeing up $900/month makes this much more doable. Add in a second salary of a spouse, or rental income from a roommate and it's more comfotable still.
I'm not at all saying that home prices are anywhere near reasonable, just that it can be done in the hypothetical scenario laid out in the article.
It's doable but the requirements are basically people who I would consider to have 'made it'. It's not really accessible for middle class when only the top end of the middle class have access to the whole package. People below that line can afford it, for a ways down the rung, but they need to chip away at the lifestyle until it is essentially living just above the poverty line.
$600 groceries, a car, streaming services, double income salary, house, vacations... those are well off people by today's standards.