this post was submitted on 18 Oct 2023
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[–] GreatWhiteNope@hexbear.net 3 points 1 year ago

This is just not realistic.

Using the median home price is severely underestimating the cost of a decent home in an okay neighborhood.

With these salaries, you can afford a house that needs severe repairs or in either an unsafe or really inconvenient area.

I bought a house in one of these cities in 2017 with slightly more than what they say is the required salary. It was 195k with 4.5%. The school district reassessed the house from the sale, my taxes skyrocketed, and my mortgage increased $600 a month. I ended up selling the house after 3 years to move in my parents with 25k in credit card debt.

Today, that house would cost at least 300k and interest rates are around 8%. I’ve almost tripled my salary since then and my budget is probably max 330k.

[–] RaoulDook@lemmy.world 2 points 1 year ago (14 children)

They should have also included some rural areas' home buying prices for perspective against the absurd cost of living in a large city.

Here's my data to add to the list: bought my house last decade in a rural area, while I was making about $45000 annually, mortgage cost per month is literally off the chart at under $800/mo.

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[–] ThanksObama5223@hexbear.net 1 points 1 year ago

At current interest rates, 5% down, and an 800 credit score, you're monthly piti is still like 2,700. Assuming you make that 92k/yr, and are traded at 22%, you're monthly take home is 5900. That's 45 percent of your monthly income. "Affordability" is for dinner heavy lifting here

[–] hahattpro@lemmy.ml 1 points 1 year ago

required salary for fucking 30 years

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