435
A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor'
(www.businessinsider.com)
this post was submitted on 14 Aug 2024
435 points (93.1% liked)
A Boring Dystopia
9724 readers
1633 users here now
Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
As I mentioned elsewhere, over half of millennials own their own home. So it's more like houses are for the 53%, but I take your point.
is that statistic own their house outright or have a mortgage that once they pay off, if they pay it off, will then own it. Either way Im amazed its 50% but remember in 2008 mortgage rates were about 6%
The 2008 housing crash gave many genX/ older millennials a brief window of opportunity to purchase a home.
My wife and I purchase our first home in 2009. Every home was a foreclosure that we looked at. 90% of them were investors/flippers who got caught with their pants down. The home we purchased had been sold 2 years previously for almost 2.5x the price.
Between refinancing at low interest rates and a largish initial down payment from the sale of the first home, my current mortgage is the same as my rent for a 3 bedroom duplex in 2005.
At the it's current estimated value and interest rates, my wife and I would barely be able to purchase the home we live in today with our income. We make 2.5x more than we did when we bought it
The majority of all homeowners have a mortgage.
Yeah, mortgage rates are definitely higher now. 30 year fixed rates are around 7%, if your credit score is around 700. Still around 6% with high credit scores.