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
20k a month? you think they pay 10k a year in taxes at 250k???
The 30% rule is generally about gross pay. Their gross income is about 20k a month.
Regardless though the 11k a month take home doesn't make much sense. That would mean they're paying closer to 100k in taxes plus another 20k on other deductions, which even on the west coast is absurd.
Not too weird if you consider pre-tax contributions for retirement and health insurance.
Regardless, this is some clickbait bullshit. I ran some numbers too like other commenters, and you have to have some real shit credit even with an 11% down payment to get the monthly payment cited in the article. Even so, with an 11% down payment you shouldn't be buying a house anyway due to the PMI and higher interest that comes with it.
There's a whole mess of poor financial decisions that led to the clickbait headline.