A Boring Dystopia

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Welcome to the 'nepo' housing market: 40% of homebuyers under 30 get family money to cover their down payment (fortune.com)

submitted 1 year ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] SeaJ@lemm.ee 1 points 1 year ago

The US allows only a 3% down-payment.

You are right about being able to afford it monthly. Your numbers seem like they may be closer to what they are in Canada. The median price here in Seattle is $800k which would be a $24k down-payment and a $6000 monthly payment with the average 7.1% interest rate, insurance, and taxes. Don't know what the mortgage insurance would likely be for that but that is likely another couple hundred. That is over $72,000 per year just in housing costs.