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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
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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.