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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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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