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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] filister 0 points 1 year ago* (last edited 1 year ago) (1 children)

Or you can afford it. I am living in a city where the average salary is the same as the average mortgage for a 3-room flat. It is absolutely crazy, a city with one of the highest real estate bubble indexes in the world, and a bubble that refuses to burst stubbornly and things are getting progressively worse.

Not to mention that you are also supposed to have 10% of the price + real estate agency fee, plus cover the initial taxes and governmental fees in order to get an better mortgage rate. It is absolutely sickening.

Mission impossible!

[–] [email protected] 2 points 1 year ago

It certainly does depend on where you live.

In my area, a condo/townhouse goes for $400k give or take ($3500/month @ 0% down over 30 years), and the median household income is ~$75k (~$6k/month before tax, ~$5500 after tax). So that's something like 55-65% of net income, which isn't ideal, but still possible.