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Your anecdote doesn't disprove the fact that homebuying is more unaffordable than ever. I made a comment about this earlier today, but I've got enough cash for a 20% down-payment on a modest house in my area but still can't get a loan because ~55% of my monthly income is obligated towards rent. You've escaped the rat race, congratulations, but quite a bit has changed between 2021 and 2024, even if it doesn't feel like it was that long ago.
Then include rent in the income-to-expenses measurements for home loans? Getting rid of that portion is the whole point! Hell, someone paying stupid high rent is the best evidence they could have that you'll be able to pay back their loan since you have 55% of your income already dedicated to housing that will be freed up and available without changing your lifestyle. They should worry more the smaller that percentage is.
Your argument makes perfect sense. If the entire loan industry weren't a racket, it would be persuasive.
That was my thing, even though my rent was $1,800 a month, between my wife and myself, our combined income was $9K a month. So rent was 20%.
My guy... do you not understand how extraordinary your situation was? $9k a month "then I just did it" ffs
The 9K a month had less to do with it than the $30K down, which, again, was only 7.5%, not the 20% people expect.
Which you had because of that 9k/month
Again, because of the high income
The 30K was more because I had been working from home, not buying gas, and not eating out for 3 years. ;)
.... While making $9k a month.
Jesus fucking Christ dude your situation is exceptional because you make a fuck-ton more money than most people, it's not a difficult reality to accept.
In 2000 we did a zero down, 8% first on 80% and 9.5% second on 20%, at 2.5x our combined salary. Terrible loans and it was really really hard, but it was what we had to do to buy - network tv, one picked-up pizza per week, vacations were driving the kids to see their grandparents, constantly scrambled to pay taxes and insurance, and we just prayed that nothing broke. We know that we were really lucky.