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Study: Hopeful homebuyers need income of nearly $117,000 to afford typical home in U.S.
(www.bankrate.com)
this post was submitted on 25 Apr 2025
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"Afford" = go into debt for 30 years.
debt? our mortgage costs the same as my sister's rent, but we're not pissing our money away to a landlord every month. when we sell the house, we'll be getting our value back and then some. even if we only stay a couple of years and merely break even, we're essentially living rent free during this time
And who doesn't feel at ease predicting stable employment for several decades for themselves? After all in a world of "at will" employment and executives that need to hit their numbers for that quarterly stock grant, barely any unions, deliberately anemic unemployment insurance benefits, who wouldn't jump at the chance?
The house will appreciate more than the mortgage interest. It's debt, but not bad debt.
That only matters if you ever plan on selling your home. Not everyone buys houses as a financial investment.