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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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I'm not sure I understand the math in this article. At current interest rates, a $550000 is closer to a 3.5k mortgage, not 5k.
At 250k a year, they're making roughly 20k per month. If they're willing to pay 30% of their income to a mortgage, that's 6k. Even post-tax, that's still more than 3.5k.
I agree that the cost of housing is ridiculous. This sounds more like they have exceptionally bad credit or they're looking at homes that are way above their budget.
Also, lots of people will jump to say that a $250k household income is middle class and I've seen a few in this thread, but I personally don't know how anyone could arrive at that conclusion. Median household income in the US is more like $105k. A household income of $155k is enough to put you in the top 20%. $200k will put you in the top 12%. $250k gets you to the top 8%. When 92% of people are able to make do with less, it really just seems like people such as the ones in the article don't understand what it is to live within their means and don't understand how much better off they are than most everyone else.