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Who got that landlord money?
(lemmy.ca)
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this post was submitted on 04 Aug 2025
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The fucked part is to buy a house, there's a debt income limit because nobody thinks you can afford the payments otherwise. That limit is much lower than 2/3, a bit under 1/2 when I bought (and we were forced to buy points to lower interest to get the payment there, which could have been down-payment instead).
It's all very fucked.
I was amazed how much "financial advisers" claim I can afford to pay for things like housing. Like you are absolutely nuts that I'm going to pay 50% of my income just on a place to sleep.
We manage at 50%, but we don't have car payments or student loans and the alternative, renting, is much higher. With a mortgage, you also get equity and pay down principle, so it's not just a place to sleep. It's like 25% to bank and 25% into nonliquid savings.
Renting at 50% or higher is a full loss, though. And honestly, if you have plans to travel, have kids, or just expensive hobbies, it really eats into your ability to fucking live your life.