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this post was submitted on 26 Nov 2023
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slaps forehead wait I can just buy a house? What a solution!! So easy!
You are being sarcastic but a lot of people who are convinced they can't afford it actually could afford to own the place they rent and have just never crunched the numbers.
Before the rate hike this was probably true, but most areas haven't adjusted to people having about 100k less buying power.
I never said it would be easy.
Do you only do things if they are easy?
I make about $75k a year, but to afford a $700k house (which is a "reasonable" price) near my city (Seattle), I'd have to make $150k per year. The only affordable houses are two hours' drive away, and there are no "starter" homes to buy. I can skrimp and save for the rest of my life (and I am). But unless I get a huge raise (and I'm already above the median national income), buying a house is impossible. Not just hard, economically impossible.
Have you tried just making more money?
Jeez, you poors are just so lazy.
(I really wish this weren't needed, but I think it is) \s
I'm also in Seattle and it's bad out here. I was looking at townhouses last year before the rates went up but couldn't get a mortgage because of a limited amount of work experience since getting my second degree during the pandemic. I was actually surprised that I could have afforded a decent townhouse in like Edmonds or Shoreline until the rates shot up - going from 3.5% to 7% adds something like $1000 a month in interest on a $400k mortgage. Then I realized I have never lived alone before and wasn't sure if buying a place was the best way to try that out lol. Average rent in Seattle right now though is like $2300-$2400 a month which is close to 50% of the take-home income of someone making $100,000 per year. It's insane.