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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.
So it sounds like they had a house in a reasonable area...
Her old boss called her up in 2021 offering double what she got paid last time...
And they never thought to check why she was being offered twice her salary to do the same job?
It's likely because everyone moved away due to housing prices if they weren't insanely wealthy. Shouldn't have sold the home they owned before they even googled the price of homes where they were moving.
Also makes me think it's likely they have exceptionally bad credit like you said. They got two kids, and apparently do zero planning for huge life decisions and complain when shit doesn't work out. Other families raise kids on legit 1/10th of the money this family has...
And she's a financial specialist?
They could spend 70% of their income on their housing and still have more leftover than I make in a year.
It's not about them, or you, or me. It's about us, the disappearing middle class.