I think a lot of people who grew up in the 90s and early 00s working class kind of saw $100k/year something to aspire to
Oh absolutely. Looking at median home prices by state and even then choosing a lowball estimate for a mortgage ($275k, 0 down) at today’s rates (7-8%) you’re looking at nearly a $3k/mo house payment. So, like 30-40% of your income. This doesn’t include taxes/insurance, so that $3k is probably $3500 being again extremely generous, so that’s just about half of your income. And that’s for a house with no heat, water, electric…
I have a family of 6-8, and make just over this amount between our incomes, and it’s tricky. Absolutely wouldn’t be possible for us if we hadn’t bought our home 6-8 years ago.
Oh absolutely. Looking at median home prices by state and even then choosing a lowball estimate for a mortgage ($275k, 0 down) at today’s rates (7-8%) you’re looking at nearly a $3k/mo house payment. So, like 30-40% of your income. This doesn’t include taxes/insurance, so that $3k is probably $3500 being again extremely generous, so that’s just about half of your income. And that’s for a house with no heat, water, electric…
I have a family of 6-8, and make just over this amount between our incomes, and it’s tricky. Absolutely wouldn’t be possible for us if we hadn’t bought our home 6-8 years ago.