The_Jit comments on U.S. home sales fade in June as national median sales price hits an all-time high of $435,300

A Boring Dystopia

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[–] The_Jit@lemmy.world 12 points 1 year ago (3 children)

Median household income in 2023 was $80,610. Which makes the median host 5.5 times the median household income. https://www.census.gov/library/publications/2024/demo/p60-282.html

When I bought my house about 12 years ago the bank said they would lend 4x household income. How are people even buying houses at this ratio?

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[–] neomachino@lemmy.dbzer0.com 8 points 1 year ago

My wife and I are in the process of buying our second home. When we went to get preapproved we were worried we wouldn't qualify for the mini farm we were looking at. We qualified for more than we needed just on my income alone. I make $78k a year and they said they'd give me close to $500k. Those payment would be almost my entire monthly paycheck.

It's predatory.

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[–] altec@midwest.social 6 points 1 year ago

Many sales are to landlords or private equity.

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[–] Obi@sopuli.xyz 3 points 1 year ago

And that's with maxing out your mortgage allowance, which I honestly wouldn't recommend if you can avoid it.

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