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Post by bluemingidiot on Jun 21, 2024 1:34:38 GMT
A home buyer making the median income would need to put down nearly $127,750, or a 35.4% down payment. That $127,750 down payment is what a household making the median income would need to invest when purchasing a typical home in the United States, valued at about $360,000, so that the monthly mortgage payments take up no more than 30% of a household’s monthly income.
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Post by oldone on Jun 21, 2024 19:52:51 GMT
That's terrible.
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Post by bowdonkey on Jun 24, 2024 9:28:30 GMT
I don't see how I could save enough now to buy land and a home. The way inflation is now, by the time I had a down payment, prices would have risen to where it is now out of reach. We bought this place 23 years ago, it has tripled in price at a minimum. I see the writing on the wall, MN has turned into a high tax welfare state. My son and I are looking for alternatives. Lots to consider when pulling up stakes. We have agreed to wait till after the next state election in 2025 to see if things straighten out.
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Post by Mr DAVID In Wisconsin on Jun 25, 2024 15:25:59 GMT
Just looking at real estate listings with prices. To buy a condo similar to the mine purchased in 2017, if buyer needed bank financing, the down payment would be about 80% of what I paid in total and still have payments in the $1300 range. I bought another identical rental in 2020. It’s worth double what I paid for it. It’s crazy but with bread at $5 a loaf I guess it’s not out of line.
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