Re:America’s Millennials Are Waking Up to a Grim Financial F...
by astura on Sunday June 24, 2018 @08:12PM
(#17389057)
No, absolutely not.
99% of Americans live somewhere where buying a house is affordable for most people. That's cold hard facts backed up by the average house price and ownership statistics. Most Americans don't live in New York City or San Francisco.
More people own (~65% IIRC) than rent and mortgages are stupid easy to get as long as you're employed; you don't even need a sizable down payment OR a good credit score. The requirements for a FHA loan is 3.5% down and 580 credit score - that's it! There's also plenty of other government subsidized programs for buying a house, my State has one that's available to almost everyone - the income limits are stupid high, more than six figures IIRC. I know people who are in a financial mess and have no business owning a house but they do own because it's so easy to get a mortgage. My friend makes only $30,000/year working for the government and owns a house because she qualified for a mortgage.
If it was so impossible to buy a house then it wouldn't be possible for 67% of the population to own a house.
Good jobs doesn't need scare quotes.
And I don't live in the Midwest either - I live on the east coast. I have friends all over the east coast and don't live in the city where I grew up, so it's not like my experience is hyper localized.
99% of Americans live somewhere where buying a house is affordable for most people. That's cold hard facts backed up by the average house price and ownership statistics. Most Americans don't live in New York City or San Francisco.
More people own (~65% IIRC) than rent and mortgages are stupid easy to get as long as you're employed; you don't even need a sizable down payment OR a good credit score. The requirements for a FHA loan is 3.5% down and 580 credit score - that's it! There's also plenty of other government subsidized programs for buying a house, my State has one that's available to almost everyone - the income limits are stupid high, more than six figures IIRC. I know people who are in a financial mess and have no business owning a house but they do own because it's so easy to get a mortgage. My friend makes only $30,000/year working for the government and owns a house because she qualified for a mortgage.
If it was so impossible to buy a house then it wouldn't be possible for 67% of the population to own a house.
Good jobs doesn't need scare quotes.
And I don't live in the Midwest either - I live on the east coast. I have friends all over the east coast and don't live in the city where I grew up, so it's not like my experience is hyper localized.