Re:Living paycheck to paycheck is disturbingly common
by lukas099 on Tuesday January 01, 2019 @10:25AM
(#18800500)
Is qualifying for a mortgage on a house really the same thing as affording it though?
Re:Living paycheck to paycheck is disturbingly common
by opencl on Tuesday January 01, 2019 @12:25PM
(#18801108)
Considering that the usual qualification for getting a mortgage is that payments can't exceed ~30% of your income, yes. They are at least not too far off from each other or tons of people would be defaulting.
Take a look at the NAR's housing affordability index[1]. Basically 100 means the median family income is exactly enough to quality for a mortgage on the median home price, higher is better. If you look at the HAI by metro area there are a very small number of places where the index is below 100, and almost all of them are in CA. The vast majority of cities seem to have reasonably affordable housing.
[1] https://www.nar.realtor/research-and-statistics/housing-stat...