Median house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage.
Low interest rates aren't helping most people, they're hurting by pushing up house prices. Only those with significant capital for a deposit benefit.
Re:Just Be Rich
by chrisseaton on Tuesday April 13, 2021 @11:58AM
(#26794169)
> Median house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage.
Most people buy as a couple, so this is achievable.
Until 1 parent stops working (entirely or goes part time) to help raise the kids
Yes, sorry, I was referring to the USA specifically. The real estate speculation problem is a lot worse in other Anglosphere countries (UK, Canada, Australia). Outside California, US prices are still somewhat reasonable compared to incomes.
Regardless, at current (historically quite low) interest rates, a typical software engineer's salary will qualify you for a very large mortgage.
You'd be surprised. At 30, I saw many of my friends go from thinking they'll never afford a home to each buying one over just a few years.