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A comment on The U.S. Housing Market vs. the Canadian Housing Market. Parent comment

Re:The U.S. Housing Market vs. the Canadian Housing Market by molsongolden on Saturday September 09, 2023 @06:13PM (#37450812)
Some of this might be your expectation of housing costs? A 220k mortgage, even at 7.5% interest, is still affordable on a 130k salary. This works out to < 25% of your after-tax income which is pretty average or maybe lower than average (unsure if most affordability stats are quoting pre or post-tax income).
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Re:The U.S. Housing Market vs. the Canadian Housing Market by losteric on Saturday September 09, 2023 @06:23PM (#37450876)
tbh the hypernormalization of needing to go in debt and pay interest for a home is extremely scary, regardless of the rate
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Re:The U.S. Housing Market vs. the Canadian Housing Market by hylaride on Saturday September 09, 2023 @06:54PM (#37451104)
It's been that way for almost a hundred years. It's not so scary when interest rates and values have stayed relatively steady (as they have in most of the post-ww2 era in inflation-adjusted terms). All that seems to have fallen apart around the year 2000 (when interest rates were made lower than they should have been).
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Re:The U.S. Housing Market vs. the Canadian Housing Market by maxerickson on Sunday September 10, 2023 @08:01AM (#37455034)
To the extent that government tinkering in the lending market ends up making housing more expensive, we should at least treat it as a policy failure.
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Re:The U.S. Housing Market vs. the Canadian Housing Market by kahnclusions on Saturday September 09, 2023 @09:45PM (#37452122)
I don’t understand what that 220k mortgage actually bought… a broom closet? A parking space? A tiny house in a countryside town far from anywhere?
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Re:The U.S. Housing Market vs. the Canadian Housing Market by madphilosopher on Sunday September 10, 2023 @01:46AM (#37453240)
The 220k is the value of the mortgage and not the original purchase price; there was most likely a downpayment at time of purchase. Or, they recently renewed their mortgage and the remaining amount owing is 220k.
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