I will unashamedly admit I was one of those people until recently. When I got into the housing market, I thought $650k for a turnkey property fit for four adults would be sufficient, with another $70k set aside for repairs and projects (HVAC, oil tank removal, etc).

Turns out I was wrong, and my failure to adapt my standards has likely cost me an opportunity to own a home sans a significant pay rise.

Once I accepted that new data, however, I was able to see the immense gap between reality and expectation, as well as understand that it’s not necessarily my fault for missing that opportunity. I went with the widely-propagated programming for new homeowners at the time, and missed the pitfalls despite my ample additional research. Housing is complicated, and it’s the biggest hindrance to a more stable, equitable, and productive society in my personal opinion.

I thank my lucky stars I was able to get something like a 2.5% mortgage locked in in a few years ago