Impossible for average person to buy an average home?

Credit and mortgage advice Forums Buying Your Home Buying Your Home Impossible for average person to buy an average home?

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    • #371432
      Anonymous
      Inactive

      The average person makes only $ 35,000 a year while the average home is around $ 400,000. I’ve heard that you should not spend more than 1/3 of your income on your home, so that would mean the average person can only spend a max of $ 12,000 a year to pay off the mortgage. If you divide $ 400,000 by $ 12,000, it would take the average person almost 35 years to pay off the entire house.

      This whole situation is made worse considering we’re not even including the interest and that most people probably don”t even have a 1/3 of their income leftover after paying for food, rent, bills, etc.

      So do you guys think that with the rising house prices, it’s impossible for the average person to afford an average home?



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