$100k is almost double the average income of single mothers (of ANY education level) though, and, again on average, more than a third of their income go towards childcare.
Implying people buy houses in cash does not make you seem knowledgeable about the housing market.
Not owning a house does not mean you’re in poverty.
I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Not owning a house does not mean you’re in poverty.
Never implied that either. The reverse tends to be true though: being in poverty usually means not being able to afford a house.
I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Yes and this hypothetical person has the income to secure a mortgage. I know because I made less than $100k when I bought my house for about the same as in this example.
Even in the invented example you have, this all still works, so I’m not seeing the issue
Most people shouldn’t be homeowners, and making it tougher to secure funding is a good thing and prevents housing crashes.
I know because I made less than $100k when I bought my house for about the same as in this example.
Good for you, but most single mothers couldn’t afford to do that and your “evidence” is purely anecdotal. I’m guessing you live somewhere with very low property prices and/or susidized childcare if you’re indeed a single mom.
Most people shouldn’t be homeowners
Says who? What gives you the right to determine whether people should be allowed to own their home rather than be rent gouged for their entire adult lives?
making it tougher to secure funding is a good thing
It sure as hell isn’t! See the aforementioned rent gouging. In the roughly 20 years since moving from my parents’ homes, I’ve paid several times more in rent than a decent house or condo plus taxes would have cost.
Because I never had and probably never WILL have that much at the same time, either up front or through a loan, though, I’m going to pay more for modest apartments over my lifetime without ever owning one than rich people pay for a very nice house. It’s called a poor tax and it’s not a fair or otherwise good thing.
prevents housing crashes.
No it doesn’t. Housing crashes are caused by real estate speculation going wrong, not poor people owning their homes.
The sunprime mortgage crisis wasn’t about poor people getting loans. It was about banks and other financial institutions gambling with the ownership of that debt and other overvalued assets until the jenga tower inevitably toppled.
Implying people buy houses in cash does not make you seem knowledgeable about the housing market.
Not owning a house does not mean you’re in poverty.
I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Never implied that either. The reverse tends to be true though: being in poverty usually means not being able to afford a house.
Yes and this hypothetical person has the income to secure a mortgage. I know because I made less than $100k when I bought my house for about the same as in this example.
Even in the invented example you have, this all still works, so I’m not seeing the issue
Most people shouldn’t be homeowners, and making it tougher to secure funding is a good thing and prevents housing crashes.
Good for you, but most single mothers couldn’t afford to do that and your “evidence” is purely anecdotal. I’m guessing you live somewhere with very low property prices and/or susidized childcare if you’re indeed a single mom.
Says who? What gives you the right to determine whether people should be allowed to own their home rather than be rent gouged for their entire adult lives?
It sure as hell isn’t! See the aforementioned rent gouging. In the roughly 20 years since moving from my parents’ homes, I’ve paid several times more in rent than a decent house or condo plus taxes would have cost.
Because I never had and probably never WILL have that much at the same time, either up front or through a loan, though, I’m going to pay more for modest apartments over my lifetime without ever owning one than rich people pay for a very nice house. It’s called a poor tax and it’s not a fair or otherwise good thing.
No it doesn’t. Housing crashes are caused by real estate speculation going wrong, not poor people owning their homes.
The sunprime mortgage crisis wasn’t about poor people getting loans. It was about banks and other financial institutions gambling with the ownership of that debt and other overvalued assets until the jenga tower inevitably toppled.