Redfin chief economist Daryl Fairweather: "It seems like the only way to kind of get your foot in the door to the housing market is to have some help"
  • SeaJ@lemm.ee
    1·
    2 years ago

    The US allows only a 3% down-payment.

    You are right about being able to afford it monthly. Your numbers seem like they may be closer to what they are in Canada. The median price here in Seattle is $800k which would be a $24k down-payment and a $6000 monthly payment with the average 7.1% interest rate, insurance, and taxes. Don’t know what the mortgage insurance would likely be for that but that is likely another couple hundred. That is over $72,000 per year just in housing costs.