| Category: General
You’ll have that paid for in about 200 years
In Seattle WA 7x your salary gets you a cardboard box under a bridge….
For the people that dont read the article: Its a 40 year mortgage. With the insane price of housing, I do see the argument for the buyers, if you believe you can sell and recoup your losses down the road, you expect a financial windfall, or you think your salary will increase sharply. While the root cause is the housing market, people are still signing these mortgage contracts willingly
So some lesser income people could put themselves in debt for up to say 175,000 GBP? I think when we built our house, here in Indiana, probably doesn’t even matter what decade it was, I think we borrowed 2.5 X my salary. And it was one of the cheapest new home builds I could find that wasn’t completely made like crap.