It is where I am, and the issue is indeed finding a house to match your income since the prices are going up everywhere. I think it is insane when families buy a 1 million $ home with a $200,000 income. But that is still cheaper then them renting and if the bank uses say a 30% of income rule then very few qualify.
What % of renter income is rent? Does anyone care?
When I was younger I worked at a bank (regional office doing loan verification of all things) 2009 ish and I can tell you banks can be and are often stupid, foreclosures are not good or wanted, but most of all the incentives for individuals don’t line up with the banks overall best interest.
It is where I am, and the issue is indeed finding a house to match your income since the prices are going up everywhere. I think it is insane when families buy a 1 million $ home with a $200,000 income. But that is still cheaper then them renting and if the bank uses say a 30% of income rule then very few qualify.
What % of renter income is rent? Does anyone care?
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Sounds like the crazy lending during the sub prime boom. Not saying you are a bad bet but that seems like a crazy risk.
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When I was younger I worked at a bank (regional office doing loan verification of all things) 2009 ish and I can tell you banks can be and are often stupid, foreclosures are not good or wanted, but most of all the incentives for individuals don’t line up with the banks overall best interest.
When I was young people could not rent places unless they could make 30% of gross…
I think that stopped around 2015 or at least I don’t hear any such ratios stopping people front renting.
Many people paying half of their incomes lol
I know of people paying 70% plus and sharing accomidation, shits rough and getting coarser.