this post was submitted on 13 Sep 2024
242 points (97.6% liked)
Asklemmy
43817 readers
904 users here now
A loosely moderated place to ask open-ended questions
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
We live in very different places. Multiply most of those numbers by about 6 and you have my area. I'm not exaggerating - 3 bedroom attached house of 1.5million, mortgage of 6.5k, PMI of $2500. Average rent is 2-3k for a 1 bedroom.
I've lived it. If your average home is $250k, your situation is nothing like mine or half the country that lives in cities. Your advice only applies to rural areas with extremely low cost of living.
PMI would be $1200 in your example, not $2500.
Argue all you want. I gave you real numbers. That was my quote without a down payment.
I worked at banks for most of my career and was engaged to the lead mortgage lender, and together we hosted quarterly free events for our community to show people how to get into homeownership. I suspect you're lying in bad faith to try to scare people out of homeownership and push the agenda that Millennials and Gen Z can't own a home. I encourage anyone reading this to do their own research and contact their bank's mortgage team to determine if its feasible for them.
Over half of millennials are already homeowners, and I'd love to see that number go up.