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Originally Posted by KhalDrogo
I’m not sure how this disproves what I said. Housing affordability is at an all-time low already. The median home price in the US is $419k. Not that it’s a hard line, but how many individuals or couples in their 20s to 40s can afford an $84k down payment?
I bought my first home for $179k in 2013. 1600 sqft. What people used to call a starter home. Sold it for $237k in 2020. The couple that bought it sold it for $300k in 2023. The Zestimate on it now is $336k. Thats almost double the down payment, double the insurance, and double the property tax on top of whatever increase utilities and maintenance has seen. This is insurmountable for most.
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I disagree 100% with the notion that home prices are not tied to rates. This is not true.