Forget student loans. Insufficient income is the No. 1 hurdle keeping many people from buying a home.
In fact, when it comes to buying a home, income shortfalls are an even bigger roadblock than credit card and student debt, Bankrate.com found. Altogether, servicing these debts generally shouldn't take up more than 36 percent of your gross monthly income. Homeowners should set aside savings equal to 1 percent of their home's purchase price every year to help cover the cost of repairs and maintenance, said Kearns.
Damn I would never have guessed that low income prevents people from buying a home. It is almost like your financials is set by your income.
I think many just saw the rut of their parents, the hard long working days for little lifestyle and they say f it! Another trickery of debt slavery and the fake American dream we chase until we drop dead. A dreaded mortgage..... blah
Broke.
Because housing costs are out of sight. The median price of a home is overblown 30%.
Um...down payment...
How many homes can the 1%ers buy? Without socialism, income inequality needs to be addressed- bring us back to 30:1 ratio of CEO v median worker pay; currently 10X higher than that.. - 1 obstacle keeping people from buying a home is lack of income
Student loan debt is a big factor!
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Source: Reuters - 🏆 2. / 97 Read more »