My father bought his house in the 80s for 1.5x his annual pretax wage. Last time he had his house valued it is worth somewhere north of 15x his annual pretax wage, same job. He is constantly asking when I will be buying my own house. I keep explaining to him, I am in my early 40s and got stuck in the rent trap fairly early, I am not in a position to take on a 30 year mortgage at this point, I will likely never own my own home. Median house price in my area is just under 9.5x my annual pre-tax income, and I don’t see how I could support my kids and actually live my life while paying down a mortgage compared to the deal I got on my rental house through sheer dumb luck.
My father bought his house in the 80s for 1.5x his annual pretax wage. Last time he had his house valued it is worth somewhere north of 15x his annual pretax wage, same job. He is constantly asking when I will be buying my own house. I keep explaining to him, I am in my early 40s and got stuck in the rent trap fairly early, I am not in a position to take on a 30 year mortgage at this point, I will likely never own my own home. Median house price in my area is just under 9.5x my annual pre-tax income, and I don’t see how I could support my kids and actually live my life while paying down a mortgage compared to the deal I got on my rental house through sheer dumb luck.