So the only opinion so far is that you think only super rich people and corporations should own homes.
Everyone should be a renter (even though there shouldn’t be landlords lol)
And banks are bad because they give people a chance to acquire an asset that they can pass down to their relatives… which also happens to be the majority of people’s largest asset.
Wow GLP… wow. A new low.
Quoting: Anonymous Coward 42717143 And not to mention you also want to take away peoples ability to leverage the equity in their home as well.
You just want people to feed corporations and wealthy landlords (even though there shouldn’t be landlords lol) and have nothing to show for it. Unless they can save up about $30,000 a year and then in 10 years they could potentially afford an average house.
How many people making an average salary with maybe a kid or 2 have $30,000 left over for savings each year?
A new low for GLP
Let’s say a couple that are both 25 years old have 2 kids. The father makes $75,000 a year and the mother watches the kids and doesn’t work.
If they are renting a typical house out, that would be at least $2,000 a month in most areas. Say 2 cars with payments of $500 total plus $200 in insurance.
Right there with rent and cars you’re at $32,400 without any other bills.
We’ll even say that 75k is after tax too
So now you’re down to $42,600
For 4 people to eat and all the other things like electricity, gas, etc… say even $2500 a month more which is ridiculously low. That’s another $30,000 a year.
Now you’re at $12,600 as a generous estimate and I’ll even round up to $15,000. If you want to buy a house for about $300,000 which is around average, it would only take 20 years!
So with real numbers, it would be more than 20 years.
Now that couple at 25 yr old with 2 babies is minimally 45 years old with kids in their 20s and they finally were able to buy their first house. And again, realistically it would be more than 20 years… so at 50-55 years old with adult children, they finally can afford to buy a house which also would wipe out 100% of their savings.
How does this make sense to any of you????
