Am I retarded if I dont own a house by 30?

[Anonymous]

[rigmarole]

The median house price in USA is $416,100 as of the second quarter of 2023. A 30 year fixed rate mortgage is roughly 7% at the moment. A median home buyer puts down roughly 14% when they get a 30 year mortgage. So if you want to be an average home buyer that purchases an average house, you need to have $58,254 on hand for a down payment. You would need to take a mortgage of $357,846 at 7% which would put your monthly payment for the mortgage at $2,381 a month, tack on a median home owner’s insurance of $146 per month and median property taxes of $224 per month and you’re responsible for $2,751 a month just to keep your house. To qualify you need to have a monthly income of at least three times that meaning that you need to earn a yearly salary north of $99,036 a year to be an average Joe. Median salary at 30 is $50,000 a year at the moment. Thus if you are average and you are married to an average person then together you can just barely qualify for an average home at 30 if you have managed to save $58,254 in cash together. The median American under the age of 35 has saved $3,240. So a median couple might have $6,480 saved by that age leaving them short $51,774 in cash that they need to ask family to borrow… The math says, average people can’t afford average housing even if they are married and pool their income. So the average person if they do manage to get themselves into a home will likely default and be foreclosed on anyway…

[ProbablyClueless]

In today's world? Hell no. If you asked this back maybe 10 years ago, definitely 20 years ago, I'd say that was a different story.

You have every excuse in the world to not own a house by 30 in this world, and nearly all of those excuses are basically entirely out of your control.

[ShesRad80]

no- everyone has diff circumstances. mine- was having no family they all had passed so i had to assess my situation in all ways. do i pay rent for an apartment ill never own or a mortgage for something to own. so the last 12 years i burnt myself out 7 days a week 12-14 hours a day and paid it off in full. not to mention a second job i held down for 6 of those years on top of the 12-14.

my circumstances were mine, yours are yours. you have plenty of time if thats what you want, a home of your own.

[rachel776]

don't buy a house now at the top of the market wait until it crashes and you can buy 2 houses

[madhatters4]

he average age for first time home buyers is 36.

take it easy. you're alright. more and more people are opting not to purchase a home

[RealMarek]

No. If you live in America you will be lucky if you ever afford a home. Times have changed and the globalist neoliberal elites have confiscated the wealth of the people through regulation, inflation, offshoring, and mass immigration. They want everyone renting from them. Clear them out!

[Fromdusktilldawn]

lmao then everyone would be retarded. Inflation counts for everyone, the average house price in my country is above 1 million euros. And banks dont give loans/credits because of high interest rates and if you dont have at least a big chunk of money already set. So who is at that age already a millionaire?

If you're in the USA its not as bad as here, but its still hard. Its not the 70s anymore

[DiegoO]

I know how that feels. Not everyone has it that easy. Worst in these times.

If you have a job, be grateful that you have a job. After ending college I haven't been able to start one. Bad timing: the year I graduated, COVID hits. Living my mom, who have a chronic desease, makes me decide to back off from even starting a job, during the pandemic. Now that is done, my original plans are on track again.

[DiegoO]

Living with"

[exitseven]

Mortgage rates have doubled over the last two years. Home prices have continued to increase. Buying a home is harder than it ever was. Don't beat yourself up. Just keep saving your money, things hopefully will get better

[Lynx122]

No It's a lot more difficult nowadays. I'm probably just gonna inherit my moms apartment that she owns and that's it.

[andreasderjuengere]

To not be a bank's slave is rather being far ahead, I'd say :)

Retarded are those who trust and follow ''the System''

[jshm2]

No. But renting and sitting in debt at 30 is.

[Avicenna]

Of course not, especially in these market conditions

[DarkLegacy]

If so practically everyone in the UK is retarded.

[Anonymous]

Nah, I just bought my first house this year and it was a major fixer upper. Going to be probably a years worth of working there on every day off.

[Juxtapose]

Homeownership is part of the upper class.. so no lol.

[Anonymous]

no there's nothing financially wrong with that at all. Everyone's situation is different, and people are doo doo heads if they judge someone's living situation.

[TonyMetal___86]

Nope you're not, some people are avove 60 and doesn't own their houses

[Dargil]

Nowadays most people don't.

[KostasKouvalis]

Not necessarily, just incompetent like me

[Twalli]

No, actually houses are not a good investment now.

[provokeesmokee]

Lmao, no.

[Wonderingguyy]

No 😂

[Grovermint]

No..

[DextroShade]

Not in this economy.

[noohair]

No way

[Batsy01010101]

no..

[Anonymous]

A little bit.