“Now, a couple coming in with 5% down on a $300K mortgage is looking at over $4K a month.”
More like $2,500 at 7.5% interest.
Rent on an apartment is that high. Buying is the better choice.
I used a 5% down-payment because most first-time buyers use an FHA product.
Depending on the location, property taxes alone will eat someone’s lunch.
What blows my mind is the ratios.
We were able to buy a 2K sq ft home, 3Br, 2 Bath, EIK. LV with wood burning fireplace, DR, 2 car garage, beautiful brick exterior brand new and our mortgage payment and utilities combined was 25% of our net (not gross) pay.
We were both making middle class pay back then.
How do young people do it nowadays?