Mortgages alone should be like $1-2k alone.
If you bought when rates were low. With today’s rates, $2k per month buys you about $250k.
The only things in that range around these parts are going to be burnt out husks of a house with a cheery “fixer-upper” in the listing title…
Rent isn’t debt. Think of renter paying that much, plus that much debt and it’s only going to get worse
It’s only a matter of months/few years until we see the 2008 crash once again now. Everyone is into so much debt and they literally cannot pay it off. Where I live (Québec), the median and average income per person is about 50k CAD per year. However it looks like everyone has a 70k truck, a second car that’s less than 5 years old and a 400k house and goes on vacations to avoid the long winters… How can they afford it? Why do banks loan money to people who can’t afford the thing in the first place? We are so doomed.
Why do banks loan money to people who can’t afford the thing in the first place? We are so doomed.
It’s elementary my dear Watson. When the house of cards fall. It is not the bank who picks up the check but the government.
Gee I wonder if record high home prices/mortgages has something to do with record high debt payments.
