Years of Income Needed to Pay off a House

submitted by magnora7 from i.redd.it

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[–]HeyImSancho 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

I honestly don't 'get it'. Of course a home takes years to pay off; they cost year's of wages/salary. I would say the image is inaccurate, and think it takes way longer for the average person to pay off their home; as there is just so much other stuff to consume along the way.

Here's a fact for anyone 'winning' by paying rent, you're still the one paying the taxes, levies, fees, and mortgage of where you stay! And on that note, the last 12 years we've 'owned', and at the time of sale, got back all of our payments made; meaning we lived for free. If you get really creative, often times, you can wrap the down payment into the original loan; walking in cheaper than getting an apartment with 1st, last, and security deposit...

[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

and think it takes way longer for the average person to pay off their home; as there is just so much other stuff to consume along the way.

It does take longer. This map assumes that the person spends 100% of their income to pay for a place to live, going by the average house price in that area and average wage in that area. Basically it's a map of the wage to house cost ratio in various locations.

[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Mortgage means debt bondage for life. Private property is becoming less and less common for the middle class. The elites hoard assets and property, whilst the proce continues to climb, and the purchasing power of the shit dollar continues to decrease.