Who Can Afford It?

[Ozarks Tom]

The dem politicians keep lauding the wonders of "Bidenomics", why, the economy and inflation are doing just wonderful.  The amazing thing is they say this with straight faces, as if they expect us to believe them.

Just doing some very quick math, I'm guessing someone would have to have a yearly income of around $85k/year to afford an "average" home.  Then drive an old car and eat beans & rice.

The average monthly mortgage payment in Joe Biden’s America has soared to $3,322, per analysis from the Wall Street Journal.

That $3,322 is nearly double the average monthly mortgage payment when His Fraudulency assumed office. When former President Trump left office, the average monthly mortgage payment was $1,787.

www.breitbart.com/economy/2023/12/11/nolte-average-monthly-mortgage-payment-explodes-3322-bidens-america/

[fixitguy]

Back in about 1985 or 87' I went to live with my older sister for about a year. She just moved to a up and coming area in the south metro called Apple Valley, MN. It was a ritzy area of young homeowners of the day. I delivered the Star Tribune paper on Sunday mornings.
One thing that stuck in my head was the nice homes with rust bucket old cars in the driveways.
I'm sure we will see another round of home foreclosures in the near future, as new homeowners are just a few missed pay checks away.

[Ozarks Tom]

If the Fed follows through with its hints of lowering interest rates over time, the bankers are going to clean up big time doing all the refinancing of high rate mortgages.

I remember many years ago refinancing our home when the banker called and offered a point and a half reduction, meaning a sizable savings on the monthly payment. It cost a little up front, profit for the bank, but worked out well for us.