Neat-Programmer2722
Neat-Programmer2722 t1_irigklm wrote
Reply to [OC] House price you can afford by paying 1000/month for 30 years vs. interest rate by hmiamid
In Addition to the other posters this excludes a lot of other factors for house ownership that would be helpful for people to put into context such as PMI, home owners insurance, and annual taxes all divided over 12 months to get a monthly rate. With repair costs on top of that you will quickly determine how much house you can afford is not generally not as much as a bank will approve you for.
Neat-Programmer2722 t1_irigxzi wrote
Reply to comment by 857477459 in [OC] House price you can afford by paying 1000/month for 30 years vs. interest rate by hmiamid
In my area houses and affordable housing was not being built at a proper rate due to a lot of factors but yes labor material costs were part of that.
Now the prices are so high there is a housing build rush however there is an extreme shortage of labor and extreme shortage of housing. Supply and demand.