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Blackstone and other bulk buyers of mortgages are helping to destroy the middle class from within.
From 2020 to 2022, the average home price went up 30% to $524k.
20% down payment=$108k, so monthly mortgage=$2329.
Average monthly net salary in the US: $3,200.
Average student loan/mo = $393.
After student loan and mortgage, there's $478/mo left.
This is completely monstrous.
@esaeger
We're a one income family, but it's an above average income. No kids. No other debt except for one modest used car payment. There's absolutely no way we could afford that kind of mortgage, because we have medical bills.
We bought a beater of a house, so we spend a lot on it, but it allows us some flexibility. When we need to pay medical bills, we don't spend on supplies for the house.
But, it's a lot of work.