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Median household income in the United States is about $52k. Median cost of a home is $189k. Given that people have to use some of that $52k for fun things like rent, food, etc. you implying it is simply a matter of being smart to be able to pay cash for that house in a few years is a bit off.
Yes, some people can. No, most people cannot and it goes beyond avoiding debt and not being stupid.
Keep in mind as more and more people retire, they will sell their homes in the NE and buy with cash in the South, and still have money left over. I don't know the figures but if mathjack is correct, I would bet a lot of the cash sales are retirees or those purchasing from outside the US (like the Chinese). I would think it's obvious to many that young folks right out of college aren't the demographic mostly paying cash for homes.
I would think it's obvious to many that young folks right out of college aren't the demographic mostly paying cash for homes.
The point wasn't people selling houses they had for decades to buy cheaper ones in Florida, it was the claim that if someone doesn't do anything stupid they can just save up for a few years and buy a house with cash.
paying cash is very difficult to do early in life unless you have a windfall from somewhere . it can take decades to acquire enough to pay cash for a house . i consider myself a pretty decent investor and saver and no way could i have bought our first place for decades with no mortgage . especially because prices went up faster then income .
The markets feel the fed is putting to much stock in the unemployment rate and not enough weight in to the general economic condition of us and the world.
Raising rates will drain money out of the pockets of americans for higher mortgages,credit card debt ,student loans and car loans that could potentially have been spent on other goods and services since wage growth sucks.
For an economy that counts on consumer spending for 70% of gdp that is not a good thing
You make a reasonably good argument for wage price inflation. We need wages to be going up.
Median household income in the United States is about $52k. Median cost of a home is $189k. Given that people have to use some of that $52k for fun things like rent, food, etc. you implying it is simply a matter of being smart to be able to pay cash for that house in a few years is a bit off.
Yes, some people can. No, most people cannot and it goes beyond avoiding debt and not being stupid.
Rent free is doable. Save the money you would've paid on rent and then buy a house with cash.
Rent free is doable. Save the money you would've paid on rent and then buy a house with cash.
Hey you should get a job as a financial advice columnist, this is really good actionable stuff that nobody has thought of! Just live rent free! Easy peasy.
They should also open a successful business and sell it for a million bucks, that is another great way to buy a house with cash.
Wed Feb 10, 2016 | 2:53 PM EST
Yellen - Fed not likely to reverse course on rates despite risks
WASHINGTON (Reuters) - Tightening financial conditions and uncertainty over China pose risks to the U.S. recovery, but chances are slim the Federal Reserve will reverse the rate tightening cycle it began in December, Fed Chair Janet Yellen told U.S. lawmakers on Wednesday.
Hey you should get a job as a financial advice columnist, this is really good actionable stuff that nobody has thought of! Just live rent free! Easy peasy.
They should also open a successful business and sell it for a million bucks, that is another great way to buy a house with cash.
Haha
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