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I wonder how Dave Ramsey suggests people do this when median home values are still so far out of whack to median incomes... There's no possible way to meet this recommendation with our current housing stock.
I wonder how Dave Ramsey suggests people do this when median home values are still so far out of whack to median incomes... There's no possible way to meet this recommendation with our current housing stock.
Then shouldn't those people not buy until they have enough down to get it to 1/4? I plan on doing what he recommends on this on my next home purchase. This way if me or my wife loses a job we won't be forced to become like millions of others in forclosure.
I figure that we could get a 150k home on a 15/yr note with a household income of 140k.
Then shouldn't those people not buy until they have enough down to get it to 1/4? I plan on doing what he recommends on this on my next home purchase. This way if me or my wife loses a job we won't be forced to become like millions of others in forclosure.
I figure that we could get a 150k home on a 15/yr note with a household income of 140k.
Not knowing your personal situation, but I wonder what metro/area has housing stock at $150k for a family making $140k and sending their kids to good public schools.
Your average "how much home can I afford mortgage calculator" (using this term loosely) will put a $140k income family well into the 300s on housing. Depending on your other debt/taxes/insurance/etc, it could easily put you over $400k for affordability on a house... frankly, the list prices of homes in most metros that support a $140k income reflect this.
I have no idea where he thinks people are going to live with that kind of budget or how long he expects people to eat Ramen noodles and live in a studio to save up for a downpayment to make it possible. Here in NJ the average person would be living next to a crack den in Camden or a trailer in the Pine Barrens following his advice.
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