Row 86761

Row ID: 86761 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 86761 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Of course growing income inequality is older than 2020. The *difference* -- and it's a big one -- is that pre-2020, if your credit was decent (580+) you could get an FHA mortgage with 3.5% down. With that, plus 20 years of historically bottomed-out interest rates, I guarantee there was an affordable home somewhere in your area, even if it was on the fringes. Rural properties, meanwhile, were generally affordable outside the famous resort / ski towns, and even then you could find things outside the fancy area.

When the median US home price was still in the sub-300K range, which was true until the pandemic nationwide real-estate boom, you could get into a half-million-dollar house (or whatever the FHA ceiling was in your county) with $17,500 down + \~$5K in closing costs. And with 580+ credit, you only had to pay PMI for 11 years, regardless of mortgage balance. At \~4%, your total payment with insurance and property taxes would be \~$2,700 monthly. That was still doable, even for single-person households in the upper half of the middle-class income range.

That same property today, even if it was priced under the FHA ceiling, would require \~$165,000 down with closing costs, and with the 7% rates would be a total payment of around six grand monthly. **This** is what has changed, in a few short years. Even upper income, two-earner households are locked out of buying because they won't qualify for a 6K+ monthly housing cost, and they won't ever have the nearly $200,000 it takes to get into an "average" home.

I never had much money but each time my family relocated, over the past half-century, I could always find something with potential in the $250K range, and this is primarily California and the Las Vegas area. These days, the only thing I see listed in that range is stuff the FHA won't qualify for, because it's decrepit, like a rotted old mobile home with no septic on a half acre in the Ozarks somewhere.

FieldValue
text Of course growing income inequality is older than 2020. The *difference* -- and it's a big one -- is that pre-2020, if your credit was decent (580+) you could get an FHA mortgage with 3.5% down. With that, plus 20 years of historically bottomed-out interest rates, I guarantee there was an affordable home somewhere in your area, even if it was on the fringes. Rural properties, meanwhile, were generally affordable outside the famous resort / ski towns, and even then you could find things outside t…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-24
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Raw Record

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  "text": "Of course growing income inequality is older than 2020. The *difference* -- and it's a big one -- is that pre-2020, if your credit was decent (580+) you could get an FHA mortgage with 3.5% down. With that, plus 20 years of historically bottomed-out interest rates, I guarantee there was an affordable home somewhere in your area, even if it was on the fringes. Rural properties, meanwhile, were generally affordable outside the famous resort / ski towns, and even then you could find things outside the fancy area.\n\nWhen the median US home price was still in the sub-300K range, which was true until the pandemic nationwide real-estate boom, you could get into a half-million-dollar house (or whatever the FHA ceiling was in your county) with $17,500 down + \\~$5K in closing costs. And with 580+ credit, you only had to pay PMI for 11 years, regardless of mortgage balance. At \\~4%, your total payment with insurance and property taxes would be \\~$2,700 monthly. That was still doable, even for single-person households in the upper half of the middle-class income range.\n\nThat same property today, even if  it was priced under the FHA ceiling, would require \\~$165,000 down with closing costs, and with the 7% rates would be a total payment of around six grand monthly. **This** is what has changed, in a few short years. Even upper income, two-earner households are locked out of buying because they won't qualify for a 6K+ monthly housing cost, and they won't ever have the nearly $200,000 it takes to get into an \"average\" home.\n\nI never had much money but each time my family relocated, over the past half-century, I could always find something with potential in the $250K range, and this is primarily California and the Las Vegas area. These days, the only thing I see listed in that range is stuff the FHA won't qualify for, because it's decrepit, like a rotted old mobile home with no septic on a half acre in the Ozarks somewhere.",
  "label": "r/economics",
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  "datetime": "2024-05-24",
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