I’m lucky enough to have been financially able to buy a home. I had help making the down payment, but we’ve now got a 30 year mortgage. My monthly payments are less than what I was paying for rent, less than the average rent in the city by almost a third. I got this place with two above-average incomes, and had the good fortune to get it during the COVID housing and interest rate dip, and I still needed extra help.
If someone is stuck with renting, they’re likely paying more than they would for a mortgage. They can’t save up the money because they’re already lagging behind, and the housing market isn’t coming down in price, and wages absolutely aren’t keeping pace. No one is saying a house would “lock them down,” they’re pointing out they can never afford it because they can’t even come up with the money to show the bank they can save because they’re already paying above the potential mortgage payments every month.
But you’re saying they won’t, not can’t, so what should they do to come up with the money? Start selling kidneys? 78% of Americans live paycheck to paycheck, and that same link shows 71% have less than $2000 in their savings. So where exactly are people supposed to shit out your hypothetical $30,000?