this post was submitted on 18 Jul 2023
71 points (98.6% liked)
Asklemmy
43856 readers
1944 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Nicely put. I recently bought a new house and was thinking about this same concept. I moved to a area with a high COL, but the markup on houses was much higher than other goods (still high, but not as big).
So when applying for my loan, they use debt to income ratios to determine if you're eligible. So let's say you bought a house and the price (yearly) was 50% of your income. If one house was at 500k and the other at 200k, your 50% for other goods is vastly different. My mortgage came out to 3600/month, right about 50%. But that still leaves another 3600 for other goods. If my mortgage was 50% at 1200, then I would have 1200 leftover for other goods, which just doesn't go nearly as far. But the bank sees these two scenarios as exactly the same.