Comments by "LRRPFco52" (@LRRPFco52) on "How Money Works"
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@jrus690 People are being forced into extended loan terms to keep the monthly mortgage payments within a barely-survivable DTI ratio. The foreign investors who are buying up residential real estate and renting it out have inflated the US housing market astronomically, to the extent that people in their late 30s to early 40s who have been doing the right thing all along with their finances, still can’t afford a home with a reasonable mortgage payment.
I know many people in the tech sector and construction industry management who are pulling in stupid money every month, well in excess of $100k annually with one income.
They have not been able to afford a home, other than as renters. I know people in tech companies that are in charge of hiring. They actively screen for new, quality employees throughout the year, then go through the interview process. There are people making $130k/yr in other companies looking to move over to them, who are struggling on that salary.
Food costs are a huge monthly expense these days, especially for those who are trying to stay organic and not shop at grocery stores where everything is packed with modified corn oils and carcinogenic chemical mixes that the human body doesn’t know how to digest.
If you track average transaction prices for used and new vehicles, they have also gone up to unprecedented levels of inflation. Used car avg price broke through $25k some time between 2020 and 2021. In Sept 2022, used car avg price broke through $31k.
People are getting maxed-out on big expenditures without comparable income ratio. It’s basic math.
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