Comments by "E Dennis" (@edennis8578) on "How Much Home You Can ACTUALLY Afford in 2024 (By Salary)" video.

  1. When I bought my first house in 1973, banks wouldn't let you borrow more than 2.5 times your income, and a 20% down payment was the minimum requirement. The interest rate was just under 7%. The way I see it, these days too many people have an inflated idea of the lifestyle they think they're entitled to. Also, buying a house in an area where prices explode on a continuous basis means that your homeowners insurance and your property tax will do likewise. Plenty of people have found themselves in the position of house payments they can no longer afford because of skyrocketing insurance and taxes.
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  2. Good for you. Very intelligent.
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  3. No, lower your expectations. Houses still exist that people can afford, but most people have an inflated idea of how much lifestyle they think they're entitled to.
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  4. The top 10% in California earn an average of $341k. $400k is probably the top 5%.
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  5. I think there are too many variables determining pmi. You would have to discuss that with the bank.
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