In Los Angeles, a median-income household would need to put roughly 80% down to afford a typical home and its monthly payments in the city, according to Zillow.
    • bitchkat@lemmy.worldEnglish
      0·
      4 months ago

      The mortgage payment does go to zero! No loan, no mortgage company to manage escrow for taxes and insurance to cover their (not yours) investment.

  • viking@infosec.pubEnglish
    0·
    4 months ago

    So that puts the average house price at 348k? That’s actually better than I thought.

  • bitchkat@lemmy.worldEnglish
    0·
    4 months ago

    What’s the percentage of people who are currently putting down 20%? Lots and lots of people where buying a home is stretching finances (most first time home owners), end up getting FHA loans with like 3% down. This sounds like people are buying houses that are way out of their price range and they need to put down a lot of principal to get their loan down to what they qualify to borrow.