I’m not sure that’d work. I’m pretty sure I make triple the median income and I have barely any assets and my net worth is like -$700k while I pay off my mortgage.
How could your net worth be -700k do to a mortgage, wouldn’t the asset offset the debt, so unless you owed 700k on a house post it being repossessed the $x house would be net zero or positive in most situations when you purchase, unless the house devalues faster than the rate at which you pay it off?
Take the median Income, tripple that number. Below that tax income, above that tax networth.
I’m not sure that’d work. I’m pretty sure I make triple the median income and I have barely any assets and my net worth is like -$700k while I pay off my mortgage.
The median income is incredibly low.
How could your net worth be -700k do to a mortgage, wouldn’t the asset offset the debt, so unless you owed 700k on a house post it being repossessed the $x house would be net zero or positive in most situations when you purchase, unless the house devalues faster than the rate at which you pay it off?
Yes you’re correct. The asset offsets the debt. It was a joke but it does feel like that at times. Hopefully it’s paid off by the time I retire
Home owners don’t know what they have