Or you can afford it. I am living in a city where the average salary is the same as the average mortgage for a 3-room flat. It is absolutely crazy, a city with one of the highest real estate bubble indexes in the world, and a bubble that refuses to burst stubbornly and things are getting progressively worse.
Not to mention that you are also supposed to have 10% of the price + real estate agency fee, plus cover the initial taxes and governmental fees in order to get an better mortgage rate. It is absolutely sickening.
In my area, a condo/townhouse goes for $400k give or take ($3500/month @ 0% down over 30 years), and the median household income is ~$75k (~$6k/month before tax, ~$5500 after tax). So that’s something like 55-65% of net income, which isn’t ideal, but still possible.
Or you can afford it. I am living in a city where the average salary is the same as the average mortgage for a 3-room flat. It is absolutely crazy, a city with one of the highest real estate bubble indexes in the world, and a bubble that refuses to burst stubbornly and things are getting progressively worse.
Not to mention that you are also supposed to have 10% of the price + real estate agency fee, plus cover the initial taxes and governmental fees in order to get an better mortgage rate. It is absolutely sickening.
Mission impossible!
It certainly does depend on where you live.
In my area, a condo/townhouse goes for $400k give or take ($3500/month @ 0% down over 30 years), and the median household income is ~$75k (~$6k/month before tax, ~$5500 after tax). So that’s something like 55-65% of net income, which isn’t ideal, but still possible.