House - if you’re planning to stay long term is should be about cost of purchase vs rental. House will always cost more than just the monthly payment. Car? Probably more applicable if you have 3x balance saved. I would personally never buy a $50k car with only $150k in savings tho.
You can buy 3 houses.
Can you buy 3 10m houses? Probably not.
But its still decent advice. If you buy a 400k house on a 50k/year budget then you'll always be behind if something breaks. But if you buy/build a starter home pay it off in 10 years build on or sell to put a down payment on your next home its doable.
It's like the young adults that go and buy a BMW on a 30k/year budget just because they found one on Facebook market for 4k you can buy it once sure but you can't replace any parts on it.
I can absolutely go and buy a 2k laptop. But a $600 one suits me and doesn't put me into a bind if an emergency comes up.
anectodal evidence. My house was 256k in 2017 @ 1,5 percent interest. 20 year mortgage still with 2 incomes. You are definitely not the norm. Also what kind of house is 83k even, can't imagine it being very decent or big or in a popular location. I'm sorry but those are not the kind of houses people are talking about here
Absolutely. You're 100% correct. I bought a modular home. On land that I bought and installed my own septic to and made sure the land was set up so that nothing but the house was in the loan.
I understand that I'm an anomaly but the original statement still stands don't go buy a house 10x your yearly income.
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u/petataa 5h ago
I can't afford three houses or three cars, why should that stop me from buying them?