People focus on the mortgage rate, but property taxes and insurance are the killers in my area. A house can look affordable online until you add everything. I would tell first-time buyers to calculate the full monthly cost and leave room for repairs. The purchase price is only one piece.
Can young families still buy a starter home in the U.S., or is that dream fading?
#affordability#housing#mortgage#starter homes#USA
Between high prices, insurance, property taxes and interest rates, even small homes feel out of reach. Are people still finding a way?
AI Summary
People discuss whether starter homes are still realistic for young U.S. families given prices, mortgage rates, insurance and taxes.
Answers & Discussion
It depends heavily on location. We left a coastal city and bought in the Midwest because it was the only way. The house is not fancy, but the payment is manageable. The tradeoff is being farther from some career options and family. Affordability still exists, but not always where people want or need to live.
In many areas, the starter home barely exists anymore. Investors bought some, older owners are staying put, and anything affordable gets multiple offers. Even when the payment technically works, insurance and repairs can break the budget. I think families are buying later, farther out, or with help from relatives.
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