Quote:
Originally Posted by Regorium
The point is that maybe if you can't come up with $60,000, you should just rent? If everyone was prudent like this, then prices might actually come down for once.
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That's actually the point, housing is only unaffordable for first time buyers to buy with a good downpayment because we have a government insurance corporation essentially subsidize buyers to bid up house prices with other peoples money. This system forces many middle class people to essentially use their house as their only means of wealth and retirement fund because many cannot both save for retirement and buy a house.