Quote:
Originally Posted by automaton 3
The average family income doesn't support those prices. Where is the money coming from?
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As someone else mentioned, parents are a big factor to helping with down payments for their kids and the other source is of course borrowing due to low interest rates. Many people's financial plans are now based around borrowing money to finance basic expenses (housing, bills, food) and their monthly payments are made to service those debts (interest mostly).
Very dangerous for those that are over leveraged, especially when interest rates rise if they're just treading water monthly and paying off only interest.