affordability is a challenge nowadays.
I can't recall the exact percentage, but mortgages used to be about 20-25% of one's income... now i think the average is 40-45%.
that's a major jump... as a result of this, people are living with their parents longer in order to save for that initial downpayment... i mean its tough for a recent university grad, with student loans, to even save that 10% downpayment with cost of houses so high. One needs to be extremely disciplined today to same that money
condos have filled the gap a little but takes a TON of discipline to hit that initial down payment if you aren't lucky enough to have some wealth in the family....
but i work with some 20 somethings, and its amazing to me that they buy lunch every day! every single day they spend that money without considering how much that adds up...
I mean, i have to buy a timmy's everyday too, which is also a bit dumb since it does add up... but at least its not lunch!
Last edited by oldschoolcalgary; 05-16-2017 at 04:09 PM.
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