Quote:
Originally Posted by Fobby
well... let me throw out a number. If you are fresh out of university looking to get into a house or start a family. A mortgage in today's world (which is roughly a 35-40 years term) would set you back 1900 - 2300 a month. Those are real numbers that my friends are paying now. Those numbers are for a 3 bed room single family home at around 1200 sq ft
If you want to calculate how much 50k a year bring home each month. look no further. After tax, it's roughly around 3000 dollars. take out 2k for the mortgage. then you get 1000 for food, heat, water, transportation, student loan... errr.. yea... good luck.
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Obviously if you only made 50k a year and had a family to support, you wouldn't buy a house, you would rent. I'm sure there are actually LOTS of families in Calgary that are in that situation (large family, one earner making 50ish k/year) that get by fine... they're probably renting, and poor, but its not like they just don't exist. Plenty of them do.
Sometimes I think a lot of people of affluence (middle/upper class) think
everyone owns a home, even poor people. It doesn't work that way.