Modern buyers face a stark landscape where mortgage rates have hit 25-year highs and property values remain stubbornly elevated due to high demand. Reddit users often highlight the "scam math" of traditional mortgages, noting that a $400,000 house can ultimately cost over $1 million after 30 years of interest. To navigate this, the community emphasizes strict financial frameworks, such as:
: Ensuring the mortgage is no more than 30% of gross income, having 30% of the home's value in savings, and limiting the price to 3x annual income. buying a house reddit
: While 20% is the gold standard to avoid Private Mortgage Insurance (PMI), many buyers explore FHA or VA loans to extend their purchasing power. Modern buyers face a stark landscape where mortgage