Forget social pressure, it is not okay to overextend when buying a home GlobeMoney
There is one thing above all others that our society encourages you to overspend on – houses.
Mr. Rosentreter says that part of what you sacrifice when you’re house poor is being able to afford things such as new cars, vacations and home furnishings without resorting to debt. That’s the trivial stuff. Those fiftysomethings sound like a cautionary story about buying too much house, but the reality is actually worse if you’re getting into the real estate market today. The average resale house price nationally has almost tripled since 2000, far outpacing income growth. This makes houses harder to afford to buyers today compared with 20 years ago.Another advantage today’s fiftysomethings have is that they built their careers at a time when pensions were more common than they are now.
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