Gen Z Can’t Afford the Rent

[Traveler]

The average single family home in NJ as of 2022 is 420k.

At 7.9 interest and with property taxes averaging around 10k a year.

You would need a down payment of between 40-80k

Even on a 30 year mortgage that is around a 3000/mo

Basically you need a household income of around 200-250k to be able to comfortably make those payments.

The kids are right to feel like home ownership borders on unattainable.

Lol no you don't. My mortgage in Hawaii is 3k and I make 155k. I can still do what I want within reason and invest.

You need a house hold income of about 120k. So each person making 60k and you can do it. That's reasonable.

Gen Z is bad with numbers. Lol

 

[Lucky_Lefty]

Perfect example of what I'm talking about. These types are going to destabilize the fukk out of these LCOL real estate markets.

Funny thing is these aren't the Boomers I always see folks complaining about. It's their own generation who's fukkin it up for them.