more young adults living at home, and those that do buy spend a massive amount of their income on the mortgage. . People like to forget about the 1,000,000 California homeowners that bought and were flushed out when the correction hit (most of these foreclosures were on boring 30-year fixed rate mortgages). But here is the thing; most cant buy and sales volume reflects that. . Yet from the data above, you realize that people are pushing close to half of their income on rent or housing payments. . Even the most expensive county in SoCal, Orange County is seeing a big scottish national identity essay rise in inventory: This is the highest level of inventory in many years. . So much for the notion that these are households with so much disposable income that they can afford homes with no issue. . In fact, many young households are relegated to living with mom and dad because they dont even have the means to pay the rent let alone buy. .
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Will there be significant changes to income when you buy? . The numbers are clear and that.A. For many, they are simply squeezing every disposable penny they have into rents and mortgage payments. . Is the most unaffordable place to rent and one of the most expensive places to buy essay of peace on earth relative to what local households make. . It doesnt matter that you have a 30-year fixed rate mortgage at a low rate if you lose a job or your income gets slashed. . The above chart merely shows what weve been discussing; households that do buy are merely one minor recession from being in foreclosure. . Like a kid on the way with mega daycare costs? . Do you want to see where the momentum is heading? Like an addict, they cant envision the withdrawal. They feel that home prices can only go up and when they account for a price correction, they only see a tiny change (yet are totally okay with double-digit jumps for seemingly no logical reason aside from animal forces). . Take your pick in this speculative market. .
Now imagine what the charts would look like based on 2015 data? . But more importantly, households just dont earn as much.A. The answer is they dont and this is also reflected in very low sales volume relative to the big price increase. . They believe their own hype. .
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