Most people don't understand just how upside down the housing market is.
With 20% down on a $500,000 home at today’s rates, you end up paying roughly double the price of the house over 30 years.
Here’s the math:
- Home price: $500,000
- 20% down payment: $100,000
- Loan amount: $400,000
Current 30-year rate (~7.4%): total interest ≈ $597,000
Total principal + interest paid: ≈ $997,000
Add the down payment: $100,000 + $997,000 = about $1.1 million
Not to mention property taxes and maintenance. The own nothing era is in full effect for the middle class.
U.S. Homes are now the most unaffordable in history 🚨 🚨