One of my siblings is going to school once a week, I think lockdowns definitely fried some brains.
Average rent, 2000: $602
Average teacher salary, 2000: $41,807
Median house price, 2000: $119,600
Months to save difference between recommended housing budget (30% of gross) and rent to afford 20% down-payment:
(119600*.2)/((41807/12)*.3-602) = 54. If your 5-year plan is to have a house, you get there 6 months early (not really; teachers start at a lower wage)
Average rent, 2023: $1372
Average teacher salary, 2023: $66,745
Median house price, 2023: 430,300
Same calculation:
(430300*.2)/((66745/12)*.3-1372) = 290.
It’s far harder to let some asshole kid push you over the edge when you’re on the path to home ownership versus when that’s either never going to happen or decades away.
