So Can You Buy a Home or Not?
This may or may not be common knowledge, but the Millennials are the first generation of people in the United States whose standard of living and income per person is worse than the previous generation. Based on the statistics, the mortgage debt of people who own homes in the United States is around 8 trillion dollars. To put that into perspective, the total student loan debt is 1.2 trillion: many complain about student loan debt, but what about the inching debt that we will soon have to take on as well?
While this article may be more “fun” than practical, it is a lingering issue that we should take note of for our future. For example, you may decide that you want to go to a more affordable college in contrast to another college that would force you to take on debt. Why? Because you know that you will need the extra money when you want to buy a house or an apartment.
There have been some statistics that have evoked this questions in a forceful way. The question: will you be able to mortgage or even buy a house in the future?
Firstly, you have to know some background information on how much the average salary in the United States is: a little over $51,000 a year. Taking this into perspective, here are the minimum average salaries that you need to just pay your mortgage on your home…
Los Angeles: $95,040
San Diego: $103,165
New York City: $86,770
San Francisco: $$$147,996$$$
So I urge you to think about the following: will you be able to afford a home when you grow up and want to settle down? I also urge you to think about these questions: how am I going to save money when I am in college? Where am I going to go to college? Will I have a job in high school and/or college? How much of my income will I save in a savings account/401k?
A successful career and eventual happiness requires planning and a bit of luck; however, if you start thinking about these, for lack of a better word, rudimentary questions you may improve your prospects in the future.
Meet the Author:
If you are interested learning more about Omar or the rest of the Spectrum Staff, click the button to check out her biography, or go to 'Who We Are." in the main menu.