Quote Originally Posted by Lowell View Post
Great numbers and questions Renf. To put another spin on this, consider the McDonald's and other fast food workers that re demonstrating for $15 an hour. That's pennies over $30K a year which, by your numbers, $30K X 2.5 = $75K would be their purchase affordability and $30K X 30%= $900 their max rent affordability. The former would simply put them out of the market other than fixer-ups and the latter would put them at the bottom of choices in the renter market.

And some are outraged by those protests or efforts to set a $15/hr. minimum wage.
If you are working at a job in which you are making minimum wage, then you should not be attempting to buy a house. Homeownership is not for you at this time.

If you own a home, you should be making middle class wages. Or else, just rent an apartment, townhouse, or house. If the furnace dies, or if the roof starts leaking badly, can you replace those on $15.00/hour wages?

Also, $900 is not the bottom rung. $900 should get you a nice 1- or may be 2-bedroom apartment in Livonia or Allen Park or Clawson or Madison Heights, or a nice 3 bedroom bungalow in the city.

https://www.apartments.com/clawson-mi/