Quote:
Originally Posted by manaboutown
I was thinking about today's young to middle aged families, not people over 50 who have built a portfolio of financial assets over time. Most folks don't have much in the way of savings or investments when they are starting out in their twenties and thirties. I didn't. Every house I ever bought from 1967 through 1996 I leveraged to the hilt short of needing to pay PMI. The last one I bought in 2017 I took a 15 year 3-1/8% mortgage on, 50% down. I find it convenient not to pay it off as the lender escrows money from my payments and pays the taxes and insurance for me. My other houses are now free and clear. The $10K cap on the SALT deductions modified my strategy.
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True, but Many in retirement age group in their youth had more than 8% mortgage with wages around $5.
Our grands working job’s during college, minimum wage for them has been $20 or more an hour. Don’t need insurance until 26, so saves a bundle.
The 4 of them rent our house and have a healthy savings for early 20s. Plan is to buy home in 2 years, unless they all end up in different med schools.
I would also hope those in their 30s living with parents are saving money for something, or maybe not