A millennial couple earning $250,000 sparked debate by revealing they still can’t afford to buy a home due to high costs.
A Millennial couple from Portland, earning a combined annual income of $250,000, has stirred up significant debate after disclosing their struggles to purchase a home.
Despite what many would consider a high income, the couple finds themselves unable to afford a house in today’s expensive real estate market.
Milennial couple earn $250,000 per year
Laura and Samuel, both 36 years old, have been diligently searching for a home for the past three years.
However, their efforts have been fruitless so far.
With two children and a desire to give them a better living environment, the couple feels the pressure to find a suitable home.
They are careful not to become “house-poor,” which happens when a large part of their income goes to housing costs.
This would leave them with little money for other essentials.
Laura and Samuel, both 36 years old, find themselves in a predicament familiar to many in today’s challenging housing market.
Laura works as a financial analyst, and Samuel is an electrician. Together, they earn a substantial annual income of $250,000.
Milennial couple spark debate after stating they can’t afford to buy home despite earning $250,000
Despite this seemingly comfortable sum, the couple faces the daunting reality of being priced out of the housing market in their area.
Their search for a home that fits their budget has been very difficult.
Most houses they like require mortgage payments that are much higher than what they can afford.
The couple plans to keep their monthly mortgage payments between $3,000 and $3,500.
This amount is about 30% of their monthly take-home pay, which is around $11,000.
However, the homes they have considered thus far require monthly payments of at least $5,000, far surpassing their budgetary constraints.
Laura and Samuel have decided not to push their finances to the limit by buying a home they can’t comfortably afford.
Instead, they currently reside in a modest two-bedroom apartment, paying $2,700 per month alongside a storage unit.
They hope the market will change in their favor. If it does, they might be able to buy a home when the time is right.
Laura expressed their stance clearly, stating:
“We refuse to become ‘house-poor’ and, like many others, are choosing to sit it out until the housing market is reasonable again.”
She added: “Our children have begun talking about how they want a house so badly and their own rooms.
We’ll never get these years back. By the time we buy, we won’t even need room for a play set.”
Social media reactions
The couple’s situation has spurred a range of reactions online, with opinions divided on their choices and circumstances.
Some people have wondered about their money management. They think their income should be enough to buy a home.
Others have talked about buying a home even with a lower income.
Living beyond their means. Their priorities are different.
I hear it all the time with people who can’t afford this and that but can afford what they want to afford.
No sympathy on my end, one user said.
It seems that they can’t afford a certain lifestyle on their salaries, the second user commented.
They likely had too much existing debt or were trying to buy a house completely out of their price range.
I’ve approved hundreds of loans for people within the last year who make considerably less! The third user said.
It’s called, “Living within your means,” another wrote.