[turbinerneiter]

During Covid, the price of real estate went up so much, that the increase of the 20% down payment, which is recommended in my country, is more than I can save in year. I'm saving 60% of my income and I'm in the top 20% income bracket.

[planarhobbit]

This is why I’m wary whenever I see “top X% in the income bracket.” I think it’s misdirection, because if you can’t afford something, then you can’t afford it, regardless of how well off the statistics say you are. You can save for a down payment, and then interest rates and mortgage will obliterate you. So really, the scale for these things in terms of affordability starts somewhere beyond what you’re making - and most of the upper 20% I bet, and then extends onwards to the actual ruling/owner class.

So the metric we should use isn’t this. It’s something else.

I won’t speculate with the usual HN nonsense of armchair economists. I will say I remember Michael O’Church’s two ladder theory and I agree with it based on personal observations.

[derwiki]

Is it expected to be able to save for an entire down payment in one year? It took me and most of my friends closer to 10 years.

[turbinerneiter]

The price increase of the downpayment was higher than my savings in that year.