This mom was trying to help her son find a home and she's gone viral explaining the state of our economy.
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I hate to say it, but this caption is correct. This mom with hands-on experience helping her son, a college graduate making $40k a year, find a home knows a lot more than our beloved Dave Ramsey.
The houses in his price range, under $1,000/month rent, were in Sketch-ville. The apartments under a grand also looked like they should have been torn down. They weren't safe.
And A LOT of starter jobs, right out of college, you're going to be making $35-50k a year. She's right. You can't afford to live.
The only ones that are decent, like he found a studio apartment that's in a nice neighborhood, $1,400 for 485 square feet. That is more than my mortgage. And then regular (1 bedroom apartments ... anywhere from $1,300 to $1,700. We live in Montgomery, Alabama. We're not in a big metropolitan area. I don't understand how the housing market has gotten so donkey ...
Then everybody says he should buy a house since mortgage is cheaper, it's less than rent. Well nobody will give him a mortgage loan because he has no credit. He doesn't have bad credit, he has no credit. He didn't want to get into debt.
That, unfortunately, is the Dave Ramsey conundrum right there. Dude is young, starter job, lives at home with his folks, saves money, has no debt, and he literally cannot afford anywhere to live. The fact that he stayed away from debt means he can't get a home loan now if he wanted to.
In Alabama.
This isn't Los Angeles or NYC we're talking about here.
This isn't just Bidenomics (although that makes things worse). This lady just had the epiphany that the previous generation has spent decades destroying the housing market and now the younger generation is reaping the whirlwind.
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