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This is a crazy article from Zillow that talks about how the income needed to comfortably afford a home is up 80% since 2020 and at the same time the median income has only grown 23%. There's a significant delta in affordability overall. So, the question is what do you and I do as consumers in this situation? And I have 3 answers for you. Number one is you got to stay very close to your trusted real estate agent at this time and be very honest with him or her so that they can figure out what it takes for you to buy a home in today's market, and they can think outside the box for you. #2. You got to get pretty close to your mortgage advisor if you're not just buying a home, you're buying a monthly payment #3. There may be a more sophisticated option, such as buying a duplex and living in one of those units and renting out the other to have that other income flow the rent pay for your overall mortgage payment but this is the time to actually sit down and talk to your real estate professional so they can walk you through what it takes to buy a home in today’s market.
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