It was their first home and they bought it when I believe they were around 30 years old (he and his wife) just before their son was born around 2016.
However, what he just told me I found to be horrifying while I was in Maui and they were there visiting from San Diego. This is in regard to buying a home worth around 750,000 dollars in San Diego County, California.
He said that they barely could get a loan with their income level then even though their combined income was over 100,000 dollars a year.
What was horrifying to me is that Now they couldn't get a loan at all because now to buy the same house you would need 400,000 dollars a year to qualify for buying the same exact house.
One of the problems of all this is large corporations buying up houses all over the U.S. for cash and thereby driving up the house prices all over.
This is harming people especially in their 30s to 50s where they cannot buy a house big enough to raise a family in even if both adults have either a college degree or some college and a good career.
I find this awful and I think corporations should not be allowed to buy so many houses and drive up the cost of buying a house like this. Because it ONLY means people are either forced to rent the rest of their lives or go homeless or something like this.
The other problem I see is fire and flood and earthquake insurance is now so expensive nationwide and completely unavailable in many places now and into the future which means that people who want to buy a place but cannot afford the insurance will be forced to do something else other than buy the dream house that they want even though they might be able to afford the monthly payments they either can't get insurance to make the loan work or they can't afford the insurance payments so they cannot buy the house they cannot afford because of this. And this is true nationwide now.
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