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> it would fit in the 3x annual income rule for housing affordability Could you please expand on this rule? Where did it come from? Feels like impossibility in
by konamicode 8y ago
> it would fit in the 3x annual income rule for housing affordability
Could you please expand on this rule? Where did it come from? Feels like impossibility in some countries.
- mattkrause 8y agoIt’s a oft-repeated guideline in the US that you should spend no more than 1/3 of your income on housing (rent, mortgage + property taxes + ....). It’s not a law and it certainly doesn’t apply to all people or locations. Some lenders might use it as a heuristic though.
- gregorymichael 8y agoGood point. For instance, the Googler in question probably doesn't own a car.
- woolvalley 8y agoYes, and those countries have really bad housing affordability! 3x is a benchmark of what is affordable, not a law or a specific financial lending regulation.