A renter in his 50s says he lost his job and home in the Great Recession and still rents while earning $110,000 a year, disputing a mortgage loan officer's view that would-be buyers lack financial discipline. The columnist agrees timing and economic shocks mattered, noting unemployment reached 10% and foreclosure filings hit 2.8 million in 2009. Today the 30-year mortgage rate has reached 7.3% in early October, nearly three times its level five years ago, keeping many first-time buyers out. Lenders prefer housing costs at or below 30% of gross income, so with $9,200 a month before taxes, the columnist estimates the reader could afford a property of about $300,000 before other debts are factored in.
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Original headline: Some people did everything right : I lost my home in the Great Recession . I rent in my 50s . Why is that judged as failure ?
Read the original on morningstar.com ↗
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