I’d argue that people can only pay what they can pay. They won’t pay extra, they’ll buy smaller homes with smaller valuations to keep their payments reasonable. If you can’t afford to put up another 1k/month then you won’t.
Again, people can afford to move just not for their established QoL. If you own a 4bd house in a good school district are you going to downgrade to a 3bdrm in an ok district? Maybe? Probably not unless the money is good.
Also rich people aren’t buying homes with mortgages. They are just buying them with cash… Or putting so much down that their mortgage is reasonable.
Agreed
I’d argue that people can only pay what they can pay. They won’t pay extra, they’ll buy smaller homes with smaller valuations to keep their payments reasonable. If you can’t afford to put up another 1k/month then you won’t.
Again, people can afford to move just not for their established QoL. If you own a 4bd house in a good school district are you going to downgrade to a 3bdrm in an ok district? Maybe? Probably not unless the money is good.
Also rich people aren’t buying homes with mortgages. They are just buying them with cash… Or putting so much down that their mortgage is reasonable.