Actually, it's more about the roadblocks to getting approved for a mortgage. I used to pay $1200 a month in rent. So in theory, I should have been able to afford $1200 mortgage a month. Nope. The algorithm the mortgage providers used said I could only afford $100 a month mortgage, because of my student loans and other existing financial obligations, even though I had a substantial down payment and great credit. I think they've gotten really picky after the previous crash.
If one can afford $2000 a month in rent, one can probably afford to purchase a home...the kicker is probably accumulating sufficient down payment.
Nearly impossible when paying $2000.00 a month in rent...
New York rent comparison: What $7,000/month gets you right now
https://ny.curbed.com/2017/8/22/16181564/new-york-rent-midtown-tribeca-carroll-gardens-comparison
Actually, it's more about the roadblocks to getting approved for a mortgage. I used to pay $1200 a month in rent. So in theory, I should have been able to afford $1200 mortgage a month. Nope. The algorithm the mortgage providers used said I could only afford $100 a month mortgage, because of my student loans and other existing financial obligations, even though I had a substantial down payment and great credit. I think they've gotten really picky after the previous crash.
This was back in 2017, btw.