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Thread: Is this idea stupid?
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[quote=GARYKINKADE,358836]I can see where GRIZ is coming from...I think. The not to exceed 25% of income is based on monthly payments +taxes+ insurance of the house if carried on a 15-25 year note at say 5% interest. The penalty for carrying the house on a note is that the total cost of the house +interest will be approximately 2-2.5 x the original price of the house. If I'm understanding JIMMYB correctly....he's looking as to how long it would take to save the cash to pay for the house or apartment on a very short term basis. If half of the salary is needed for general living expenses, then at 12x the average annual income would take 24 yrs. to save for the house or an apartment, and who knows what the prices would be then. Do you suppose JIMMYB that this is a deliberate attempt for the young couples of China to secure mortgage loans because the cost of housing is so much greater than the average weighted salaries?[/quote]
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