Despite their combined six-figure income, the homeownership dream has soured for young Americans Laura and Samuel Graves, who are left with little choice but to build their family in a suburban Portland apartment as they patiently search for a home that suits their budget.
e refuse to become ‘house-poor’ and, like many others, are choosing to sit it out until the housing market is reasonable again,” Laura, who works as a financial analyst, told Business Insider in an article published Sunday.
Combined with her husband’s salary as an electrician, the couple pull in approximately $250,000 a year. According to the report, they’re hoping to keep their monthly mortgage payment around $3,000, but most homes they’re eyeing exceed that by approximately $2,000 on average. They’ve also claimed to stifle retirement savings and childcare costs to help their situation.
“We refuse to become ‘house-poor’ and, like many others, are choosing to sit it out until the housing market is reasonable again,” Laura, who works as a financial analyst, told Business Insider in an article published Sunday.
Combined with her husband’s salary as an electrician, the couple pull in approximately $250,000 a year. According to the report, they’re hoping to keep their monthly mortgage payment around $3,000, but most homes they’re eyeing exceed that by approximately $2,000 on average. They’ve also claimed to stifle retirement savings and childcare costs to help their situation.
Add this millennial couple to the massive number who refuse to become financially burdened by housing-related costs in today’s market and have opted for alternative living situations to mitigate those expenses.
In Laura and Samuel’s case, they are setting aside only 3% of their income for retirement, instead of the ideal 15% and, instead of sending their children to full-time summer camp, have opted for a part-time camp instead, the report stated.
With prices and interest rates high, the idea of saving enough to move into a dream home seems far away for the couple.
“Our children have begun talking about how they want a house so badly and their own rooms,” Laura told the outlet. “We’ll never get these years back. By the time we buy, we won’t even need room for a play set.”
Read more at Foxnews.com
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