• dfc09@lemmy.world
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      1 year ago

      True, financial literacy is pretty lacking, but that’s more of an education issue than “their fault”

      Most dealerships and banks will happily approve a loan that’s too high to be realistic. It’s predatory, I make $20/hr and got approved for up to $300k for a mortgage. I bought a house worth half that and it’s still a lot. Just feel like banks really shouldn’t let people sign loans worth 80% of their monthly income

    • escapesamsara@discuss.online
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      1 year ago

      Financially illiteracy is a point; but it’s not a point for 50+% of the US. Median wage is $50k/year, which is far too low to ever purchase a home, so they’re affected by the median rent being $1,383. which is half their net income.