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  • The Ultimate Game Changer: Why 2009 Will Be Worse Than 2008 (Part 1) [View article]
    "Surprisingly few Americans have the ability to put 20% down on a $300,000 home"

    Interesting breakpoint. With median earnings at $50K or so, how many people could be expected to have more than a year's income ($60K) available for a home downpayment? Maybe they have that in IRA/401k, but deploying it for a home wouldn't be particularly prudent.

    If we use the 3x rule of thumb (home=3x annual earnings), how many could put $30K down on a $150K home? My guess is not many.
    Jan 08 02:37 am |Rating: +2 0 |Link to Comment
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