I done can’t read good no how…
Are they stating $7K a month?
Typo...................
Yes, I’m afraid they are.
Yep. It wasn’t that long ago when “homebuyers take on $7,000 mortgages” meant people were borrowing $7,000 to BUY A HOUSE, not a $7,000 per MONTH mortgage PAYMENT.
$7k per month, assuming they have no other debts, you can imagine this particular couple has other debts like credit cards, cars, student loans, etc.
I’m always amazed when I talk to young people, someone under 35 and younger, even older people don’t know any better.
The complete lack of knowledge of anything financial is mind boggling to me, no concept of how a bank works, no concept of paying interest, no concept of taxes, etc.
For example in the election last November 2022, the Duval County School Board here in Florida wanted a 1 millage rate increase in property taxes to fund higher “teacher salaries”, this on top of a half millage rate increase the year prior for school refurbishment.
My wife and I, at our usual dining establishments asked all our waiters, bartenders, etc. who owned a home if they knew what a millage rate was and how much money that represented on the average home, of the 10-15 people we asked, NO ONE had any idea what a millage rate was and how it would affect their property taxes.
We also explained to those who live in rental properties how the owner’s taxes would be affected and how much of a likely rent increase they could expect, they honestly thought increases in property taxes didn’t affect them because they rented.
Not only did none of the people what know what a millage rate was, none had any intellectual curiosity about the subject to find out.
It is obvious the headline is missing “monthly payment” after the dollar amount of $7,000.
This brings to mind the comedy bit by the late George Carlin.
He ridiculed the phrase “Tell us in your own words.”
Carlin said, “I always use the words everyone else uses.”
Without that obvious use of common language, conversations are gibberish.
This is why college textbooks are hard to read. The authors are telling us IN THEIR OWN WORDS instead of words in common use we readily understand.
I never met a $7,000 mortgage I didn’t like!