But where is that “average (NEW) house” price of 400,000.00 coming from?
The “math” looks very different when you use a 150,000.00 or 100,000.00 starter used house rather than of the average price of over-hyped new suburbs offering over-sized and over-built McMansions.
20 year mortgage. Condos or mixed-plan apartment style places that you purchase.
Where I live, houses in the worst part of town are $325,000. The city overall is predominantly lower middle-class families.
$400k is about right, though average homes here are about $400k. Think also about the $80k down payment. That takes a long time to get together, especially with everything else being so expensive.
Even better is buying a double!
That way you are right there if a renter causes problems and he will be paying your home off for you!