One other thing, it is is a misconception to think you are only competing with people limited to 3X’s income. Maybe people have cash or bring a larger down, use the bank of mom and dad. FHA can use a qualified family member or family-member-like cosigner. There are also people who might use a low down but only part of what they could potentially qualify for on income to
Exactly. And these people are always going to be around. I think I’ve realized that the house I want is ALWAYS going to be too expensive to purchase, so I’ll just rent it instead for a lot less money. I’ve resigned myself to rent until I die here in SD.
