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- Last night, @goingdeepchadjt spoke from the heart and presented a new plan to free skaters from discrimesh and lay marble over the entire city. They made a compelling case. Do you think we should pass it? #politics #mikeytaylor #skateboarding #chadandjt12.5K4.44%7 months agoTitle: Buying a Home in California: Navigating the 28/36 Rule with Taxes and Insurance Purchasing a home in California is a significant investment, with the average home price at $728,134. To determine how much you'll need to buy a home, it's crucial to understand the 28/36 rule, a financial guideline lenders use to assess mortgage affordability. The 28/36 rule consists of two ratios: 28% of your gross monthly income should cover housing expenses, while 36% should cover your total monthly debt obligations, including housing expenses and other debts. Applying the 28/36 rule to California's average home price, let's assume a 20% down payment ($145,627) and a 30-year fixed-rate mortgage with a 6.5% interest rate. The monthly mortgage payment is approximately $3,6802 Adding property tax of $357 and insurance of $102 per month, the total housing expense is $4,141. To afford this, your gross monthly income should be at least $14,782 ($4,139 ÷ 0.28), or an annual income of $177,384. Considering the 36% rule, and assuming $500 in other monthly debt obligations, your total monthly debt payments should not exceed $5,639 ($500 + $4,139). To be safe and meet this requirement, your gross monthly income should actaully be a little higher $15,664 ($5,639 ÷ 0.36), or an annual income of $187,968. In summary, to buy a home in California at the average price, you'll need: A 20% down payment of $145,627 A minimum gross annual income of $187,968 to satisfy the 28/36 rule A stable employment history and good credit score Remember that these figures are based on the average home price and may vary depending on the area or property type. Consult a financial advisor or mortgage professional for personalized guidance. #realestate #realestateinvesting #california #mikeytaylor9.6K2.61%7 months agoGen Z Leads the Race to Homeownership. Gen Z is leading the charge in homeownership, outpacing their parents' rates. In 2022, 30% of 25-year-olds owned their homes, higher than the 27% rate for Gen Xers when they were the same age. However, Gen Zers who didn't take advantage of pandemic-era low mortgage rates could be left behind. Millennials, on the other hand, are lagging behind their parents in homeownership. In 2022, 62% of 40-year-olds owned their homes, lower than the 69% rate for baby boomers at the same age. Despite this, millennials are the largest group of homebuyers, with 25-44-year-olds purchasing roughly 60% of homes sold in recent years. Gen Z homebuyers are most common in affordable regions like Virginia Beach, where they bought 9% of homes sold in 2022. Millennial buyers are most prevalent in job centers like Seattle, where they bought over 40% of homes sold. While some Gen Zers were able to take advantage of record-low mortgage rates in 2020 and 2021, those who didn't buy homes during that period may struggle now that housing costs have risen and the economy shows signs of slowing. In 2022, 30% of 25-year-olds owned their homes, slightly higher than the homeownership rates for millennials (28%) and Gen Xers (27%) when they were 25, and slightly lower than the rate for baby boomers (32%) when they were 25. Young adults benefited from low mortgage rates and a strong job market during the pandemic, enabling them to buy homes. However, Gen Zers who haven't bought homes yet face obstacles such as higher mortgage rates and limited housing supply. Unlike Gen Z, millennials are tracking behind older generations' homeownership rates. Financial challenges such as the 2001 recession, the 2008 financial crisis, and pandemic-related job losses in April 2020 have limited their ability to purchase homes. The pandemic homebuying boom may further exacerbate the challenge within the millennial generation. #realestate #realestateinvesting #genz #millennial #mikeytaylor6.2K3.92%7 months ago