alt Hacker News> 60K per month will pay a 4.5 million dollar mortgage
A mortgage is NOT owning! So many people are poisoned by this propaganda promoted by American society and banks. They prey on the masses by infiltrating the public with this live-on-borrowed-money ideology.
Your 60K/month may end NEXT month and become 0/month if you are subject to the next round of Zuck's layoffs, or you end up stack ranked and PIPed at Amazon due to internal politics. One of these things happen and poof you're in the 0th percentile of income.
In the bay area, if you want a $4.5M home, you need to have $4.5M in cash or liquid assets. Period. Otherwise you're risking a foreclosure disaster if you accidentally say something wrong in a leadership update meeting, or if this AI heyday comes crashing down.
Borrowing money does not mean you own something, and is a very American way of doing things.
Replies
Never go full crazy.
You’re playing with words here. Mortgages are considered ownership around the world.
It’s only fair I throw a creative wrench in your idea of ownership then: eminent domain. You can never own something if it can just be taken away even if you are compensated.
Pretty sure lending is common thw world over