Gross Income more than House Price

[KarefulKactus15]

It is possible. Difficult in the year 2020.

When me and my ex bought our house in 2013 it was 68k. And needed about 5k in cosmetic repairs. (Built in 2007 so wasn't old)

Our combined income was ~160k then. So our income was about 2.38 the price of our home.

We bought another house with cash for 125k with repairs and sold it for 168k in 2017.

So it was possible for the 2 houses I bought.

We celebrated with a divorce in 2018. Currently I have 0 houses. It's theoretically possible to buy a house that doesn't exceed my single income but there aren't many and they don't have all the amenities I want.

265$ mortgage in 2013.  That certainly freed up some funds for investing.

[BDWW]

It's hard not to get jealous of all this talk of reasonably priced homes. We luckily bought at pretty much the ideal time.

Original purchase price was 2.4x our gross.
Current principal 1.1x gross which is 1.5x original gross.
Current home value to gross, 2.8x.

So we would be worse off if we were buying the same house today despite our incomes increasing 50% in 7 years.