The latter. Even without mortgage, here in my city it would take 150 months of an average salary to buy a fairly modest apartment, and we’re speaking average, which is very far from median. With mortgage…you simply wouldn’t be able to cover the interest payments, so it’s out of the question.
Also, government tries to step in to compensate a bit for the families with children. But overall, the insane interest rate reflects in everything. I currently pay out a loan at 35% APR.
The latter. Even without mortgage, here in my city it would take 150 months of an average salary to buy a fairly modest apartment, and we’re speaking average, which is very far from median. With mortgage…you simply wouldn’t be able to cover the interest payments, so it’s out of the question.
Also, government tries to step in to compensate a bit for the families with children. But overall, the insane interest rate reflects in everything. I currently pay out a loan at 35% APR.