Mary Riera, Realtor with Raritan Bay Realty

Let me show you exactly why that 0.7% number isn't a joke.

$150,000 gross income is roughly $9,500 a month take home after federal taxes, state taxes, and payroll taxes depending on where you live.

A $750,000 home at 6.5% interest with 10% down requires a monthly payment of around $4,750. That's 50% of your take home pay gone before you've bought a single grocery or filled up your gas tank once.

Then the rest of the math arrives uninvited.

Property taxes on a $750,000 home average $7,500 to $12,000 a year. That's another $625 to $1,000 a month.

Homeowners insurance runs $200 to $300 a month. Utilities on a home that size average $400 to $500 a month.

Maintenance eats another 1 to 2% of home value annually.

You're now at $6,500 to $7,000 a month in housing costs alone.

On $9,500 take home.

That leaves $2,500 for food, transportation, childcare, retirement savings, and every other expense that exists in a normal human life.

And yet people do this every single day because the bank approved them, the realtor showed them the dream, and nobody in that transaction had any financial incentive to tell them the truth.

The bank gets paid on closing day. The realtor gets their commission. The mortgage officer hits their quota.

You get a house you can't breathe in and a savings account that never grows.

$150,000 a year and house poor is one of the most common and least talked about financial traps in America right now.

Your home equity has been quietly growing for years. Why not use it while you can enjoy it?

A home equity line of credit (HELOC)* can turn a portion of that equity into added buying power, which can help when the time comes to purchase another home.

Wondering how much equity you could access? Contact us and we can run the numbers for you https://www.primelending.com/about-us/contact

*All credit decisions for brokered products will be made by a third party. Restrictions and limitations apply.