• Fenrisulfir
    link
    fedilink
    arrow-up
    3
    ·
    edit-2
    3 months ago

    I’m not sure that’d work. I’m pretty sure I make triple the median income and I have barely any assets and my net worth is like -$700k while I pay off my mortgage.

    The median income is incredibly low.

    • LifeInMultipleChoice@lemmy.dbzer0.com
      link
      fedilink
      English
      arrow-up
      3
      ·
      3 months ago

      How could your net worth be -700k do to a mortgage, wouldn’t the asset offset the debt, so unless you owed 700k on a house post it being repossessed the $x house would be net zero or positive in most situations when you purchase, unless the house devalues faster than the rate at which you pay it off?

      • Fenrisulfir
        link
        fedilink
        arrow-up
        3
        ·
        3 months ago

        Yes you’re correct. The asset offsets the debt. It was a joke but it does feel like that at times. Hopefully it’s paid off by the time I retire