this post was submitted on 24 Jul 2024
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I don’t really understand how you don’t understand that buying a house requires cash on hand.
Closing costs can be rolled into the mortgage and PMI drastically reduces how much is required for a downpayment.
Rents are also much cheaper in these areas too, which makes it much easier to save up for a PMI lowered downpayment.
You have no idea what people’s economic situation is like, do you?