Laurie (Lori) Goodman

speaker
40 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Laurie (Lori) Goodman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Should You Stretch Your Finances to Buy a Home? · 28 May 2021 podcast
a young home buyer is supposed to stretch to buy that home at these historically low rates on the grounds that their income will go up over time and that they will grow into that payment very, very comfortably.
Thank you very much for having me here today.
That's a very good question.
And, you know, I think basically what buying does for you is it locks your housing costs.
And it locks your housing costs at historically low interest rates.
And what that means is that, you know, you rent and the rental prices go up year after year.
If you're young, chances are your income is rising.
So you're locking your housing costs.
And if you're stretching to buy now, as your income goes up over time...
that will feel much, much more comfortable.
And yes, prices have gone up a lot, but I don't think they're going down because housing is in such short supply.
Meanwhile, you have locked rates at just historically low interest rates.
So, I mean, I think it's important to realize that rates, as you pointed out, are, you know, while they have gone up, they are still at generational lows.
I mean, they are still very, very, very low in any sort of reasonable historical context.
There's only about eight months in the past.
50 years when home prices have been higher than they are now.
So I would argue that a young home buyer is supposed to stretch to buy that home at these historically low rates on the grounds that their income will go up over time and that they will grow into that payment very, very comfortably.
I think Susan very articulately made the point that nothing is assured.
You could lose your job.
You want to be careful about how much you stretch.
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