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Here in the US, people often avoid spending more than three times their income on a home due to the fear of becoming house poor.
When I visit personal finance forums from other countries, I frequently see posts asking if it’s feasible to spend four to six times their income on housing.
I understand that in many countries today, people have little choice because housing is so expensive relative to income. If they want to own a home, they must buy at those higher ratios. However, it wasn’t always this way. If everyone in those countries had refused to buy homes priced at more than three times their income, prices would never have risen so high.
The US still has cheap pockets. The housing crisis in a place like Toronto for instance there just isn't many places left to expand that people want to live, and they haven't created nearly enough housing stock.
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