Muppit wrote:A lot of people rent as the housing market is pretty hard to get into for youngsters, unless they have pretty good jobs. Banks will only lend people up to 5 times their salary (not sure how that applies here)
You have lots of good points and pretty much nailed american culture on the head. DFW area is much worse than many parts of the country too.
Here, rule of thumb is lenders dont/wont lend money if the monthly mortgage payment is more than 25% (or is it 28% now) of ones gross salary- minus any other debts such as car, school loans, credit card.