People buy what they can
Posted on: May 28, 2020 at 18:31:10 CT
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A guy making 40G a year can probably pay off a 45K truck if they make sacrifices elsewhere and live in a shack he owns outright. He's not going to get a loan to buy a $500,000 house. People just tend to buy the high end component of whatever they can afford. Even if they can barely afford it, it's why people who live in marginal housing often have nice cars.