What If I Lose All Of My Income And End Up Homeless?

Part 3 in a series about worries: Concerns around moving to Spain

An interesting housing tidbit out of the UK that applies to the United States and relates to the concern around moving to Spain that we address in today’s newsletter.

• An increasing number of young people in the UK are taking on longer-term mortgages.

• Why? Because it’s less expensive it makes the monthly payment lower, but ends up costing more in interest.

• It also has the effect of potentially carrying a monthly mortgage payment deeper into relative old age and beyond.

As we illustrate often, the American dream is all but dead for people who haven’t already or aren’t well on their way to achieving it. Particularly if you want to live in or around a major or medium-sized, somewhat well-populated metropolitan area. You’ll need to earn meaningfully more than $100,000 a year—every year—for a good 30 years unless you have some other means for funding life.

At the same time, it’s almost as unattractive to head into relative old age with a (potentially increasing) rent payment. This is a big reason why we’re moving to Spain.