How do people afford homes with this high mortgage rate?

[Angela Venger]

Yes, the mortgage rate has gone up, real estate sales slows down. But I still see the homes that I favorite in the past few weeks went on pending. Those home price average from $500-$700k. We live in PNW, and I know there are lots of high tech people here that make high income, maybe all of these buyers are just making lots of money? I do not see how a regular family can afford mortgage like 4-5k/month(include taxes)? Unless you are really paying 50% of your income towards your mortgage. Perhaps people just sold their old home and get themselves another home? 

[Chris Seveney]

@Angela Venger

Real estate is the long game. In 2008 I had to sell my primary at a loss and had no other assets and after saving $, building both sweat equity and appreciation, our real estate portfolio is well into 7 figures.

Also our incomes have grown significantly during that time as well and our expenses have gone down as things I wanted in my 30’s I don’t care about in my 40’s