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A Dave Ramsey Follower Pushes Back On His 15-Year Mortgage Rule. With Today's Housing Prices, He Says It's Just Not Reasonable
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A longtime Dave Ramsey follower is questioning one of the personal finance personality's golden rules: the 15-year fixed mortgage. 'I know Dave is for 15-year fixed rate mortgages, but in this day in time I find that to be unreasonable with housing prices,' the original poster wrote in a Reddit thread recently. The poster, who lives in a small town in South Georgia, said homes are going for $250,000 or more, with even trailers pushing into the $200,000 range. On a $67,350 salary, he asked if it was more realistic to aim for 30% of take-home pay on a mortgage instead of Ramsey's recommended 25%. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. That seemed to touch a nerve in some Redditors. 'The math is still the math,' one commenter responded. 'The rules he provides are to ensure that you waste the least amount of wealth-building potential on bank interest.' Others agreed that while the 25% rule is wise in theory, it doesn't always line up with reality in today's market. '25% is not a hard line but rather a guide,' one user shared. 'They just caution you the further you go above that line, the harder it becomes to reach your financial goals.' Many said they opted for 30-year loans but made extra principal payments to shorten the term. One wrote, 'I have a 30-year but add extra to the principal each month, which basically turns it into a 10-year.' Trending: It's no wonder Jeff Bezos holds over $250 million in art — Another said they refinanced from a 30-year to a 25-year, then to a 20-year, and are now on track to pay the house off in 13 years. "Not the optimal path, but it worked for us," they added. Some noted that financial flexibility is key. "I didn't really pay attention to the percentage of my income because I have a budget and knew what I could afford," one person commented. Plenty of Redditors expressed frustration with the idea that everyone can realistically follow Ramsey's guidelines. 'To get my payment under $1,000, I would need a down payment of $220,000, or 12 years of saving,' one person calculated. 'We are screwed in the new generation. I did what I was supposed to do... and yet I will be stuck renting my whole life with roommates.' Another said they make $68,000 a year in a lower-cost state and still couldn't find a house under $300,000. 'I have given up on ever affording a home and I am OK with my several roommates and renting.'Several people pushed back against the idea that renting is a waste. 'Rent equals the most you'll pay that year. Period. Something breaks, the landlord covers it,' one said. With a house, you're on the hook for everything—tax increases, repairs, insurance, closing costs. Despite the criticism, many commenters said Ramsey's overall philosophy of living below your means, avoiding debt, and planning for the future still holds up. 'You can do whatever you want,' one person wrote. 'But Dave's recommendations are based on decades of experience with thousands upon thousands of families.' But even some of Ramsey's loyalists admitted that times have changed. '$1,000 in 2025 doesn't cover a f***ing thing,' one said, referring to the starter emergency fund amount. "He got his bag in a different day and age." Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . This article A Dave Ramsey Follower Pushes Back On His 15-Year Mortgage Rule. With Today's Housing Prices, He Says It's Just Not Reasonable originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
