honestly its not possible to plan for 10-15% rates. house prices are so high these days we’re already well past ‘3x income and 25 year term’ - we’re on 5x or higher and 30 year terms. Deposits that previously would have been 20% are only enough for 5-10%. If you only got a mortgage that you could afford at 10%, then most everyone wouldn’t be able to afford at all
It absolutely is possible.
It really doesn't matter if the house and income are 2x vs 10x.
You can only afford what you can afford.
As is the current problem, if you plan for a 2% rate forever and the rates go up, then you are in trouble.
1+1=2. You can't deny that.
And quite honestly, a Tesla, especially a new Tesla, isn't a basic necessity of life. There are many much cheaper options for transportation out there. They may not be as cool as the Tesla, but WHEN YOU CAN'T AFFORD ONE, YOU CAN'T AFFORD ONE.
If "5x home prices" aren't affordable. Then simply put, you have two realistic options. Find a smaller, cheaper house, or make more money. Since the latter isn't that easy, that means no house or a cheaper house.
No matter how much complaining that you do reality is reality.
And why would you not think that housing vs salary has increased here in the US? Our latest big depression was caused by people buying houses that they couldn't afford. Banks were lending lots of money to people who couldn't even spell their name, let alone have any credit.
There are too many people living outside their means.