Coming from the UK those house prices sound insanely cheap!
It is certainly a good plan to budget for $100 or so under what you can afford for just such a contingency.
But I can't see how there aren't going to be millions of people who can't afford to keep up their mortgage payments into 2021, the world over.
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We live in a fairly small town, so the prices are pretty decent. The biggest city Detroit is about two hours away. Besides that we have Flint and Saginaw, but those cities are notorious for their high crime so the house prices aren't much better. If we lived a couple of miles NorthWest of where we do now, the house prices would be much more expensive.
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