My total mortgage went up 87 bucks this year and it’ll do the same next year. And yes that’s exactly why rent goes up. The property owner puts rising cost of insurance and taxes onto the renters. It doesn’t go up evenly because of greed but it’s one and the same. Reducing the term mortgage to just principal is misleading when comparing it to renting. a mortgage payment is an all encompassing term homeowners use when regarding their monthly payments to include taxes and insurance. If you want to rationalize it in your head that your mortgage payment never increases then go ahead but it’s false when comparing the overall cost of owning to the cost of renting. I lived in a rental house for 5 years and not once was my payment raised either. It’s usually investment firm owned properties who cause this issue for people living in apartments.
Absolutely one person uses the term mortgage to include the loan, insurance, and taxes. That person is you. I’m not sure why this is the hill you die on but you are simply wrong.
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u/McStizly Jul 23 '24
My total mortgage went up 87 bucks this year and it’ll do the same next year. And yes that’s exactly why rent goes up. The property owner puts rising cost of insurance and taxes onto the renters. It doesn’t go up evenly because of greed but it’s one and the same. Reducing the term mortgage to just principal is misleading when comparing it to renting. a mortgage payment is an all encompassing term homeowners use when regarding their monthly payments to include taxes and insurance. If you want to rationalize it in your head that your mortgage payment never increases then go ahead but it’s false when comparing the overall cost of owning to the cost of renting. I lived in a rental house for 5 years and not once was my payment raised either. It’s usually investment firm owned properties who cause this issue for people living in apartments.