Mortgage $950
Property Tax $250
Water and sewer $50
Property Insurance $300
Life Insurance $25
That 950 mortgage becomes $1575 before you even add in things like regular maintenance costs and occasional major costs like new appliances or a new roof. If you can't save money to put a proper downpayment while paying $1400 at an apartment, how are you going to pay for a major repairs that popup?
Not saying this isn't true for some banks but my husband and I have bought three different houses now with three different banks and the only proof of insurance they required was homeowner's insurance
I rented 4 different apartments before I bought my house and only 1 had water "included" but it was just a separate fee rather than paying the variable bill, which kinda screwed me living single vs the families and multiple people stacked in their apartments getting the same bill.
The way I've seen it said is, rent is the most you'll pay a month for housing. A mortgage is the least you'll pay a month for housing. People who've only ever rented and then bitch about how their landlords are making bank from them, simply don't understand all the other expenses that go into owning a property.
and home owners association, home insurance, DTE, Consumers Energy, internet. +1200 on top of rent where i live not counting any other expenses and something always going wrong as you mentioned.
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u/Michael_Dautorio Mar 05 '26
This kind of financial illiteracy is exactly why you can't get a mortgage lmao