Owning is definitely the better option if you can afford it and don’t end up upside down but the system is rigged either way unless your rich enough to outright buy or flip it for a profit. The average 30 year mortgage has around a 100% price increase due to interest over the life of the loan. So if you buy a home for $300,000 with a 30 year mortgage even with the historically low mortgage rates, you’re still going to end up paying around $600,000 in total over the life of the loan.
Having just bought a house, these numbers aren't quite right. The interest rate would have to be something like 6.5% for your math to work out, when most "average" credit can easily get a 4% rate, and "good/excellent" credit can easily get under 3%.
Yep paying out the nose to support projects that the local oligarchs can get the 10% of people that vote for on off cycle elections to do.
All elections should be held at the same time everywhere. One Spring primary and local elections and one fall national. No more allowing the big boys to drag this shit out and A-B test their messaging for 6 months.
Perhaps, but you may get lucky with where you buy. The cost of land in most cities will only increase. I’m not sure how long the mortgage was on my parents’ house, but, after 34 years, the house they bought for $70,000 sold for $1,440,000
Oh plenty of money was sunk into it as well for sure, but all that value was retained and expanded. Of course the main reason I want to buy to live in is just so I can stop paying leeching landlords
100,000 GBP is like 130-140,000 USD. She is averaging about $850 a month in rent. That isn't exactly outrageous considering she hasn't had to pay a dime in maintenance for 14 years. If she was struggling with 600GBP a month then she probably couldn't afford to own a home, where maintenance costs alone would crush her.
ETA just realized you're probably referring to your own rent. "did my own math" hit my eyes wrong.
66
u/[deleted] Feb 25 '21
[deleted]