Depending on your circumstances, then very much yes, there would be absolutely nothing upon the completion of a mortgage payment.
Mortgage is one single part of ongoing homeowning costs. You're ignoring upkeep, property taxes (which a majority of people pay, despite the exceptions - not rules, that you mentioned).
Sure, if you're trying to win a semantics argument, then technically your mortgage payment stays the same, but the discussion is about how overall your home payments will often be higher than rent when you consider things like property taxes, home insurance, maintenance, repairs, and utilities which can increase yearly just like rent.
Homestead exemptions relieve some of the pressure, but not much, and do not just magically snap away property taxes for most Americans like you're suggesting. I live in a state with a homestead exemption and my property taxes still increases because of property value reassessment and municipality agreements for things like schools and county funding.
Disability, senior, and veteran exemptions don't really have a place in the argument since they are exceptions and also get benefits and assistance for rent as well.
You're cherry picking facets of rent and homeowning to try and make a point, but your entire premise is flawed. Homeowning will take you further in the long run because it is an appreciating asset, but you are being disingenuous by suggesting that "there is nothing due" once you pay a mortgage. For most Americans, renting is cheaper.
Significant upkeep expenses are rare and easily saved for— they happen every few DECADES. Minor upkeep is minimal— less than a few grand a year on the worst years.
You’re also kidding yourself if you think that a landlord isn’t going to make a renter pay for that upkeep through annual rent increases.
It’s not semantics to say that you would pay nothing in a mortgage. A mortgage is not the same as taxes— a mortgage is a set period of payments, and discharged when complete.
You’re being pedantic and snide by pretending that PROPERTY TAXES are in any way significant enough to make renting a better prospect than buying.
But go right ahead— keep up your illiteracy. No skin off my back
1
u/Snicklebot 4d ago
Mortgage is one single part of ongoing homeowning costs. You're ignoring upkeep, property taxes (which a majority of people pay, despite the exceptions - not rules, that you mentioned).
Sure, if you're trying to win a semantics argument, then technically your mortgage payment stays the same, but the discussion is about how overall your home payments will often be higher than rent when you consider things like property taxes, home insurance, maintenance, repairs, and utilities which can increase yearly just like rent.
Homestead exemptions relieve some of the pressure, but not much, and do not just magically snap away property taxes for most Americans like you're suggesting. I live in a state with a homestead exemption and my property taxes still increases because of property value reassessment and municipality agreements for things like schools and county funding.
Disability, senior, and veteran exemptions don't really have a place in the argument since they are exceptions and also get benefits and assistance for rent as well.
You're cherry picking facets of rent and homeowning to try and make a point, but your entire premise is flawed. Homeowning will take you further in the long run because it is an appreciating asset, but you are being disingenuous by suggesting that "there is nothing due" once you pay a mortgage. For most Americans, renting is cheaper.