More than happy to expand on that. This break even is before you take into account the homeowner’s housing payments. Compare your 20k on rent to the homeowners 20k on principal, interest, maintenance, insurance, and taxes. You’re running even with them.
In more detail,
Homeowner gets 21k profit on appreciation, 21k loss on closing costs, 20k per year loss on housing expenses (mortgage, interest, taxes, insurance, maintenance).
Your fullthroated cries that homeownership is actually worse than renting fail to account for the fact that my rent frequently jumps up by 10-15% per year while a mortgage is locked at a fixed rate.
deleted by creator
More than happy to expand on that. This break even is before you take into account the homeowner’s housing payments. Compare your 20k on rent to the homeowners 20k on principal, interest, maintenance, insurance, and taxes. You’re running even with them.
In more detail,
Homeowner gets 21k profit on appreciation, 21k loss on closing costs, 20k per year loss on housing expenses (mortgage, interest, taxes, insurance, maintenance).
Renter gets 20k per year loss on rent.
Tie game!
When was the last time you rented something?
Your fullthroated cries that homeownership is actually worse than renting fail to account for the fact that my rent frequently jumps up by 10-15% per year while a mortgage is locked at a fixed rate.