straight up, i can't imagine signing up along the lines of traditional financing anymore. saving up 60k to borrow 240k at 7% over 30 years is a shit deal. that's $334,821 in interest, over and above the initial $240k. the only logic to it is trying to avoid being cannibalized by landlords, essentially gambling that the housing situation is only going to get worse for working class people. i defy anyone to save up $60k and then hand it over to someone else while fully accepting "everything is going to get much worse for everyone except me".
what it tells me is that the housing market is closing off for people who rely on traditional financing to buy a home, and it's becoming the exclusive arena of larger corporate entities with their own financing / capital access (larger landlords), heirs, and very high net worth individuals who can "pay cash".
straight up, i can't imagine signing up along the lines of traditional financing anymore. saving up 60k to borrow 240k at 7% over 30 years is a shit deal. that's $334,821 in interest, over and above the initial $240k. the only logic to it is trying to avoid being cannibalized by landlords, essentially gambling that the housing situation is only going to get worse for working class people. i defy anyone to save up $60k and then hand it over to someone else while fully accepting "everything is going to get much worse for everyone except me".
what it tells me is that the housing market is closing off for people who rely on traditional financing to buy a home, and it's becoming the exclusive arena of larger corporate entities with their own financing / capital access (larger landlords), heirs, and very high net worth individuals who can "pay cash".