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Comment on A family of 5 downsized to a one-bedroom apartment to escape feeling 'house poor.' Saving money hasn't been the only benefit.

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MolecularCactus1324@lemmy.world ⁨22⁩ ⁨hours⁩ ago

Sort of. Rent actually should some times be more than mortgages, but only for comparable property types. I agree that renting a 1BR apartment should not be more than renting a 3 BR house. But, renting a 3BR house should be more than having a mortgage on a 3BR house.

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rc__buggy@sh.itjust.works ⁨17⁩ ⁨hours⁩ ago
And it’s because of that old axiom, “Rent is the most you’ll spend on housing, a mortgage is the least you’ll spend on housing.”

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- MolecularCactus1324@lemmy.world ⁨15⁩ ⁨hours⁩ ago
  Yeah, mortgage involves risks that renting does not. Rent includes compensation for the risk spread out over time.
  
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  - rc__buggy@sh.itjust.works ⁨15⁩ ⁨hours⁩ ago
    Not just risk but amortized maintenance. Water heater only lasts 12 years, furnace 18. Roof is about 20, siding 15-50 depending.
    
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