This isn’t true in my experience at all. Either rent is cheap where you are or you’re looking at expensive houses or not for a 30 year period. The rate currently is around 6-9%. It would only be more expensive if the house is. No other hidden fees
Comment on A conundrum
PapaStevesy@lemmy.world 1 day ago
I hate to break it to you, but mortgage payments are not cheaper then rent anymore. Obviously depends on your mortgage and money down and all that, but if you expect to pay half as much for mortgage payments as you did for rent, you’re going to have a very bad time.
ComradeMiao@lemmy.world 1 day ago
ILikeBoobies@lemmy.ca 1 day ago
Parents and brother went in on a house together so he could live bear work. Rents out the main floor for $3750 a month (3 bedroom) and that covers the mortgage so he can afford to pay the utilities and lives in the basement.
PapaStevesy@lemmy.world 1 day ago
Well in my very recent experience it is extremely, painfully, unavoidably true. That’s why I said it. We just bought a house, 150k less than we qualified for, and our monthly payment is 33% higher than we were paying in rent. Rent is far from cheap, there’s just no such thing as an inexpensive house unless you want one in a terrible neighborhood or an hour drive outside the city. In the first case, not only is it a bad idea just to live in these neighborhoods, the chances of making money on the resale are next to nil. The burbs option of course offers more for your money, but that comes with more maintenance, yardwork, housework, gas money, transit stress, etc. We worked with very knowledgeable, trustworthy realtor and mortgage brokers and there’s simply no math in the current market that gets mortgage payments lower than the rent we were paying without buying a literal, active crack house.
And to claim there’s no extra fees involved with buying and owning a home compared to renting is either utter delusion or repugnant gaslighting.
TipsyMcGee@lemmy.dbzer0.com 1 day ago
Surely, this depends a lot on what market you’re in. If you’re in a very expensive area and need to take a big loan with a high fixed rate, I can see that being the case but renting the equivalent place would probably be extremely expensive too.
PapaStevesy@lemmy.world 1 day ago
Right, like I said, mortgage is not cheaper, certainly not half as cheap. The market I’m in is a metropolis, it contains every range of the market, it just depends how much gun violence you prefer.