Owning a home has rarely been this much more expensive than renting - eviltoast
  • aesthelete@lemmy.world
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    1 month ago

    I bought in early 2020 and it’s now worth about 50% more than it was.

    I kinda lucked out, because I bought right before everyone realized that we were screwed with COVID and were going to be stuck in their houses because the government had no idea what they were doing. I say “kinda lucked out” because I watched Trump deliver a speech as the stocks tanked in the corner, and realized he had no idea how to handle it. After watching it I turned to my spouse and said, “I know it sounds crazy, but I think we should buy a place right now.” I also had been looking for some time and realized that mortgage rates were near all time lows.

    All time low rates + stuck in small places = everyone that can buy a bigger place will buy a bigger place.

    • meliaesc@lemmy.world
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      1 month ago

      Ah, very wise. You must see how people didn’t get matching 50% raises, matched with even higher interest rates… unfortunately the time of paying off your home early might be behind us, at least for a long while.

      • aesthelete@lemmy.world
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        1 month ago

        Yeah with current mortgage rates and prices…it’s definitely rougher.

        Applying a little extra to principle – if you ever have it – still helps a lot with the amount of interest you’re paying.