That’s us. We bought our house at the height of the COVID freak out, when APRs were low but few people were buying because no one knew what was going to happen. Our house then appreciated by 35% over the course of a few months and has remained high; we couldn’t afford our place anymore at current rates and prices, much less anything else.
Sure, but if you can’t afford it anymore or you have to move for some reason (e.g. job loss or job move), you can probably rent it out for quite a bit more than your mortgage is and keep building equity. Rents are also sky high in most metros.
Unless they go bankrupt, yeah they are sitting on that as long as possible.
That’s us. We bought our house at the height of the COVID freak out, when APRs were low but few people were buying because no one knew what was going to happen. Our house then appreciated by 35% over the course of a few months and has remained high; we couldn’t afford our place anymore at current rates and prices, much less anything else.
Same. Fortunately we love our house so that’s good. It’s going to be our home for at least a decade (probably our forever home).
Sure, but if you can’t afford it anymore or you have to move for some reason (e.g. job loss or job move), you can probably rent it out for quite a bit more than your mortgage is and keep building equity. Rents are also sky high in most metros.