Mortgage rates have risen for the second time after being reduced four times in 2023 to 2025
I try to fathom how I'll afford to stop renting but there doesn't seem to be much of a pathway out unless I was to win a lottery.
41-45, F
Chiefjustice · 46-50, M
Market is in a crazy spin right now, i hope it works out for you!
BeachGirl47 · 26-30, F
Crazywaterspring · 61-69, M
@BeachGirl47 Same.
Nevertooold · 56-60, M
Rent is out of control as well...They've raised my rent every year for three years in a row $100 a month....But nothing changes....maintenance still sucks.....That's like I guess:)
swirlie · 31-35, F
The best time to always buy a place of your own, is RIGHT NOW... regardless of what the mortgage rates are.
Always keep in mind that when you rent, you are actually renting a dead horse in a sense.
When you own, you own a 'live' horse... which means it's appreciating in value even when the mortgage rates are rising and falling.
When you rent, that rent money is gone forever and you have nothing to show for it.
When you own, let's say for argument sake that the mortgage rate was 7%. At the same time remember that your property is appreciating in value on average by about 6% annually.
When you subtract your mortgage interest from your property appreciation gain, 7-6=1%... that means your net mortgage rate is really only 1%, not 7%.
Truth is, you can't afford to rent.
Always keep in mind that when you rent, you are actually renting a dead horse in a sense.
When you own, you own a 'live' horse... which means it's appreciating in value even when the mortgage rates are rising and falling.
When you rent, that rent money is gone forever and you have nothing to show for it.
When you own, let's say for argument sake that the mortgage rate was 7%. At the same time remember that your property is appreciating in value on average by about 6% annually.
When you subtract your mortgage interest from your property appreciation gain, 7-6=1%... that means your net mortgage rate is really only 1%, not 7%.
Truth is, you can't afford to rent.
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Nevertooold · 56-60, M
@swirlie Not anymore but some of us...perhaps many of us aren't in a position to buy property...Oh By the way...Do you happen to have 200.000 I can use for a downpayment:)
trollslayer · 51-55, M
@swirlie exactly. I bought at a time when people said “don’t buy”. 20 years and many struggles down the road, I am sure as hell glad I bought then and put my highest priority on maintaining ownership.
swirlie · 31-35, F
@trollslayer
Anytime the prices are high and you'll get big money for your house if you sold it, the cost of buying another house to replace it has also gone up in value, which means you have gained nothing by selling 'high' because you will buy back in 'high' as well.
By selling 'low' in a low market results with the same end. You sell your house for below average selling price, but you buy your next house at an equally blow average selling price, which means you have LOST nothing by selling 'low'.
Anytime the prices are high and you'll get big money for your house if you sold it, the cost of buying another house to replace it has also gone up in value, which means you have gained nothing by selling 'high' because you will buy back in 'high' as well.
By selling 'low' in a low market results with the same end. You sell your house for below average selling price, but you buy your next house at an equally blow average selling price, which means you have LOST nothing by selling 'low'.