this post was submitted on 09 Apr 2024
0 points (NaN% liked)
Memes
45745 readers
91 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Rent is not double the mortgage.
Maybe the base mortgage payment, but you also have to pay for insurance, taxes, maintenance, utilities.
If you can’t get good terms on a mortgage you will also have a higher rate and PMI.
Yes poor people must pay more for the same house, and rent can be cheaper.
Edit- Hexbears: grow up, get a job, buy a calculator, and try to figure out why you are so wrong.
"Lemmy doesn't have the hive mind like that toxic Reddit."
Meanwhile, you get downvoted because you're right 🤦
For everyone downvoting, go compare Craigslist rent prices to Zillow/Redfin listing prices with 20% in a major city.
You are of course right, at least for my part of the world (high CoL USA city). Renting a 3 bedroom will run 4k for something modest (5 or 6 for something nice maybe?). Buying a 3 bedroom will run 10k or so with 20% down. Buying is definitely more expensive in the short term (long term is another story).
Only way for mortgage to be more than rent is for something purchased a while back, or for a new purchase with a large % down payment. Which absolutely happens, but sheesh, parent isn't wrong...
Wait your position is that landlords are renting out places in major US cities at a lower cost than the mortgage? Are they billionaire philanthropists?