Comment on A conundrum
ickplant@lemmy.world 2 days agoDefinitely not as low as £500… but mortgages are generally cheaper, sometimes much cheaper than rent. Example: we own a 5-bedroom house with a mortgage of $1,900, my step-son just moved into a 2-bedroom apartment for $2,200 rent.
lunarul@lemmy.world 1 day ago
I paid $3300 rent back in 2020. Got a mortgage at the low rates in 2021 and got a $2800 monthly rate. So it seems like it’s cheaper. But once I add the property tax (~$1000/mo), HOA ($500), home insurance (~$300), it’s at all not cheaper to own than to rent. Plus paying for maintenance on our own (had to replace both the fridge and the washing machine in the time since we moved) adds up too. Not saying it was better to rent, but it was definitely cheaper.
ickplant@lemmy.world 1 day ago
Our home insurance and property tax are escrowed and included in the $1,900. And no HOA. But the maintenance is real, something is always breaking. Had to buy washer and dryer, replace the stove and the dishwasher. I would still much rather own than rent though.