You pay a mortgage, just not your own.
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henfredemars@infosec.pub 1 month ago
No no no see you pay a mortgage, but you won’t own anything.
AFallingAnvil@lemmy.ca 1 month ago
jettrscga@lemmy.world 1 month ago
Wow that’s true. Renting is someone letting you borrow their debt because you can’t afford your own debt.
SpaceNoodle@lemmy.world 1 month ago
You’re not even really borrowing their debt, you’re paying it off in exchange for the basic human need of shelter.
SoupBrick@pawb.social 1 month ago
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SpaceNoodle@lemmy.world 1 month ago
Mortgage payments are cheaper than rent
doctordevice@lemmy.ca 1 month ago
My wife and I were able to buy a ridiculously priced starter home only because we had the privilege of her parents being able to help with the down payment. We had to move farther away from work than where we were renting just to be able to even consider homes.
Our mortgage is twice what our rent was, and we only gained about ~100 sq ft of interior space. Plus a whole host of problems because the previous owners were jackasses who DIYed everything and did it all wrong.
deranger@sh.itjust.works 1 month ago
You get 0% back when you move out of an apartment. It is much more expensive to rent than own considering this, even if you sell at a loss.
wizardbeard@lemmy.dbzer0.com 1 month ago
That fucking sucks, but don’t apply your anecdotes as general truths. I have the opposite experience.
Wife and I built a new home with family help on the downpayment. Doubled sq ft, 1.5x previous rent, house increased value significantly between contract and move in. Farther from work but closer to highway so commute times unaffected. Saved up enough to pay back the downpayment help over the course of a year.
I’m a massive outlier, and most people have experiences closer to yours, but it’s not an across the board thing. So fucking much of the housing market depends on location.
SpaceNoodle@lemmy.world 1 month ago
if it’s so terrible, why even do it?
TheRealKuni@lemmy.world 1 month ago
I’m not sure why you’re being downvoted. This isn’t true everywhere or for every home, but yeah, I pay less on my mortgage than some friends did for a two-bedroom apartment in more or less the same area.
It’s seriously unfair.
dejected_warp_core@lemmy.world 1 month ago
Oh, it’s more disgusting than that. You can re-finance which brings your monthly payment lower than what you could possibly afford when buying the same house anew. Yeah, the 30-year horizon for paying off gets reset, but there are ways to work around that.
Back when I was renting the landlord offered a 3-year instead of a 1-year lease. I immediately asked “does that mean I get a discount on rent or lock-in a rate?” When they told me “no”, I asked “why would I do that?” Renters really have no such luxuries.
SpaceNoodle@lemmy.world 1 month ago
That’s not even counting that a significant fraction of each mortgage payment is going towards the principal, increasing your equity, so you’re basically paying yourself back each month.
kibiz0r@midwest.social 1 month ago
Affording a mortgage is the easy part.
Then you have to somehow get your mortgage-contingent offer accepted by the seller when you’re up against cash offers, $50k over asking, with no inspection, no appraisal, unlimited possession, and a free hit of adrenochrome.