Home ownership is at 5 year low

[FuzzyLumpkins]

Ownership is fine. It's mortgages that suck particularly the 30 year model.

[TeyshaBlue]

Ownership is fine. It's mortgages that suck particularly the 30 year model.

+10. I'm on 15 years on the rentals.. 30 on mine.

[Blake]

For you, maybe better to rent. if you can't afford $1800 to maintain your house you probably shouldn't have one.

Exactly. Nice of you to catch up.

[Blake]

Ownership is fine. It's mortgages that suck particularly the 30 year model.

That. Paying cash for a house would be awesome.

[CosmicCowboy]

With interest rates where they are mortgages are OK... Cash has a time value too.

[Blake]

With interest rates where they are mortgages are OK... Cash has a time value too.

Nope. Not at 30 year. Even 15 year is iffy if you have to work at upkeep.

I've been lucky that I've had a good hvac

[CosmicCowboy]

Nope. Not at 30 year. Even 15 year is iffy if you have to work at upkeep.

I've been lucky that I've had a good hvac

I disagree. At my tax rate the interest on my daughters house costs me less than 2%. I can make more than that on my cash while the house appreciates.

[SnakeBoy]

Nope. Not at 30 year. Even 15 year is iffy if you have to work at upkeep.

I've been lucky that I've had a good hvac

Sounds like you bought a house out of your price range.

[CosmicCowboy]

Anyone paying more than 4% on a mortgage right now is either dumb or has bad credit.

[CosmicCowboy]

Sounds like you bought a house out of your price range.

Yep...the conservative rule of thumb is to keep your mortgage payment no more than 28% of your income.

[Blake]

Sounds like you bought a house out of your price range.

The value went up faster than I anticipated, so the taxes went up.

I'm doing fine, still got bank. I'm just not as quick to go to Vegas or buy big things these days. It'll be a lot better when my kid gets out of private school too

[Blake]

Sounds like you bought a house out of your price range.

But that's not really the point tho. The point is the total cost of what you pay over 30 years vs the actual value. Do the math.

[CosmicCowboy]

But that's not really the point tho. The point is the total cost of what you pay over 30 years vs the actual value. Do the math.

It's called time value of money. The gross dollar amount look bad but that's because mentally you are assuming the dollar will be worth the same at the 30th year as it is today. It won't be even close. I'm not saying 15 year mortgages are bad, because they definitely come with a little lower fixed interest rate. But your "do the math" claim doesn't necessarily wash. Personally I can find investments that pay me more than 5% so paying less than 2% interest after tax on mortgage interest makes perfect sense mathematically.

[hater]

You own a piece of land in this godforsaken country is a special feeling s.

It's your own Alamo and you will go down with that mofo. I am at least.

[Blake]

It's called time value of money. The gross dollar amount look bad but that's because mentally you are assuming the dollar will be worth the same at the 30th year as it is today. It won't be even close. I'm not saying 15 year mortgages are bad, because they definitely come with a little lower fixed interest rate. But your "do the math" claim doesn't necessarily wash. Personally I can find investments that pay me more than 5% so paying less than 2% interest after tax on mortgage interest makes perfect sense mathematically.

You're assuming property values will go up or at least remain steady.

And what will you do after 30 years? You're still paying property taxes forever. Plus maintenance.

Or you sell what you have and rent out a room in an old folks home

[SnakeBoy]

You're assuming property values will go up or at least remain steady.

And what will you do after 30 years? You're still paying property taxes forever. Plus maintenance.

Or you sell what you have and rent out a room in an old folks home

You realize as a renter you would be paying all of those costs indirectly and after 30 years you would have nothing but another payment due.

[ElNono]

Looking into buying our first home in a few months... that's the plan anyways...

[CosmicCowboy]

Looking into buying our first home in a few months... that's the plan anyways...

Great time to do it. Interest rates are awesome.

[CosmicCowboy]

You're assuming property values will go up or at least remain steady.

And what will you do after 30 years? You're still paying property taxes forever. Plus maintenance.

Or you sell what you have and rent out a room in an old folks home

If property values don't go up after 30 years that will be the least of our problems. Nice crack about the old folks home though.

News flash. You are gonna get old and die too.

[ElNono]

Great time to do it. Interest rates are awesome.

Paying cash. It's complicated, let's leave it at that.

[vy65]

You realize as a renter you would be paying all of those costs indirectly and after 30 years you would have nothing but another payment due.

This. You're paying a premium + don't end up with an appreciating asset.

[CosmicCowboy]

Paying cash. It's complicated, let's leave it at that.

Damn. freaking undercover South American drug lord here...

[vy65]

The value went up faster than I anticipated, so the taxes went up.

I'm doing fine, still got bank. I'm just not as quick to go to Vegas or buy big things these days. It'll be a lot better when my kid gets out of private school too

Did you not file a homestead exemption? You'd get the 10% cap so you're tax bill wouldn't be that much greater. Unless you saw a 100k jump or something crazy, in which case you shouldn't be worried about an 1800 deductible. Although if you're pissed about that you could hire a public adjustor to with your insurance company.

[vy65]

Paying cash. It's complicated, let's leave it at that.

Seriously, can you get me a kilo at a discounted rate?

[ElNono]

Damn. freaking undercover South American drug lord here...

Seriously, can you get me a kilo at a discounted rate?

you gotta talk to hater, tbh... No hustle here