United States | News & Politics

7217 readers

344 users here now

founded 4 years ago

MODERATORS

[email protected]

More Americans are becoming 'house poor' due to high housing costs (www.scrippsnews.com)

submitted 5 months ago by btaf45 to c/[email protected]

7 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] jordanlund 9 points 5 months ago (1 children)

We were renting a 3 bedroom apartment for $1,800 a month. After working from home a bunch, I had banked $30,000 in cash and put down 7.7% on a $390,000 house.

Our mortgage went up $200 a month over rent, so $2,000 a month. 3.25% fixed, 30 years.

Our old apartment? 20 months later? $2,300 a month.

[–] [email protected] 2 points 5 months ago (1 children)

That $2,000 a month can also raise if you've included property taxes and insurance in the payment. If you're not including property taxes and insurance then you're not really doing a full comparison.

[–] jordanlund 1 points 5 months ago (1 children)

Our property tax actually went down $12 from year 1 to year 2. LOL.

[–] [email protected] 2 points 4 months ago (1 children)

1 year is not an example. Many mortgages are over 30 years.

[–] jordanlund 0 points 4 months ago

As is mine, but I can only report what I've seen. ;)

The mortgage will go down again when the mortgage insurance drops off, but I have to have xx years of equity before that happens.