this post was submitted on 28 Feb 2025
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I would love to buy a condo right now, but rent is cheaper than buying looking at a 5 year time frame until mortgage rates drop below at least 6%. It would be years before the interest and taxes portion of the payment dropped below our current rent.
We've literally agreed with our landlords who want to sell after we leave that we're all sitting still until mortgage rates drop. (Or I guess inflation rises high enough to offset the debt versus investment part of the pile.)
And this is all after moving to Utah from the west coast to get cheaper housing in general... Although the lower paychecks basically balance it all out ๐