287
The price gap between renting and buying has hit the widest point since 2000
(www.marketwatch.com)
this post was submitted on 25 Sep 2023
287 points (97.7% liked)
News
23256 readers
4664 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Our mortgage is under $1000 a month. For a three bedroom house. Granted, we don't live in the most desirable city, but it's in a really nice, low-crime neighborhood which is close to a bunch of stores and the mall.
I don't even want to know what rentals cost around here.
Ya, for those of us lucky enough to have been in a position to buy when the market was down, it's great. People looking to buy a house today are fucked. We bought our home at the end of 2011. We paid $150k for a ~1250sq.ft. home, on about half an acre of land and the local school district is well rated. It's a more rural area, with the local economy linked to several area US DoD installations. We refinanced the loan and pulled some money out to re-do the roof and windows and now sit at 3.5% APR. The end result is a monthly mortgage payment of ~$950/month.
Our house now appraises for ~$340k. While some of that movement is likely related to finishing the basement and adding 500sq.ft. of living space and an extra bathroom, most of it has just been market movement. Given today's interest rates, payments would be north of $2000/month. While we could probably make that work, it would make saving any money difficult.
Given current conditions, I think the article is right. Rent for now and hope the housing market corrects.
That sounds like a dream. I just bought a $550k house with $130k down and pay $3500 a month. Rates are absolutely ridiculous. At the same time, I don't think it's cheaper to rent at the moment.
We got it 8 years ago, that's why.