A Boring Dystopia

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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 10 months ago by return2ozma to c/aboringdystopia

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[–] [email protected] 21 points 10 months ago (1 children)

Just 13 years?

[–] blanketswithsmallpox 1 points 10 months ago (1 children)

Was about to say. Why kind of not 30 year fixed loans are they offering now?

Even paying an extra 1/4 of my mortgage monthly only reduces it to like 22 years vs 30 lol.

[–] blueeggsandyam 6 points 10 months ago (1 children)

It isn’t the amount of time it takes to pay off the house. It is the time it takes not to loose money on selling a house. The number was about 5 years when I purchased my home. You take the selling price of your home subtract the mortgage, taxes, and realtor fees. It now takes 13 years before you can sell your house and break even. This just makes investing in homes worse. It also makes buying a home more risky and inflexible.

[–] blanketswithsmallpox 1 points 10 months ago

Ahhhh now I get what you mean. Thanks for the clarification.