Quote:
Originally Posted by redpoint5
Every complaint you've had about the affordability of housing is solved by owning. Also, so is every future complaint.
The 4 bedroom, 2.5 bath house I bought in 2010 still has the same ~$900/mo mortgage ($1,250 with taxes and insurance) as it ever has. I paid $217k for it then, and it's appreciated to over half a million now. I still owe like $100k on it, so I've got $400k in equity.
The enormous house we're currently living in went up $150k since we purchased a few years ago, and our ~$3k/mo mortgage/taxes/insurance will never really increase.
It's a hedge against inflation, and that's practically the only tool the government has to pay for things these days. The Inflation Reduction act isn't going to do anything to curb inflation; that requires not spending money we don't have.
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The future is not always as clear as you hope. Mine blindsided me a couple times to really make a mess of my finances. But, I think I'm still better off for owning the home than renting.
My modest home (3bed, 2.5bath) was a stretch for me and my wife to afford at $400k in 2016 when we bought it. And while its cost has been more stable than renting, it's not entirely flat. This varies by state, but my taxes were about $4000/yr to start with, and it is about $8000 this year.
Since then I've gotten divorced, so my household income plummeted. The cost of the house is challenging (being over 50% of my take home pay), but I don't have a lot of options to save money by downsizing and staying local, so I'm kinda stuck until my kids are both 18.