• Trainguyrom@reddthat.com
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    11 months ago

    Not true from my experience. When I bought my house rents for similar houses were about $1.2k/mo and my mortgage is ~700/mo (which after taxes and insurance came out to ~$800/mo) but the other $400/mo can be easily eaten by maintenance costs depending on the year.

    But what I haven’t seen pointed out yet is that the mortgage will stay the same for 30 years, property taxes & insurnace won’t grow much, but rents will continue to climb. It’s been almost 3 years and houses similar to mine are now renting for $1500/mo or more but I now pay ~$900/mo for my house due a small tax increase last year that narrowly got passed (and was noted when it was proposed to be the first property tax increase in quite a few years)

    • Guntrigger@feddit.ch
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      11 months ago

      That’s true, I didn’t really think about maintenence costs adding on. Ideally that stuff should add value back to the house so you don’t “lose” it like rent, but that all depends on the housing market forever rising to infinity.

      • Cosmic Cleric@lemmy.world
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        11 months ago

        but that all depends on the housing market forever rising to infinity.

        It always does. Always. As long as babies are being made, it always will.

        Every decade or two there’s a crash, but it doesn’t go down that much when there is, and then when it recovers from the crash it goes right back up to what it was doing before.