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this post was submitted on 17 Mar 2024
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"I just made the most expensive purchase of my life and I can't figure out why I am living paycheck to paycheck."
Also, it's not like she's paying for her mortgage in addition to whatever she was doing previously (presumably rent). The mortgage payment replaces your rent payment.
She's paying like 17-18% on credit card debt that she didn't pay off because she saved a down payment. This is just financial illiteracy
True but there is also the added expense of maintaining the property and having a rainy day fund for emergencies related to homeownership.
It kind of does, though. She look out a mortgage and those have a monthly cost.
What OP is probably saying is that if you have a certain income level and then you choose to take on a debt that you're going to have trouble paying back, that's mistake that you made and should have seen coming. This wasn't an unforseen medical bill, the person in the article could have chosen to buy a cheaper condo or rented until rates were more favorable.
She also really should have finished paying off that CC debt and delayed the down payment; that's just a killer and is almost certainly at 3 or 4 times the interest rate of her mortgage, which incidentally could have been a bit lower if her debt-to-income ratio were better. Shit sucks, but somebody who's doing okay and fucks it up gets less sympathy from me than people who would do anything to be living paycheck to paycheck with a steady income and home ownership.
Also gotta love how many of these people remember Trump fondly because he was president WHILE THE GOVERNMENT WAS CUTTING THEM CHECKS! That's absolutely not gonna be his plan in round two.
If I borrow a half million from the bank, I have to pay it back in monthly installments, commonly known as a mortage. Those costs are now added to your regular expenses.
Most rents are cheaper than mortages. So taking on a giant purchase + the cost of the mortage is a huge financial cost. Yes, she gets an asset (which she could sell at any point) but it's going to be more expensive.
A quick look at Denver apartments for rent confirms this, a lot of 1 bedrooms available for between $400 and $500 cheaper a month.
Laughs in Canadian
I'm an Ohioan and Zillow says my house would rent for about $600/mo more than my mortgage is (which includes property tax).
Yeah because rental properties are often shitholes and it skews the numbers
For the same exact property, rent is absolutely more expensive than a mortgage. Rent is usually paying for someone's mortgage for them, why would they make it lower? Who are these generous landlords?
Sure but my point is that this lady has made an extremely expensive purchase and now continues to pay for it.
Yeah because rental properties are often shitholes and it skews the numbers
Ahhh, there's the misunderstanding. Local/single owner rentals are actually a small proportion of tenancies. Most are large organizations which have purchased a large building etc. It's actually a kind of fascinating issue but worth reading about!