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You can’t afford to buy a house. Biden knows that.
(www.vox.com)
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this post was submitted on 01 Apr 2024
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politics
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Lucky you.
I was paying $3k in rent (high COL area in Seattle) and banked 60k and bought a house with a $3k PITI. Even Stevens.
Now my PITI is $3400 with insurance and property tax hikes.
Now that apartment is renting for $2900.
Youre banking 3k+/month into your asset now instead of paying someone elses off. You are making money every month instead of losing it. That alone should make you grin at the price difference.
The deep level of stability and control you get with home ownership should keep that grin going.
The fact, the utter fact, that Seattle rents will return to outpacing your mortgage shortly is something that should make you don clown makeup to begin a Harlequin dance of joy that you own a home in such a high COL area.
Except for the fact that over the first 10 years of the loan, nearly 90% of that payment goes to interest. Amortization and front loaded interest is a bastard. With property tax and insurance, a $500k house will cost about $1.5MM over the life of the loan.
Not trying to dissuade anyone from home ownership, it’s just not as cut and dry as it may seem.
Not really. I’m banking the better part of $3k a month into the interest I’m paying on the loan.
That said, I e gotten to do all the smart home shit I’ve ever wanted and lots of projects that have been really fun. And that puts a grin on my face.