4 ms·
> own their home For some definition of "own". Most do have some amount of equity in their home and have a big fat mortgage to repay. I am sorry, but that's
by ur-whale 5y ago
> own their home
For some definition of "own".
Most do have some amount of equity in their home and have a big fat mortgage to repay.
I am sorry, but that's not exactly "ownership" in my book.
As to your second point (inflation up => cost of mortgage down), only true if wages go up, which, unless I am mistaken ...
- teeray 5y agoEven if you bring a wheelbarrow of C-notes to the closing to pay for your house, you still never own a house the way you own a ham sandwich. If you fail to pay your property taxes, the government can kick you out and auction your house to repay itself.
- ur-whale 5y ago> If you fail to pay your property taxes, the government can kick you out Yes, agreed. You are merely renting land from the govt. That is not the case everywhere, btw, IIRC. Ireland (I believe, to be verified) and China don't have things like property taxes.
- UncleOxidant 5y agoAt least the vast majority of those mortgages are fixed rate so that the monthly payment doesn't vary. Renting means your monthly payments can continually rise - those with mortgages are shielded from that.