3 ms·
> Not everyone can just get a half million dollar loan. You are still optimist, in some part of the world, it is way other one million. And this is the core o
by adev_ 5y ago
> Not everyone can just get a half million dollar loan.
You are still optimist, in some part of the world, it is way other one million.
And this is the core of the problem: We are making the poorest even more poor by excluding them of the housing market and making them renters for life.
It can only finish tragically on the long term: constant growing social instability or 2008-style housing crisis. Choose your weapon.
- nine_k 5y agoWhere I am (NYC), I'd say renting is a smart choice. Every time I check, I see that buying an apartment (or a house) would make me pay significantly more per month for the best 30-year loan than I pay to rent a comparable place. This is even before the property tax. I suppose that the future appreciation is priced into the cist of a dwelling. Realty is universally seen as an investment vehicle. If we for a brief moment imagine that it won't be such a great investment, and maybe would go down when adjusted to inflation, the idea to break your back to own it loses its luster.
- ipaddr 5y agoI had the same thoughts as you tens years ago. Kept doing the calculations and renting worked out so much cheaper but I struggled into the market and purchased a house after a year of searching and low balling. What you are missing is: - They are not creating new land in New York. New York has reached a critical mass and will continue to grow - Part of your mortgage payment goes towards principle. That's your money.. you are paying yourself back. - A mortgage is the cheapest interest rate you will ever get If you can pull it off a house in New York I would say go for it. Apartments can have better locations and can be cheaper but it's riskier. A house with land will not go down if at all for long.
- lostmsu 5y ago> A mortgage is the cheapest interest rate you will ever get There are cheaper margin loans.