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Practically speaking for most people, the effect that buying a home has is replacing their rent payment with a monthly mortgage payment. While it's still probab
by xxpor 5y ago
Practically speaking for most people, the effect that buying a home has is replacing their rent payment with a monthly mortgage payment. While it's still probably the single largest payment made in a month, it's (hopefully) not a majority of your income, or even spending. Plenty of folks pay more for say, child care now.
- quantified 5y agoPer month, perhaps. Over 30 years? Everyone’s got their own equations, if I paid for the house all cash, of course. If I have one kid, and only 10% down on a $2mm house, gotta really pamper the kid to catch up