4 ms·
> My first home was about 45% of my income. 15 years later (I rent it out now) it’s absurdly affordable for the area To be fair, this also occurred with variab
by kevin_nisbet 4y ago
> My first home was about 45% of my income. 15 years later (I rent it out now) it’s absurdly affordable for the area
To be fair, this also occurred with variable rate mortgages (I'm in Canada, so we don't have the long term fixed rate mortgages you get in the US anyways). But in a condo with variable mortgage + counting the building maintenance fee's, I'm paying something like 30% of what it would take to make the same purchase today at last known prices and current interest rates.
In my case, this is more related to an average of 20% appreciation YoY since I bought it, and never having to increase my payments. And this is for a condo in a high rise building... not many folks preferred place to live.