4 ms·
> Living in a present-day million-dollar home for a net cost of $500k over 30 years is a great deal. That’s a little over $1000/month on average. Where can you
by mgce 3y ago
> Living in a present-day million-dollar home for a net cost of $500k over 30 years is a great deal. That’s a little over $1000/month on average. Where can you even rent an apartment at that price these days?
Can you clarify?
A $1 million purchase at 5% interest on $800K is $4,300 / month. Plus maintenance and taxes.
Where does the $1,000 vs renting apply?
- syndicatedjelly 3y agoNo I was just talking about that “net cost” number the original post came up with. After all expenses, interest, and sale of the house, they were claiming they would lose $500k over the lifetime of owning the house.
- mgce 3y agoI see. Thanks for clarifying.
- chenster 3y ago$500K is BEFORE sell the house with capital gains. If you do decide to sell, the number is $3750/month average costs per month to living the house you own after 30 years. Still better than renting, but not as most of home owner had imaged.
- syndicatedjelly 3y agoI think you need to revisit your math. None of your final numbers make sense.