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That's a distinct possibility, but the wealthy folks you're talking about also had the good sense and economic mobility to move when interest rates were at hist
by ryukoposting 2y ago
That's a distinct possibility, but the wealthy folks you're talking about also had the good sense and economic mobility to move when interest rates were at historic lows, and they aren't likely to be interested in giving up that rate right now.
The effect you described is most certainly real, there's just other pressures to consider.
- r00fus 2y agoI think the atrocious housing marking is definitely to blame here. I would love to move closer to work but I'm not giving up my 2% 15y fixed and the housing market is such that I don't feel comfortable financing a 2nd purchase (and rent out the original). So we stay, I do hybrid/flex and only come in about half the time.
- ipython 2y agoRight, and those folks you mention are working remote so there is no commute for them. On the other hand, the rent continues to increase for lower income workers who must continue to commute to work.