4 ms·

Renters paying mortgage holders to pay their mortgage in exchange for conceptual gains like "freedom" We've been there for a long fucking time

Spivak 1y ago
If you're in a market where landlords can charge the full mortgage you desperately need more housing. Rent around here costs slightly more than the interest on the mortgage.
- arthurcolle 1y ago
  Every city is like this
- dontlaugh 1y ago
  I don’t think there’s anywhere in the UK where a mortgage is more than the rent for the same property. Renters are generally the breadwinners in their landlord’s families.
  - Spivak 1y ago
    Well in that case, yeah, I can't imagine any reason you would rent. But in my neck of the woods renting a place is a little more than half the cost of the equivalent mortgage on the same property.
    - jrflowers 1y ago
      Where on earth is this land of beneficent landlords? Do you live in Hobbiton or on the island from Lost
    - dontlaugh 1y ago
      You would rent because you’d lack the deposit and income a bank would require of you for the same property. Now that I have a mortgage, it’s much less than the rent I was paying for a similar property. This is the case in most developed cities on Earth.
      - Spivak 1y ago
        > Now that I have a mortgage, it’s much less than the rent I was paying for a similar property. This is what my parents kept telling me would happen but no one in my late 20s social circle who've bought houses (including myself) has been able to make it happen. Even my friends who got locked in at the 2% interest rates still pay about $300 more than the equivalent rent. I live in a, by population, a top 30 city in the US and actually live in the city, not its "surrounding metro area."
        dontlaugh 1y ago
        I don't know what would make the US so special with such incredibly cheap rents. In much of Europe, small landlords buy with a mortgage, cover it with the rent and still extract a profit on top. Why would they buy-to-let otherwise?

Spivak 1y ago

If you're in a market where landlords can charge the full mortgage you desperately need more housing. Rent around here costs slightly more than the interest on the mortgage.

arthurcolle 1y ago
Every city is like this
dontlaugh 1y ago
I don’t think there’s anywhere in the UK where a mortgage is more than the rent for the same property. Renters are generally the breadwinners in their landlord’s families.
- Spivak 1y ago
  Well in that case, yeah, I can't imagine any reason you would rent. But in my neck of the woods renting a place is a little more than half the cost of the equivalent mortgage on the same property.
  - jrflowers 1y ago
    Where on earth is this land of beneficent landlords? Do you live in Hobbiton or on the island from Lost
  - dontlaugh 1y ago
    You would rent because you’d lack the deposit and income a bank would require of you for the same property. Now that I have a mortgage, it’s much less than the rent I was paying for a similar property. This is the case in most developed cities on Earth.
    - Spivak 1y ago
      > Now that I have a mortgage, it’s much less than the rent I was paying for a similar property. This is what my parents kept telling me would happen but no one in my late 20s social circle who've bought houses (including myself) has been able to make it happen. Even my friends who got locked in at the 2% interest rates still pay about $300 more than the equivalent rent. I live in a, by population, a top 30 city in the US and actually live in the city, not its "surrounding metro area."
      - dontlaugh 1y ago
        I don't know what would make the US so special with such incredibly cheap rents. In much of Europe, small landlords buy with a mortgage, cover it with the rent and still extract a profit on top. Why would they buy-to-let otherwise?