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> Your mortgage is the lowest amount you'll pay. > rent is the highest amount you'll pay. I don't like these 2 statements because they are only true at a start
by matwood 3mo ago
> Your mortgage is the lowest amount you'll pay.
> rent is the highest amount you'll pay.
I don't like these 2 statements because they are only true at a starting point. If someone gets a mortgage today for $2k/month, 10 years from now it'll still be $2k/month, or even less if rates drop and they refinance. Rents OTOH will continue to rise with inflation. I had a $2k/month mortgage at my last house and the house next door rented for $4500/month.
- AbsurdCensor 3mo agoYes and no to both parts. Mortgages often come with things like property taxes and insurance, both which go up over time, and often by significant amounts. These things also apply to rents, but are wrapped in. In many areas rents will rise far above inflation rates. It would in theory be impossible to have a mortgage that is more than rent for the same property unless the landlord is making 0 money.