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>its unlikely that mortgage payments are lower than rent - otherwise, it'd be better to pay the mortgage than renting! In some places, they are, and it is. Ho
by frobozz 14y ago
>its unlikely that mortgage payments are lower than rent - otherwise, it'd be better to pay the mortgage than renting!
In some places, they are, and it is. However, I would be incredibly surprised if there is anywhere where the mortgage payments on a 100% LTV mortgage are lower than rent; and this is one of the reasons why many settled people don't own their own home. They can't (yet) afford a sufficient deposit to make the repayments affordable.
- fluidcruft 14y agoIn my city (a) renting is with very, very few exceptions uniformly explicitly forbidden by home owner association agreements (bans that are now backed by recent state supreme court victories, the only places you can rent are in the small regions of the city that predate the explosive subdivision-based growth that started in the 70's--presumably driven by white flight, but I don't know for certain), (b) renting is made very unpalatable by a number of policies made by the city itself and (c) homestead property tax exemptions for homeowners that make owning very, very expensive if they don't live in their house themselves.