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I don't understand what you mean. Paying off the mortgage is a big reason to buy vs rent. If you can afford the mortgage payment, then in 30 years, you own the
by claar 11y ago
I don't understand what you mean. Paying off the mortgage is a big reason to buy vs rent. If you can afford the mortgage payment, then in 30 years, you own the house.
If this is impossible for ordinary mortals, how are ordinary mortals buying houses?
I ask as a small city homeowner, so forgive my ignorance of the metro area real estate world.
- ryandrake 11y agoI don't think "ordinary mortals" in, for example, the Bay Area, consider their mortgage something they'll ever pay down completely. 30 years may as well be forever, and a lot of people I know refi over and over to stay on the treadmill. This is why in a market downturn, people end up underwater, losing the house.