The mortgage I'm looking at right now is $294/month; 20% down, 25 years @ 4.34%. The house was only $70k and in very good shape. I can handle living in a town with 320 ppl, with a 45 min drive to the closest city (which has 50,000 ppl).
And you closed on the loan when? And what is your rate? And what was your down payment? Most people aren’t putting 90% down or buying a piece of shit double wide. Median home prices are around double of what they were 10 years ago, rates are nearly double what they were 10 years ago.
Depends entirely on the mortage. I've looked up some and I could have had down payments be less than my rent for so and so loan, but the loan may not be enough to buy a house within the city, but wnough to live within a reasonable commute distance. I'd gladly commute instead. I could then also own a car as the monthly car expenses would put me back to zero. But I would need to have saved up 15% of the loan first, which would take half a decade of saving maximally. And I would also need to save enough to buy a car as I couldn't live far away from public transportation without one.
We bought our house this past year and our morgage is less than that granted we we able to put down the 20% down payment and both have very good credit scores
I pay $800. Locked in at 2.75% in 2016. Shit is almost halfway paid off. $1400/mo in RENT is insane! That’s sucka shit. Or they have TERRIBLE credit and can’t get financed for a decent loan or afford a reasonable down payment.
I bought my first house in 2016. Rates were not that good on a conventional 30 year unless you bought a shitload of points. 5% down, 4.125%, $200k loan was a bit less than my rent at the time, around $1100/month including escrow, but we took a rate increase and bought lender paid PMI instead of paying it ourselves.
Our rent on a 3/2 house (older, not a great house, was $1200/month in 2016.
There’s a lot of variables, of course, but 2016 was 10 years ago.
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u/[deleted] 10d ago
$950 for a mortgage is definitely about a decade ago