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re: WSJ: Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming.
Posted on 4/29/24 at 11:01 am to baldona
Posted on 4/29/24 at 11:01 am to baldona
quote:
Have you seen rent prices? Why does anyone think renting is cheap? Sure, buying isn’t cheap but renting isn’t cheaper.
This is highly dependent on where you live.
Buying assumes (rules of thumb):
Mortgage
Insurance
Property Taxes
Maintenance
Repairs
PMI*
HOA Fees*
Eventually you break even and buying becomes cheaper, but in some cases this could take 9-15 years, and this isn't 1986 anymore. I'd be hesitant to buy a nice home and fork $75k savings down in an area where I wasn't sure I'd be able to find stable employment for the next 3 decades.
Let's not forget the headache of home ownership, which people who rent don't really get until you have a house. If you like it, that's great. But if you aren't handy and don't have the willingness to learn, it can be a real pain in the arse.
* - Not always applicable
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