• Steve@startrek.website
    link
    fedilink
    arrow-up
    0
    ·
    edit-2
    8 months ago

    Rent is not double the mortgage.

    Maybe the base mortgage payment, but you also have to pay for insurance, taxes, maintenance, utilities.

    If you can’t get good terms on a mortgage you will also have a higher rate and PMI.

    Yes poor people must pay more for the same house, and rent can be cheaper.

    Edit- Hexbears: grow up, get a job, buy a calculator, and try to figure out why you are so wrong.

    • qjkxbmwvz@startrek.website
      link
      fedilink
      arrow-up
      0
      ·
      8 months ago

      “Lemmy doesn’t have the hive mind like that toxic Reddit.”

      Meanwhile, you get downvoted because you’re right 🤦

      For everyone downvoting, go compare Craigslist rent prices to Zillow/Redfin listing prices with 20% in a major city.

      You are of course right, at least for my part of the world (high CoL USA city). Renting a 3 bedroom will run 4k for something modest (5 or 6 for something nice maybe?). Buying a 3 bedroom will run 10k or so with 20% down. Buying is definitely more expensive in the short term (long term is another story).

      Only way for mortgage to be more than rent is for something purchased a while back, or for a new purchase with a large % down payment. Which absolutely happens, but sheesh, parent isn’t wrong…

      • Doubledee [comrade/them]@hexbear.net
        link
        fedilink
        English
        arrow-up
        1
        ·
        8 months ago

        Wait your position is that landlords are renting out places in major US cities at a lower cost than the mortgage? Are they billionaire philanthropists?