this post was submitted on 05 Oct 2023
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Can you imagine the total cost for home ownership in a 47 year mortgage?
30 year mortgages around 3% were something like 175% of the loan price. Even that seems crazy
This is insanity
They are basically making it a generational purchase. Like your parents buy a home and then on their death bed, pay it off and hand you the key.
Canβt wait till itβs like 200 years π
In addition to comparing against cost of rentals, there's also opportunity cost with investing. If someone has a mortgage averaging 3-6%, and invests at 5-10%.. that's a great strategy. Why wouldn't you push the amortization as long as possible?