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this post was submitted on 01 Apr 2024
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Asklemmy
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Even with the added costs of owning the home and upkeep, it's only equivalent or just above rent, and that's with the condo association fees and insurance. Even while renting I was stuck paying for utilities. And I'm highly aware that the roof needs replacing, given that we've got to replace ours within 5 years.
But if your point is "owning a home is more expensive than renting when you factor in all extra costs," I want to again point out that most people are barely able to stay afloat. His point was that anyone can buy a house. Mine is that the money he thinks grows on trees literally does not exist for the majority of people.
Fair enough, my point was more that people that just assume that mortgage payment is X and is less than rent therefore I'm am being robbed aren't looking at the whole picture, or aren't being honest.
Except the mortgage payment ends after 30 years, and what you pay into the house is yours afterwards. Sure, the insurance and other taxes continue - but once the house is paid off, it's done. I paid my mortgage off in 5 years by dumping every last dime I had into it and living off of nothing but scraps.