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Study: Hopeful homebuyers need income of nearly $117,000 to afford typical home in U.S.
(www.bankrate.com)
this post was submitted on 25 Apr 2025
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"Afford" = go into debt for 30 years.
debt? our mortgage costs the same as my sister's rent, but we're not pissing our money away to a landlord every month. when we sell the house, we'll be getting our value back and then some. even if we only stay a couple of years and merely break even, we're essentially living rent free during this time
That's a different topic, although I agree with you.
I'm pointing out the undeniable surface detail, you owe money to the bank for 30 years. It's debt. Pretty simple.
I hate giving away free money to a landlord every month also. But when you get a mortgage you're giving away free money to a bank, in the from of interest.
There could even be an argument that landlords provide more of a service, in the form of upkeep and repairs. The bank provides no service, other then fronting cash.
Tomato tomato. I hate landlords and the mortgage industry both. But generally you're right it's much better for the individual to own due to equity and ownership.
The shitty thing for me and many people though is owning is semi-permanent. More of a hassle to sell and move. Landlords suck when they have year leases which also makes things harder if moving is necessary, but can be easier than owning. I try to only live in places that are month to month.
Call me a commie, I'll accept that label with pride, I think all things housing should be socialized and regulated as a public good. No more profit for banks, wall street, hedge funds, etc. And yes, that includes small time landlords. I don't know or care how it would be organized or work (it never will), but I hate our current system. People with more wealth are able to exploit and take advantage of people with less wealth. Full stop.
And who doesn't feel at ease predicting stable employment for several decades for themselves? After all in a world of "at will" employment and executives that need to hit their numbers for that quarterly stock grant, barely any unions, deliberately anemic unemployment insurance benefits, who wouldn't jump at the chance?
The house will appreciate more than the mortgage interest. It's debt, but not bad debt.
That only matters if you ever plan on selling your home. Not everyone buys houses as a financial investment.
As a homeowner - I 100% agree with this.
I absolutely hate that I paid as much as I did simply because the generation before mine decided to turn the whole concept of home ownership into a financial investment vehicle.
I hate how it changes the thought processes around the decisions I make in regards to my home.
I hate how it impacts the relationships with my neighbors and how it morphs the very conversations we have. That it has drastically changed the type of people who would otherwise have wanted to live in the community and be a part of it instead of just trying to ride the wave investment dollars.
I hate that it means my own children, once grown, will likely be unable to afford to live in this neighborhood - even if they rent. And I hate that it's going to become their problem too.