dbnoho
dbnoho t1_ix102ek wrote
Reply to comment by Quirky_Butterfly_946 in For people that bought single family homes in Boston or adjacent suburbs since last summer, how much are you paying per month in mortgage, taxes, insurance? by Bostonosaurus
This logic is deeply flawed.
At this point a mortgage on a $1m house is >5k. Buying a $1m home will cost at least 7% ($70k) in transaction costs to buy and sell. Ignore that you need $200k down, cost of interest, opportunity cost of that money, maintenance, location considerations, etc. You’d still need to live in the house for years to even begin for it to makes sense vs renting.
Renting is not throwing your money away.
dbnoho t1_ix10pyq wrote
Reply to For people that bought single family homes in Boston or adjacent suburbs since last summer, how much are you paying per month in mortgage, taxes, insurance? by Bostonosaurus
Interesting question. Seemed to me that there was a final frenzy of inflated prices over the summer as people rushed to lock in rates they knew were going up.
The fed wants to crush the housing market so who is braving it to buy right now?
My mortgage would be 50% higher with current rates (bought in 2019). I can’t imagine someone paying nearly 2x (what it would be with the Redfin estimated price and current rates)