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Joined 2 years ago
Cake day: June 30th, 2023
  • Buddahriffic@lemmy.worldtoNews@lemmy.world•‘Will I ever retire?’: millennials wonder what’s on the other side of middle age
    1·
    10 months ago

    Yeah, I bought fairly recently (as interest rates were starting to climb) and it was 100% a qol decision rather than a financial one. I’m paying more in interest now than I was paying in rent before, so instead of giving my money away to a landlord, I’m giving it away to my mortgage company.

    The only way I’ll come out ahead financially is if the value goes up. But I have mixed feelings on that, too, because the housing situation is fucked here and value continuing to go up will mean that the situation is still fucked. I don’t want this place to be my home forever, so if the price here goes up, then the price of better places will also go up and it ends up being a wash until I don’t need to own and can sell, but even that would be tough because inheritance is probably going to be my daughter’s only way of ever owning her own place.

    Or, on the other hand, if they fix the housing issue here by limiting the number of residences any person can own and barring corporations from owning at all (or at least not having them count as new people for number of places they can own), then prices will crash and most people who currently has a mortgage will end up owing more than their house is worth and will still be fucked in that way. Unless the government makes the banks eat some of that or does a bailout for homeowners.

    But anything in the above paragraph would probably take a revolution to actually happen because all of these bugs for regular people are features for those that have the wealth to influence the political power.

  • Buddahriffic@lemmy.worldtoCurated Tumblr@sh.itjust.works•ALAB.English
    1·
    10 months ago

    I mean, I can’t say I’m against measures that discourage more people from joining the leech class like that.

    That 40% down would also reduce the rate at which established landlords can expand. For 40% down, $1m can finance $2.5m of property. For 20% down, it can finance $5m. For 10% down, it can finance $10m. And that money could be used to bid on more residences or to bid higher on the same number of residences.