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umassmza t1_iybjut5 wrote

Short term no, long term yes.

When I bought my first house it was a financial stretch. When I sold it, the home had appreciated to double what I bought it for. My mortgage and taxes were 50% less than the rent on something half the size.

Your paycheck gets bigger but your mortgage stays the same

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ohmissfiggy t1_iybkt1p wrote

And while your mortgage stays the same, rent prices, continue to go up as well. When I bought, it was a stretch and more than renting but if I try to rent in my area now, it would be about 2.5x my mortgage.

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SmarterShelter OP t1_iybkztf wrote

That's true... My friend bought a house 20 years ago and is paying almost nothing in mortgage now.

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peter303_ t1_iyeujje wrote

Insurance, property tax, utilities inflate also.

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umassmza t1_iyf5l7r wrote

Yes but as a percentage of COL it’s not nearly as much.

Long term, doesn’t matter much that my parents home assesses for $800k when they bought it for $35k in the 80s

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