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Renting is now cheaper than owning in all of America’s 50 biggest metro areas

BackInTheGame78

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A home I purchased as a rent in 2017 for $200k is now work $515k and shoots off over 70k a year in rents. I think you are mistaken.
I am not taking about something bought at low interest rates in 2017 and low dollars.

I am talking about a house purchased today at high prices, with high interest rates and high inflation.

Inflation may help those who already own houses but it is definitely not helping new homeowners but houses.
 

RickTheToad

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I am not taking about something bought at low interest rates in 2017 and low dollars.

I am talking about a house purchased today at high prices, with high interest rates and high inflation.

Inflation may help those who already own houses but it is definitely not helping new homeowners but houses.
2017 interest rate was 5.25%. Not sure what you are talking about of low interest rates dude. I purchased another one last year at 5.8%. It nets me 1800 a month. Respectfully, you are unaware of the real estate market and how it works.
 

BackInTheGame78

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2017 interest rate was 5.25%. Not sure what you are talking about of low interest rates dude. I purchased another one last year at 5.8%. It nets me 1800 a month. Respectfully, you are unaware of the real estate market and how it works.
And you didn't refinance for under 3% interest rates a few years later?

Seems like you may be the one unaware of how much that ends up costing you in extra interest over the term of the loan.

I'm aware that house prices arent going to keep going up forever and like anything else that which goes up, eventually must come down.

The only question will be who is going to be the one holding the bag when it happens.

Or don't you remember how many Americans were underwater in their houses not even 20 years ago. You would be foolish to think that's never going to happen again.
 

BackInTheGame78

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They will keep going up. There is a finite supply of land for the increasing demand for housing that is concentrated in a few prosperous metropolitan areas.
For now. You are making assumptions that will always be the case. It likely will not as the birth rate keeps dropping with no sign of slowing down anytime soon. Eventually as more and more people die and less and less people replace them it ends up equalling out. Might take 50 years or more, but it's likely going to happen.
 

RickTheToad

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And you didn't refinance for under 3% interest rates a few years later?

Seems like you may be the one unaware of how much that ends up costing you in extra interest over the term of the loan.

I'm aware that house prices arent going to keep going up forever and like anything else that which goes up, eventually must come down.

The only question will be who is going to be the one holding the bag when it happens.

Or don't you remember how many Americans were underwater in their houses not even 20 years ago. You would be foolish to think that's never going to happen again.
Nope, never. It's not worth the costs for refinancing. I purchased my 1st home during those times. I sold it two years ago for a 70k profit. I then purchased a foreclosure for half the value that it was really worth for cash. I am not a fan of paying banks to live in my home.

Location, location, dude. I only sold it because I wanted to move to a better area, and my renters are still paying my mortgage off.
 

BackInTheGame78

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Nope, never. It's not worth the costs for refinancing. I purchased my 1st home during those times. I sold it two years ago for a 70k profit. I then purchased a foreclosure for half the value that it was really worth for cash. I am not a fan of paying banks to live in my home.

Location, location, dude. I only sold it because I wanted to move to a better area, and my renters are still paying my mortgage off.
The location that's hot today isn't always the one hot when you go to sell.
 

RickTheToad

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They will keep going up. There is a finite supply of land for the increasing demand for housing that is concentrated in a few prosperous metropolitan areas.
There are a lot of housing complexes supposedly being built around NYC. It may help bring the rents and home prices down a bit, but not at any significant way.
 

BackInTheGame78

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Pretty sure it was a safe bet in Stamford... Ask anyone. 20 years ago, Stamford wasn't so nice. Now, it's on its way to becoming the largest city in Connecticut.
That's not saying much...I mean what's it's competition, Hartford?
 

Pierce Manhammer

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With near perfect credit, my first mortgage was 14.7% that was 1992 and it was a veterans loan so that guaranteed me to get one of the best rates around. So stop talking out your third point of contact.
 

jaygreenb

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Greenwich, Darien, New Canaan, Westport, Southport, Trumbull, Fairfield, West Hartford, Ridgefield, Danbury (iffy in some aThisreas though).
This made me laugh, one of my best friends is from Danbury, definitely iffy lol I went to UCONN
 
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