Is it wise to own a home in today's economy?
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insurgent — 1 year ago(August 22, 2024 07:22 PM)
Nothing in your list is different today vs any other point in history. Only difference right now is the high interest rates.
But don't buy a home if you're bad at saving up an emergency fund. In that case it's probably better to just rent and consider it a cost of living. It's not "throwing it away" because you need somewhere to live but homes are still a good investment. However if a home repair is going to mean you use a credit card with a 24% interest rate to fix it, don't own a home until you're a bit more stable -
Uncreative — 1 year ago(August 22, 2024 08:24 PM)
My mortgage, taxes, and insurance combined is about $3,200 for a 3 bedroom house. That's enough get a decent 2 bedroom apartment. My house would rent in the $4,500-5,000 range.
I've probably sunk $200k into upgrades and repairs over the last 7 years but also got an extra $600k in equity over that same time. So renting can eat a dick. At least this money pit is mine and I can do what I want with it.
