• derf82@lemmy.worldEnglish
    401·
    1 year ago

    If renting doesn’t make sense at half of what it costs to pay the mortgage, how does the mortgage make sense

    Where on earth is renting cheaper than a mortgage?

    Let’s say it’s in Orange County where the house is $800 grand," Cardone said. "You’d have to sell the house for $2 million just to pay the interest bac

    As opposed to paying even the same in rent, where you get NONE of it back?

    assuming a 3% annual increase in rent

    Lol, what planet do they live on?

    • CancerMancer@sh.itjust.works
      7·
      1 year ago

      On that 800k house, it takes a little over 30 years to get 2 million out of it if the house appreciates at 2% per year. Housing in many places has appreciated much faster than that (much faster than the market or any other single thing, including cryptocurrency)

      • yaaaaayPancakes@lemmy.world
        1·
        1 year ago

        And this is why we have a housing shortage. Because it’s in the financial interests of owners to restrict the building of housing.