• spongebue@lemmy.world
    link
    fedilink
    arrow-up
    3
    ·
    8 months ago

    There’s more to it than the idea of owning a home. A 30-year fixed mortgage means your “rent” will be the same* for 30 years. Then you just… Don’t have to pay it any more. Need to move? That’s cool, you can just take that equity you’ve got and put it towards your next house.

    * yes, I know property tax and insurance is a thing. The bulk of the payment is for principal and interest

    • Coreidan@lemmy.world
      link
      fedilink
      English
      arrow-up
      3
      ·
      8 months ago

      Totally. But just because you can’t afford to buy a home doesn’t mean you should blow your savings.