360

Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 9 months ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

212 comments fedilink hide all child comments

I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

you are viewing a single comment's thread
view the rest of the comments

[-] callouscomic@lemm.ee 16 points 9 months ago

Your HOME is not an investment. Unless you're planning to sell and live in a cardboard box.

[-] Critical_Insight@feddit.uk 3 points 9 months ago

When you buy a house, you're essentially locking in your housing costs, which can be especially advantageous if you have a fixed-rate mortgage. Rent, on the other hand, can increase over time. My monthly mortgage payment for a house is already several hundreds less than what my friends are paying for their tiny rental apartments. In about 17 years, my house will be paid off, and then I'll only have maintenance and utility bills remaining, while my friends will still be paying rent, which probably has increased by quite a lot by that time. I don't need to sell my house to benefit from investing into it.

[-] shortwavesurfer@monero.town 1 points 9 months ago

This exactly. The 2 things that affect my fixed rate mortgage are property tax, and homeowners insurance. Even those don't affect the payment much in either direction.

[-] callouscomic@lemm.ee -1 points 9 months ago

Got it. So when I also limit my exposure to cost increases by switching to a cheaper grocery store, I'm "investing" in groceries.

Ridiculous.

[-] Critical_Insight@feddit.uk 2 points 9 months ago

No, that's just being frugal. Not spending money on something is not investing. Grocery example would be buying in bulk; you pay more for something upfront because it's going to be cheaper on the long run.

this post was submitted on 29 Sep 2023

360 points (95.2% liked)

Ask Lemmy

25225 readers

2903 users here now

A Fediverse community for open-ended, thought provoking questions

Rules: (interactive)

1) Be nice and; have fun

Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them

2) All posts must end with a '?'

This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?

3) No spam

Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.

4) NSFW is okay, within reason

Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com. NSFW comments should be restricted to posts tagged [NSFW].

5) This is not a support community.

It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.

Reminder: The terms of service apply here too.