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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
(www.nytimes.com)
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this post was submitted on 15 Apr 2024
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I recently gave up my 3% mortgage from 2013 in exchange for a 7% mortgage. It hurts, but it was worth it to get out of Florida.
In the end, my housing costs actually didn't change that much because my home insurance rates were skyrocketing.
You could put almost any horrific thing in front of that phrase and it sound valid.
I had to keep my arm in a tub of fire ants for 5 minutes, but it was worth it to get out of Florida.
I had to cut off several limbs leading to a bad case of sepsis...
I had to sell a few children (not mine) along the way engage in some other morally questionable activities...
I had to sacrifice my first born like Abraham did his Isaac...
...but it was worth it to get out of Florida
It reads like a country song...
🤌
I could not agree more. The flip side is likely true as well…
“I’d rather put my arm in a tub of fire ants for 5 minutes than move to Florida. “
Also home insurance isn't tax deductible (to my knowledge unless you're renting the house and then it counts against the income you made renting) but the interest paid is.
That's a good point, but I'm definitely paying more taxes now than I was before. My new state has income tax and tangible property (vehicle) tax that Florida didn't have. I looked up tax distribution for my county and the majority goes into education, so I can't complain too much.