dbnoho t1_ix102ek wrote
Reply to comment by Quirky_Butterfly_946 in For people that bought single family homes in Boston or adjacent suburbs since last summer, how much are you paying per month in mortgage, taxes, insurance? by Bostonosaurus
This logic is deeply flawed.
At this point a mortgage on a $1m house is >5k. Buying a $1m home will cost at least 7% ($70k) in transaction costs to buy and sell. Ignore that you need $200k down, cost of interest, opportunity cost of that money, maintenance, location considerations, etc. You’d still need to live in the house for years to even begin for it to makes sense vs renting.
Renting is not throwing your money away.
Quirky_Butterfly_946 t1_ix12m9u wrote
Who said anything about million dollar homes? But, it fits your example so I guess you decided to use it.
And yes renting is a sucker deal
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