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hypotenusehippo t1_j6oj22v wrote

Reply to comment by alphalegend91 in Put them in their place daddy Powell. by Garweft

I hope you're wrong for my sake haha. I hear you though. I am no psychic and can't claim to predict the catalyst but it does feel unsustainable out there.

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alphalegend91 t1_j6olfbe wrote

I hope I'm wrong too, but as someone who bought their house in 2020 and has a 2.25% 30yr fixed rate I would absolutely buy up another house if it ever crashed and rent out the one I have.

I only put 10% down and my mortgage is $1570 with the $70 a month PMI falling off soon. Rent comps in my area are $2300-2500 for my property. There's no reason for me to ever sell it and I know multiple people in the same boat that would do the same thing.

It's unfortunate, but the rich get richer and everyone else gets left behind.

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cantstopwontstopGME t1_j6p440m wrote

Sad that owning a home is considered “rich” now.. that used to be the absolute bare minimum

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alphalegend91 t1_j6p49od wrote

I wouldn’t consider it rich, but being able to buy multiple properties and renting out the previous ones definitely would fall under that

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AwesomeRevolution98 t1_j6pizyk wrote

Yup exactly. Even if home prices go down like 30% which is a huge amount , 2008 we saw like only a 20% decline, with super high mortgages the net amount paid might actually be more.

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