Originally purchased a house in 2009. By 2015 home prices had increased by 50% when we sold it in 2015. Bought a nicer house for less money in a area with a cheaper cost of living. Used most of the money gained from the sale of the 1st house as a down payment. Refinanced the mortgage when rates were 2.85%.
Current home today is now valued at over $500K. If I had to purchase the home I live in today as a first-time home buyer the mortgage would be around $3,500/month.
All of this price increase is driven by corporate investors and short term rentals due to the years of low interest rates thereby creating an artificial shortage.
Home ownership is the best way for the middle and low income classes to build wealth. Of course the wealthy know this and are actively racing to lock them out of it.
That’s what mine is without insurance and taxes.
Originally purchased a house in 2009. By 2015 home prices had increased by 50% when we sold it in 2015. Bought a nicer house for less money in a area with a cheaper cost of living. Used most of the money gained from the sale of the 1st house as a down payment. Refinanced the mortgage when rates were 2.85%.
Current home today is now valued at over $500K. If I had to purchase the home I live in today as a first-time home buyer the mortgage would be around $3,500/month.
All of this price increase is driven by corporate investors and short term rentals due to the years of low interest rates thereby creating an artificial shortage.
Home ownership is the best way for the middle and low income classes to build wealth. Of course the wealthy know this and are actively racing to lock them out of it.