My rent: $2,400
This is not the same as a $2,400 mortgage.
So the next time someone tells me I'm throwing away money and should buy a house and build equity, I'll be sure to remind them of all the hidden costs of being a homeowner:
Female in Finance
3,355 posts
Female in Finance
@LPinFinance
Joined December 2020
- Replying to @LPinFinance- Private mortgage insurance - Homeowner's insurance - Property taxes - HOA fees - Water & trash - Maintenance - The downpayment that could have been invested - Closing costs - Emergency costs
- Replying to @LPinFinanceMy rent is the maximum I'll pay per month. A mortgage would be the minimum I'd pay per month. Also, the current home I'm renting is valued at $1.1 million. Let's do some maths:
- I wonder why people are so willing to invest $100k into a degree, but not $1k into the stock market 🤔
- Replying to @LPinFinanceBuying this same home at 6.8% interest over a 30-year fixed term would give me a mortgage payment of $7,171. Homeowner's insurance: $104 Property Taxes: $688 HOA: $414 Not including PMI or anything else I listed, I'd be at $8,377 per month. I think I'll stick to renting.
- Replying to @LPinFinanceI am not anti home buyers. Buying a home just isn't for me right now in California. I do want to own a home one day, but I won't do it if the numbers don't make sense for me. I'm sure you home buyers out there didn't buy your house if it didn't make sense for YOU. Cont'd
- Replying to @LPinFinanceI'm gunna go ahead and add something for the people who think name calling is cool. I am talking about *MY* current renting situation and how if I were to buy the home I rent, it would not make sense for ME. Cont'd
- Replying to @LPinFinanceThe stock market doesn't require me to deal with tenants, toilets, and termites. I don't look at a primary home as an investment. I am okay. Worry about yourself.
- Replying to @LPinFinanceSo maybe pause, and realize I'm just stating what works for me and don't be so offended by my decisions that don't even affect you at all. I still have assets. Just because I don't have a home doesn't mean I don't have assets. I invest in the stock market. Cont'd
- I get it now. People literally think you're poor if you don't own a home. No wonder some people actually go broke buying a home.
- Replying to @LPinFinanceMeaning the owner likely bought it for less. Which he did 5 years ago, for less than half. Reading comprehension is critical. Assumptions will get you no where.
- Do not EVER dunk on a woman who’s investing her money in low cost index funds. Keep wearing your cargo capris, Chad.
- Replying to @BrittonnorthI'm not burning any money, I'm paying for a roof over my head. That's not burning money. I can understand your logic but I'm still playing for a place to live and buying assets elsewhere.
- Replying to @LPinFinanceI honestly can't keep up with so many comments so I will say one last thing and let the rest of you go nuts. Reading comprehension goes a long way. I said the home is "valued at $1.1 million." cont'd