Turtles_win wrote
Now that most no longer expect some nasty economic action, it may happen and if so, it will be brutal.Soaring unemployment and a crashing housing market could be on the horizon. Housing is incrediblyunafordable. House prices and mortgage interest rates would have to crash to even things up. Growing up in California, I've pretty much heard this all my life for nice places to live.
Look at Tokyo, London, HK and other centers of trade and see if housing prices have collapsed when they first became very expensive...
I think it is part of the very big scam to keep everyone renters. It is being pushed to get people out of cars and homes into central planning districts where every move is watched, taxed and profits go to the developers and big tech companies.
They don't want you to own a home with parking places since you won't pay them for rides in self driving Uber-like cars.
The way to fight it is to own a home, own cars you keep for 20 years, etc.
To pay for the down payment you give up the other "daily fees" by making your coffee at home, bringing a healthy sack lunch to work, taking "stay cations" where you skip expensive flights, car rentals and hotels to buy fun equipment to use near home be it golf clubs, scuba, ski or windsurfing gear, etc... I know because this is how I did it.
Teachers in schools don't have great math skills so they prefer to teach you how to use the correct pronouns rather than how to calculate how much you save in life after 30 years of inflation living in a house that is paid for after 20 years of sacrifice...
They'll tell you not to own cars because they are bad for the environment but they are happy to sell you airplane tickets that use a lot of carbon you save staying home AND not buying new cars, etc. ever few years.
Anyway, I'd love to see someone do a spreadsheet for a fixed 7%, 30 year loan for a home in their town then compare that to paying rent for the same thing with a rent increase matching inflation. Be sure to reduce your monthly costs for home ownership by the tax deductions of some (or all) of the interest. With any luck, you'll do what I did and use periods of low rates to refinance for even lower cost, shorter term or both. |
