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Continuing with the mortgage crisis theme: | by CynicalRyan | 2008-03-19 10:54:43 |
| #3 is false where I live |
by Sterling_Ag |
2008-03-19 12:20:50 |
My total monthly payments are about $900 (Which includes my property taxes and HOA fees). The apartment equivalent to where I live (2 bedrooms, 2 bathrooms) runs around $1500 a month. Even the cheapest apartment at the complex next door (1 bedroom, 1 bath) is close to $1200 a month. I've got a fixed rate on my mortgage, so the only thing that'll make my mortgage payment rise is when property taxes or HOA fees rise. You can be sure that any increase in propery taxes for the township are going to affect rent prices as well.
The difference in downpayment+closing costs vs. deposit on an apartment given the rent around here would close at a rate of about $6000 a year, so I broke even just over 3 years into my mortgage. This May will mark 8 years living here. So by buying instead of renting, I'm ahead by around $30k... factor in maintence and repairs over the 8 years and I'm still up by $25k or so.
So once I passed the 3 year mark, buying is MUCH cheaper than renting. In the long term #3 is clearly false, and their 5 year figure for #1 is a wee bit on the long side.
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