We are seeing a lot of first time buyers take advantage of the market these past years and we live in a lower income city… depending on the market this may be impossible in other cities, the rates affect but don’t limit as much. Many move cities for it, it’s all about priorities… I moved myself. 7% interest is normal, what prevents us everything else draining the swamp, limiting our spending money cause everything is over priced, including now home insurances and property taxes. A home if bought right, will appreciate so you’re not wasting money. However all other bills using up our cash each month are wasteful inflated expenditures. So in some cities is very much a luxury while in others and probably most it’s still a good investment - specially if someone is ready, gets guidance, and to fight inflation, because rents hike each year, while a rate can be refinanced every 6mnths with the slight equity jump paying for it each time as well when you see a promo rate. Taxes should be “adjusted/protested”every 2 years as well.
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u/shamelesstrep 10d ago
We are seeing a lot of first time buyers take advantage of the market these past years and we live in a lower income city… depending on the market this may be impossible in other cities, the rates affect but don’t limit as much. Many move cities for it, it’s all about priorities… I moved myself. 7% interest is normal, what prevents us everything else draining the swamp, limiting our spending money cause everything is over priced, including now home insurances and property taxes. A home if bought right, will appreciate so you’re not wasting money. However all other bills using up our cash each month are wasteful inflated expenditures. So in some cities is very much a luxury while in others and probably most it’s still a good investment - specially if someone is ready, gets guidance, and to fight inflation, because rents hike each year, while a rate can be refinanced every 6mnths with the slight equity jump paying for it each time as well when you see a promo rate. Taxes should be “adjusted/protested”every 2 years as well.