this post was submitted on 16 Aug 2023
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I would imagine most homeowners couldn't afford a loan for their current house at its current value. I just ran a borrowing capacity calculator for a local large bank, and it's well below what my house is worth.
I bought at 21 and had it paid off at 38. I earn triple what I did back then.
That's part of the reason I bit the bullet when I did and bought a house where I didn't want to. I started building equity and when housing prices went up I was able to roll that over into a house I wanted in the area I wanted. At some point you have to get in and start building the equity even if it's somewhere you aren't as happy in. YMMV.
Yeah, but I honestly feel terrible for younger people just starting out. I'm locked into a 2.35% APR loan on a house that's valued nearly 3 times what I bought it for less than 10 years ago. I would never be able to afford mortgage payments going in at today's rates for the full value of the house, let alone come up with 20% to get rid of mortgage insurance.
The starter townhouse my wife and I bought almost 20 years ago has gone up similarly. What kind of person in their early 20s can afford to come up with a 6 figure down payment? Or afford a mortgage payment that's several thousand dollars a month? Shit's crazy.
It's starting to look like that model might be dead too. Mortgages continue to rise, but prices aren't coming down because everyone with 2% interest mortgages are never going to move, so there's no inventory. This means that the prices will hold, but not increase. So even if you can get a house you don't really want now, it's not going to appreciate much, and might even slowly depreciate as the current owners are forced to sell because of life events.