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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] CmdrShepard@lemmy.one 2 points 1 year ago

I dunno. I calculated that paying an extra $200/mo on my $240k loan at 3.75% would wipe about 8 years off the 30 year loan. I think the interest savings is a good chunk but not a life changing amount of money when spread out over 30 years. In my view I'd rather have the security of a paid off house than the marginal potential gains from investing that money (in addition to my other investments) over the same time period.

I'm sure on paper it makes more sense to pay the minimum and invest the rest, but again I'd rather be more conservative and it's likely I'd just spend that money on something else like a new car.

this post was submitted on 29 Sep 2023

346 points (95.1% liked)

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