53
A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
(www.nytimes.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 16 Apr 2024
53 points (98.2% liked)
Personal Finance
3631 readers
29 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
The average American stay in a home is has been ~8 years.
That number is going to double with rates like this.
Given that the American system is supposed to be a market that's a bad sign: frozen markets are not efficient markets.
This doesn't mean people can stay in their homes in a crisis: it means people can't move. A job the next city over would have to pay thousands more to make selling your home a rational decision. The article says it's on average $511/mo different.
A crisis still lands you homeless in America.