A Boring Dystopia

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A family of 5 downsized to a one-bedroom apartment to escape feeling 'house poor.' Saving money hasn't been the only benefit. (www.businessinsider.com)

submitted 3 weeks ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] MolecularCactus1324@lemmy.world 8 points 3 weeks ago (1 children)

Sort of. Rent actually should some times be more than mortgages, but only for comparable property types. I agree that renting a 1BR apartment should not be more than renting a 3 BR house. But, renting a 3BR house should be more than having a mortgage on a 3BR house.

[–] rc__buggy@sh.itjust.works 5 points 3 weeks ago (1 children)

And it's because of that old axiom, "Rent is the most you'll spend on housing, a mortgage is the least you'll spend on housing."

[–] MolecularCactus1324@lemmy.world 5 points 3 weeks ago (1 children)

Yeah, mortgage involves risks that renting does not. Rent includes compensation for the risk spread out over time.

[–] rc__buggy@sh.itjust.works 4 points 3 weeks ago* (last edited 3 weeks ago)

Not just risk but amortized maintenance. Water heater only lasts 12 years, furnace 18. Roof is about 20, siding 15-50 depending.

edit: Kitchen appliances now about 5? according to my recent experience. Probably the same for laundry machines. Toilet innards, like 10? Sink leaks, actual plumbing leaks, windows are gonna need it eventually and then fuck what about the garage door opener?