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Everything wants me to pay rent (lemmy.world)

submitted 2 days ago by The_Picard_Maneuver@lemmy.world to c/whitepeopletwitter@sh.itjust.works

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[–] ZeffSyde@lemmy.world 1 points 11 hours ago (1 children)

I really don't understand why people call themselves homeowners when they are paying off a 30 year mortgage.

Feels like rent with extra steps.

[–] ZMoney@lemmy.world 2 points 11 hours ago

I mean it depends on whether they actually pay it off. Many boomers were able to leverage the explosion in housing prices into paying off their cheap mortgages ahead of time. The boomer success metric is actually based on this principle. Buy a $150k house in 1998. Sell it in 2018 for $450k. The mortgage is irrelevant.

The obvious problem with this is that it completely fucks over the next generation.