this post was submitted on 07 Sep 2025
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Bad take. In my situation it went from us paying $1900 in rent to paying $4500 in mortgage.
Well you made a choice. Either you knew you could make the payments for the price range you bought into, or you didn't read the repayments figures on any of the documents the bank sent you and made a massive decision uninformed.
I pay 20% more for my mortgage than I did on my rent, but the house is also better, I can easily afford it, and I made that choice willingly and I'm happy with that arrangement.
The bad take I was referring to was OP claiming the mortgage payment would be lower than the rent payment. In the US this is almost never the case. Edit: we have fixed rate mortgages in the US. My payment will only go up because of taxes or insurance.
Most countries have fixed-rate mortgages. Most rental properties are also mortgaged. So a renter is paying for maintenance/insurance/tax costs, the landlord's profits margin and the landlord's mortgage.
If the landlord has a 10-year mortgage they just took out, the rental market wouldn't cover that, because that landlord is competing with comparable properties that didn't choose that amount. They are also competing with people that bought the property a decade ago and don't have the same mortgage burden. They are also competing with some that even considers their accumulation of equity a component of their wealth and wouldn't mind being mildly underwater early in their loan for the long term advantage.
At least in my area, the way the real estate market has worked out is that renting is about 10-15% lower than monthly expense for a 30-year purchase after 20% downpayment. If the real estate bubble pops, that will probably flip back around, but for now, the renters are getting a discount for short term, which in my opinion is the way it should be, renters getting a bit of a break for their equity disadvantage. In a sane market, the renter gets a cheaper payment that makes financial sense for 2-3 years in a property rather than being forced to rent by an owner class making new ownership impossible.