Posted on 12/11/2023 10:23:25 AM PST by ChicagoConservative27
The average monthly mortgage payment in Joe Biden’s America has soared to $3,322, per analysis from the Wall Street Journal.
That $3,322 is nearly double the average monthly mortgage payment when His Fraudulency assumed office. When former President Trump left office, the average monthly mortgage payment was $1,787.
Homeownership has become a pipe dream for more Americans,” writes the WSJ, “even those who could afford to buy just a few years ago.”
(Excerpt) Read more at breitbart.com ...
You would expect such an increase in mortgage rates would lead to the price of homes coming down but that certainly hasn’t happened yet.
Mine just went to zero.
How so?
“Mine just went to zero.”
Mine too. I paid it off 10 months ago and my payments were $356.08 per month.
My how things have changed.
Mine has been zero since the second year of Trump.
I thank him for making my tax burden light enough to pay off a 30 year mortgage at 16 years with 401k money................
If you are in a fixed rate mortgage, how can your mortgage rate increase from $1787.00 to $3322.00?
If you are not in a fixed rate mortgage and have a ARM, you have no business buying real estate.
Then throw in the Debt To Income rule where no more than 36% of gross income should be used for any kind of debt.
Families are getting destroyed. The younger generation typically doesn't want kids and also can't afford them.
Illegals and welfare queens are getting paid "by the head" of each baby - as long as there is no father in the household.
Our nation has ceased to exist...
No way am I paying those off early - even though I could.
Instead, I took the payoff money and put it in short-term (4-wk) T-bills paying around 5.4%.
It's a small form of financial arbitrage - making over 3% return between my debt and the government's debt.
Mine has been zero, too, for a long time, cuz, well, time.
But I’d rather be young again and have a mortgage, to tell the truth.
I think the point was that Tom Smith may have bought a house in 2020 and he pays a fixed monthly mortgage of $1787. Meanwhile, Sam Jones just bought a house yesterday and he pays a monthly mortgage of $3322 for an equivalent house.
It’s not that Tom’s payment increased. It’s just that more recent buyers like Sam are getting screwed by Biden’s policies.
I’m not sure what all this stat tells us. It is partly this high because the average is skewed by coastal elites and their mini-mansions.
$3,322 is wholly out of the range of middle-class Americans in flyover country. Those here who have good jobs are pushing the real estate market to expensive homes.
I can’t even imagine having that kind of a mortgage payment. I just about had a heart attack when our cropland mortgage went from 3% to 5% after Brandon was selected. *SPIT*
One more year to go and the ENTIRE farm will be mortgage-free...less if I have my way.
I’m sure Mother Government will find some other way to screw us over in our Golden Years, though. :(
People who vote democrat are either rich or subsidized... they’re not working class Americans. (of if they are they are totally out of touch with reality)
I am in North Jersey - that mortgage payment will get you a place in the hood in Newark. 😂
You might want to ‘rethink’ that after reading this Mark Twain short story:
“Extract from Captain Stormfield’s Visit to Heaven”
https://www.gutenberg.org/cache/epub/1044/pg1044-images.html
I think the article is actually stating that due to the rise in interest rates, anybody BUYING a similar home today would be subject to the $3,322/mo rate, all other things being equal with the mortgage you would need to take out.
Basically if you own a home now with a fixed mortage, stay put. Otherwise, if you must sell now, try to ensure that you do not need a mortgage for your next home.
As I approach my own retirement, I will be in that situation. I will need to ensure I am paying cash for my next (and perhaps final) home, even if I need to downsize very significantly.
Lesson learned:
Never assume a variable interest rate loan.
“Our nation has ceased to exist...”
*************
Yes. Our once great and respected nation has been supplanted by demographic changes, cultural deterioration and the celebration of dependency. A whole new ethos has taken over.
Good move—it is heads you win tails the mortgage lender loses.
If interest rates go up your arbitrage reward gets higher.
If interest rates do down you can always pay down or pay off the mortgage.
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