It’s ideal to get a 15 year mortgage, but a 30 year mortgage gets you a bigger better house and it’s better than renting.
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Yes, and it’s interesting what a big difference interest makes. I once took a 30 year mortgage, and two years later interest rates dropped but over two points, so I was able to refinance it to 15 years at the same monthly payment.
With Bidenomics and today’s interest rates, these poor young folks are either going to have to over leverage themselves in mortage debt, or settle for an undesirable ‘starter home’. After 2020, a lot of people fled urban and near-urban areas, lowering housing costs, it’s a huge gamble to assume that wont happen again or ignore increases in crime so I think a lot of people are staying/moving home with their parents are sharing the costs and living in groups.
I read an article recently that Gen Xers and millennials are in line to inherit 50 TRILLION DOLLARS from us Baby Boomers.
Great, right? In a word... Bidenomics.
Interest rates are liwer than than the 80s when I paid off my 30 year loan in 12 years. Every tax return went into my house. I put two kids thru 13 years of college, retired at 55 and only made 50k plus for 9 years. I saved for retirement and have more income the year I retired than any year working.
I never bought a single bottle of soda, or ahopped at a 7-11 type store. I paid myself 20% of every paycheck.
Its how you save.