Buying a house right now, you would pay far more for mortgage interest and prop tax than for renting the exact same house and by that I mean paying a lot lot more.
So a rational person would buy a home only because it might go up in value. So the utility of the house is that it goes up in value. Otherwise it has negative utility since you are better off renting than buying.
If home prices are flat you are better off buying house 5 years from now after renting for 5 years.
How is the sustainable long term without rents blowing up.
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Also that’s how it looks today. If rent and home price both go up, renting would be extremely costly.
With inflation and everything getting a lot more expensive, it’s unthinkable that either rent or home price would go down.
Inflating just started , do you think it’s going to go down? Look at housing markets across the world, they only go up or stagnate, never go down. Population is not decreasing, demand always increases and supply will always be limited
They correctly say it, there is never Better time to buy a house, I say it was Yesterday. Still not late for tomorrow