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I get that people sell houses, but this doesn't explain it, because the money they get should be enough to buy the next house, unless the latter is more expensive. I get that people move up in house, but you can then ask the same question about the next house, and houses cannot just keep getting bigger without bound, right?
It seems to me that EITHER 1) this points to a much more serious wealth gap than we thought, OR we should expect that by (for instance) 2050 we should see outright owners become more common.
People move on average every 7 years. Figure that the home "owner" never owned the home that is being sold, but were 7 years into a 30 year mortgage. The payments at the beginning of a mortgage are mostly interest with very little going to paying down the mortgage. So at sale the "owner" will get their down payment, principle paid, and appreciation. However moving is expensive. And I believe most of the profit to roll into the next house is eaten up by realtor fees, moving expenses, and closing fees on the next place.
Heck be nice if they will build a home for everybody family their is, but we all know that wont happen. I see so many homes that are boarded up, broken down due to neglect.. Why not just let a person come in and fix it and live in it rent/mortgage free. After all the county/state not making any money on it when its just sitting their. We have a housing problem, and no family should be renting from the MAN because of the RED tape and other obstruction to prevent a person getting a home.
What does having 6 years of taxes, 2 years of paystubs have to do with buying a home, and have a decent rate of 500 a month.. Honestly, if i had a house payment for 500 a month, i would not leave for nothing, and will it to the kids..
What does your net worth have to do with owning a home outright? Your posts make no sense.
If someone has a net worth of $200, they aren't going to be in a position to own a home outright (except perhaps in Detroit? or with massive student loans from med school?)
If someone has a net worth of $200, they aren't going to be in a position to own a home outright (except perhaps in Detroit? or with massive student loans from med school?)
Um, they can pay it off in 360 monthly payments with a net worth of $200. Your posts don't make sense.
Oh! Oh! I know! Yours. Are you really in an Economics thread trying to school someone when you don't have a clue about net worth? Really?
Oh, so the house was destroyed by a tornado, without insurance, and is now worth $200? Is that the assumption?
The person with a $200 net worth at any single point in time does not have the option of owning outright at the time their net worth is $200, under normal circumstances. Decades later their net worth may have changed, but in the short run there is no way to go from the $200 net worth to owning a home outright in a short amount of time, absent winning the lottery, an inheritance, insurance settlement, etc.
Oh, so the house was destroyed by a tornado, without insurance, and is now worth $200? Is that the assumption?
The person with a $200 net worth at any single point in time does not have the option of owning outright at the time their net worth is $200, under normal circumstances. Decades later their net worth may have changed, but in the short run there is no way to go from the $200 net worth to owning a home outright in a short amount of time, absent winning the lottery, an inheritance, insurance settlement, etc.
Think about it. Ask your mon or dad for help. It is a pretty easy answer.
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