The Rent Vs. Buy Decision In 2022's Interest Rate Environment (And Lofty Market)
The Money with Katie Show
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The Average American Family Is Selling After 13 Years
In a five point nine five % average rate environment, no nowhere close. Over the full 30 year term, a 400 thousand dollar mortgage would cost 858 thousand dollars with a 5 point nine, five percent fixed rate. When you sell after 13 years, you will have paid conservatively 195 k in taxes, insurance and maintenance, as well as 372 k to the bank. But you've only actually paid back around 86 thousand dollars of the original 400 thousand dollar amount that you borrowed,. which means that you still owe roughly 313, 314 thousand dollars on the property. And every dollar that you spent on all these different things, if you wanted to be able to get all that out at the end
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