A Boring Dystopia

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givesomefucks@lemmy.world

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A family of 5 downsized to a one-bedroom apartment to escape feeling 'house poor.' Saving money hasn't been the only benefit. (www.businessinsider.com)

submitted 2 weeks ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] givesomefucks@lemmy.world 36 points 2 weeks ago (2 children)

Their mortgage is $1,400 a month, and they rent out the home for $2,300. Their apartment costs $1,600,

They just kind of glazed by the root of the issue...

Rent shouldn't be more than mortgages.

They can do this shell game, because they're still making $700/month and building equity. Someone without a house to rent is absolutely fucked.

[–] ThePantser@sh.itjust.works 10 points 2 weeks ago (1 children)

Where did you get the extra $200?

Also it will be definitely less than $700 unless they have a rental agreement that the renter does all repairs and improvements. What happens if the roof starts leaking? Whose footing the bill on that one? What about insurance? Landlord insurance isn't cheap.

They seem to be really living on thin margins and probably building a ton of credit card debt.

[–] givesomefucks@lemmy.world -2 points 2 weeks ago (1 children)

Where did you get the extra $200?

They get 2,300 and spend 1600 by living in the apartment and renting.

$700/month and equity.

But obviously it's more of an issue when it scales up

[–] Breezy@lemmy.world 2 points 2 weeks ago (1 children)

They still pay the mortgage of 1400 a month as well.

[–] CarrierLost 3 points 2 weeks ago

Yeah they’re still technically $700/mo in the negative.

$1400 mortgage + $1600 apartment is $3000 in expenses. $2300 income from the rent gives them an outlay of $700 they still have to come up with for the apartment.

So for strictly housing costs, they pay $700/mo. That likely doesn’t include all of the other things they need: food, transportation, medical, utilities, etc.

[–] MolecularCactus1324@lemmy.world 8 points 2 weeks ago (1 children)

Sort of. Rent actually should some times be more than mortgages, but only for comparable property types. I agree that renting a 1BR apartment should not be more than renting a 3 BR house. But, renting a 3BR house should be more than having a mortgage on a 3BR house.

[–] rc__buggy@sh.itjust.works 5 points 2 weeks ago (1 children)

And it's because of that old axiom, "Rent is the most you'll spend on housing, a mortgage is the least you'll spend on housing."

[–] MolecularCactus1324@lemmy.world 5 points 2 weeks ago (1 children)

Yeah, mortgage involves risks that renting does not. Rent includes compensation for the risk spread out over time.

[–] rc__buggy@sh.itjust.works 4 points 2 weeks ago* (last edited 2 weeks ago)

Not just risk but amortized maintenance. Water heater only lasts 12 years, furnace 18. Roof is about 20, siding 15-50 depending.

edit: Kitchen appliances now about 5? according to my recent experience. Probably the same for laundry machines. Toilet innards, like 10? Sink leaks, actual plumbing leaks, windows are gonna need it eventually and then fuck what about the garage door opener?