Mortgage Rates Rise Above 7% For First Time In 2024, Homeowners Won't Move, Afraid of Being Homeless

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Mail:
Anton Daniels
P.O. Box 27
Union Lake, MI 48387

#antondaniels #mortgagerates #broke #homeless

[consumerdebtchitchat]

I purchased a 100K condo in Tampa in 2020. Paid it off in 3 years. The condo now sells for shy of 200k. I could have easily purchased a 200k condo but chose to go ridiculously beneath my means. I became debt free.
Last month I purchased a new 2024 Toyota Corolla hybrid. It will take me 7 months to pay off after having saved up for part of it.
In October I will return to total debt freedom again. This time with a paid off vehicle vs leasing. And I will go back to living on one paycheck and saving the other 50%.

Inflation is bad and grocery prices suck. But not so much for those of us who live ridiculously beneath our means.

[thatbemefool]

Everyone thought I was a fool when I bought my fixer upper in 2011 (after I crashed out on a condo I paid twice as much for in 2005). My home has been completely renovated and will be paid off this summer.

Sacrifice: no dining out, doing my own hair/nails and planting a garden, vanpooling and sticking to my spreadsheet paid the hell off. I would be terrified as a renter right now….but then again, I felt that way in 2000. Scary times!

[cg]

When I bought my house in 2002, my interest rate was 7%. The difference between then and now, my house cost 190, 000 in 2002 and now my town tells me it is now worth over 300, 000. 😂 At least I payed it off.

[cherylhills]

I miss the post Pandemic Mortgage rates, those were good times ! The market correction has been massive and with the impending recession it seems like things are only going to get worse.

[kahlildr]

People are spending above 50% of their take home pay on rent alone which is why they be crying on Tik Tok saying they can’t breathe😂😂😂 it’s real out here. Gotta get 2 or 3 roommates.

[ryankarus]

It took me FOREVER to save for a car, then when it came time to get one the used car prices shot up during the pandemic. I was so pissed!!. I do know in Canada entire families are living in 1 house just to afford life.

[PharSydeix]

I just closed last week in FL. They tried to give me a 7.1 interest rate but luckily, I was able to buy it down to a 5.6. Can't wait till I can refinance. And why the fuck is a private company controlling this shit? The Fed needs to go back to the

[atown]

Your House will never be completely debt free. If you don't pay your Taxes! They will foreclose your house. If you don't pay your HOA fees. They will foreclose your property.

[IrelandLochlin]

Here in Chicagoland suburbs they keep building new apartment buildings that are remaining EMPTY because NOBODY can afford the RENTS. My brother in the Nashville area say the same thing is happening where he lives. WHY are they building so many NEW apartments when NOBODY can AFFORD the rents?🤨

[eliot]

I’ve been doing 15-year mortgages lately. The last house I bought I paid cash. I buy houses less than $200, 000.

[Raging_Bull]

In my opinion on what no one talks about is the interest rates are climbing because they figured out a system where the poor got a piece of the pie with use of renting out their properties. It’s the only reason and while they make it difficult for the average to purchase at this rate. The corporations are buying up at an alarming rate.

[aero]

I’m glad I bought a home as a 23 year old back in 2018. My pay since then has doubled so I’m in pretty good shape. At this point I can save half my take home pay.

[CeeTee-]

I'd like to see rates move above 10% and stay there for 10 years to correct these housing bubbles that exist in NY, NJ, LA and other big cities.

[TheOneAboveAll_]

In Pittsburgh there's a bunch of people who own their home...they then started putting up 400k homes next to yours then a few house down also then over asses your home and then force you out because now your property tax is more. Or UPMC has purchased everything around your home....they taking yours very very soon.

[Jack-pdps]

The low interest rate is allowing people to spend elsewhere. My neighbor is paying $1100 per month. Most rentals in the area are above $2200. There’s no need to rush to pay it off early as inflation is helping the home owner out. I think the low interest rates are a flex. The same home right now would cost over $2800 per month to buy. People buying today obviously have money and a good income.

[cpkGIRL]

In sum, ...1) pay for what we NEED, not what we want; 2) live w/in our means

[LaNeitaJones-nxcx]

Buc-ee is a mini city of everything average over 75, 000sq. ft or more plus mega gas station isles. The jerky selection is the best.

[farmerjay]

Very True Brother a Paid Off home In America is A True Freedom especially where I’m at in California!!! I understood this 6 years ago And I was Right brother!! Speak the truth 🤟🏾

[chris]

No one wants to leave their homes with a cushy 3% mortgage and especially if your home is paid off

[MrDoubtful]

I wouldn't be able to afford the same house im living in that i bought in 2020 if i were to try to buy it today