Rent is not double the mortgage.
Maybe the base mortgage payment, but you also have to pay for insurance, taxes, maintenance, utilities.
If you can’t get good terms on a mortgage you will also have a higher rate and PMI.
Yes poor people must pay more for the same house, and rent can be cheaper.
Edit- Hexbears: grow up, get a job, buy a calculator, and try to figure out why you are so wrong.
Housing prices increase faster than inflation. Why do you think that is? Certainly not because housing is seen as an investment vehicle where corporations buy as much as they can just to rent out, increasing the demand and therefore price of housing beyond what the market rate would have otherwise been.
I think it’s clear that landlords are making money (and even if they’re not, they’re at least gaining equity which will eventually make the whole thing profitable), with most of that profit coming from the mere act of owning the property and withholding it from those who need it in order to survive unless they pay - which is inherently coercive in nature, and a fork of violence against the working class performed by the owning class. Sure, there’s a nominal amount of effort fees and effort, and I’m not going to knock property management, since that is actual work, but landlords primarily get their money from rent seeking (that is, however much they charge beyond their expenses).
I think the US would be a massively better place to live in if we massively taxed housing owned by corporations, or at least any properties owned by a single entity surpassing 1 or 2. The goal is to make it not profitable and not appealing as an investment, such that black rock et al see fit to unload most of all of their properties. The housing prices would and should crash, and finally be affordable again. The government might even buy a lot of them up and expand our socialized housing. Sure that last point might not be “fair” to existing home owners, but consider they are hy definition already well off enough to afford their own home and bought their homes during the time when it was still seen as an “investment” that by definition means it comes with some amount of risk. At least going forward, housing would no longer be a vehicle for investment and well on its way to becoming a human right, like it should be.
The StarTrek guy here explaining how capitalism works. Thank you.
Maybe he’s just Ferengi fan
Quark is killing it so yea kinda
Lmao imagine watching DS9 and walking away from it idolizing Quark. Enjoy the smell of your own farts
“Lemmy doesn’t have the hive mind like that toxic Reddit.”
Meanwhile, you get downvoted because you’re right 🤦
For everyone downvoting, go compare Craigslist rent prices to Zillow/Redfin listing prices with 20% in a major city.
You are of course right, at least for my part of the world (high CoL USA city). Renting a 3 bedroom will run 4k for something modest (5 or 6 for something nice maybe?). Buying a 3 bedroom will run 10k or so with 20% down. Buying is definitely more expensive in the short term (long term is another story).
Only way for mortgage to be more than rent is for something purchased a while back, or for a new purchase with a large % down payment. Which absolutely happens, but sheesh, parent isn’t wrong…
Wait your position is that landlords are renting out places in major US cities at a lower cost than the mortgage? Are they billionaire philanthropists?
