• KingWizard
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      307 months ago

      Uhh, because of interest rates. The very thing being discussed here.

    • @[email protected]
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      117 months ago

      I don’t know where OP lives or how much their house costs, but a $400,000 home at 3% is around $1,685/month. Same price at 7% is about $2,660/month.

      If it were in a more expensive neighborhood, a $1 million dollar home at 3% is about $4,200/month. At 7%, that makes it $6,650/month. Many average houses in California can cost $1.5 million… so needing an extra $50k/year sounds reasonable to be able to move into a similar house.

      You have to get a new loan when buying a different house unless you have the money to pay cash. That means you accept the current rate. I wouldn’t want to spend an extra grand or two per month on a similar house.