A Boring Dystopia

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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] [email protected] 3 points 1 year ago (1 children)

assumptions for closing costs, agent fees at the time of sale, home maintenance costs and interest payments

Break even being your house has increased in value by the amount you've spent on those expenses.

[–] [email protected] 2 points 1 year ago (1 children)

So it takes 13 years to get out from being upside down on the loan? Yikes

[–] [email protected] 1 points 1 year ago (1 children)

Not if I understand the phrase correctly. The house may be valued more than what is remaining on your loan, but you've spent a lot of money closing the house. So if you sold before the 13 years you would be able to pay off your loan but you would have lost money.

[–] [email protected] 1 points 1 year ago

Gotchya, so if they had 0% or low down payment they would be upside down for 10+ years.