Quote:
Originally Posted by Skyceman
How would you know whether they have "zero" equity? The article mentions they prefer to rent because they value the flexibility to move for work or changes to their children’s schooling.
I personally know people who are renting and could easily afford to buy but refuse to in this market. Renting doesn't always equate to not having equity.
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Do the math, the place they are staying in would be valued around $400,000.00
If they say their mortgage payments would be around $2500.00/month before property tax's, I doubt there is much equity there...
"They pay $1,700 per month for a 1,600-square-foot, three-bedroom home in Rocky Ridge in the city’s northwest. To buy the equivalent home, they figure they would need to spend about $2,500 per month on a mortgage plus property taxes"