It is listed for a bargain basement price of 525k and is currently rented for…..2485 a month.
With 3.5% down and 5.5% 30 year payment for principal and interest is 2980 a month.
2980 principal and interest
565 HOA fee monthly
500 tax per month aprox
150 per month insurance and interior maintenance.
TOTAL 4195 PER MONTH!!
And, this is based upon the Fed manipulating 30 year rates way below what it would be otherwise.
The question is, for what reason would anyone buy this? The only answer is the bubble mentality. The belief burnt into everyone younger than 45 that real estate goes up 10% plus per year on average. For what other reason would someone lock themselves into a situation where their monthly payments will be 50% higher all for the privilege of being unable to move when you want.
Yep, I know about the “tax advantage” of owning. But I also know that the tax advantage use to actually make owning CHEAPER than renting. Anyone else remember that? That was one of the big incentives of owning because housing never rose more than the inflation rate.
Massive declines to come or massive inflation to come, which one it is only the FED knows.
