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Why does the value of things in dollars not make sense? (lemm.ee)

submitted 2 years ago by [email protected] to c/[email protected]

69 comments fedilink hide all child comments

This is difficult to explain. I can't figure out a rule of thumb for spending, the prices of things fluctuate so quickly it's confusing. Here are some examples

A house, prices are out of control, inventory is low, sellers are greedy. I'm feeling not only unable to afford it but finding lack of value in inflated prices
Computer parts. Relatively cheap compared to pandemic but more expensive than before but also much cheaper than 90s/00s, but still could be cheaper
TWS earbuds, completely different ball game from regular earbuds, disposable electronics.
Food. Nights out with drinks now sometimes cost me more than 2 & 3, but seem like just keeping up with inflation

The prices range from 100,000s to 100s, but some are fleeting, some semi permanent, some last a long time. I also spend hours researching prices of parts and waiting for sales, but spending the same amount on social events in an instant

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[–] [email protected] 6 points 2 years ago (31 children)

No doubt there is no value to buying a home in a lot of areas rn.

I rent a 2 br townhouse for 1800/mo. I have a detached garage. I have a basement with washer and dryer. I have about about 1200 sqft plus the basement which is unfinished. Utilities combined is 200/mo. Heat is included.

A similar unit would be about $300k. I'd get probably 8% interest with a 750 credit score. I'd have basically the same mortgage as I have for rent. Plus I'd be responsible for stuff I'm not right now, like heat, water, sewer, trash, recycling, lawn care, and literally any maintenance.

It's a way, way better deal to be renting right now I many areas.

[–] [email protected] -2 points 2 years ago (16 children)

If you're looking at 300k @ 8%, youre not going to be paying anything similar to your current rent. I got a place for 190k @ 6%, and I'm paying about 200/mo less for my mortgage than you do for rent. At that rate, I'd be surprised if you got out under 2500/mo.

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

did that include taxes being paid from escrow? He might be doing a simplified thing and did not include taxes and such. Something I think to that people don't realize with mortgages is the excrow part can go up so the monthly is not completely locked in.

[–] [email protected] 1 points 2 years ago

Yes, as stated below that includes property taxes and insurance, things that this person likely isn't thinking about and isn't figuring into their monthly payment. I hope I'm wrong, but I've watched friends crash and burn doing something similar.

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