Author Topic: Home ownership numbers?  (Read 874 times)

HipGnosis

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Home ownership numbers?
« on: November 02, 2017, 01:33:33 PM »
Has anyone got link to a current, valid article on the true numbers of home ownership?

I always cringe when I see articles like 'home bought for $75K, sells for $250K'.
They're not taking into account all the costs like interest, insurance, maintenance, improvements...

Uturn

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Re: Home ownership numbers?
« Reply #1 on: November 02, 2017, 01:59:34 PM »
I don't think a single article like you are asking for can be accurate.  There are just too many variables.  Let's just take the street that I live on.  I bought a foreclosure for $40k less than the previous owner paid.  I have also refinanced twice, once to get out of a 80/20 loan, then a second time under VA IRRRL.  The second refi cost me nothing.  My side of the street pays higher school tax because the other side of the street is a different district.  I also have around an 820 FICO. 

So what does it cost to live on Uturn St?  All I can give is my numbers.  I don't know what my neighbors paid, but I do no that there was only 2 foreclosures on this street during the last crash, so I can only assume I will come out better when I sell.  I can also refi at no cost.  I don't know what the average mortgage rate is, but mine is 3.2%. 

I can say that I paid $150k in 2007, and my house now comps out at $225k and I owe $83k.  Not bad, but as I said, I paid under market, have a nice interest rate, and have been here 10 years.