this post was submitted on 05 Dec 2023
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And rent goes up. In 10 years, the mortgage will be the same.
Not true, unfortunately. Insurance and property taxes go up and payment on those is typically held in escrow with your mortgage. If you're unfortunate enough to live in a state with a clown taint for a governor, like say Ron DeSantis, your mortgage payment could, for example, go up by $600/month this year. Ask me how I know.
Insurance and property taxes aren't part of the mortgage outside of an escrow account, so yes, it is true.
Regardless, the point is still that rents will increase a lot more than monthly overhead for owning.
Florida has a really great Homestead though, capping your property tax increases to 3% per year. For the insurance, you can probably get Citizens, which isn't great but it's something.