Submitted by Imago90 t3_z62pza in personalfinance
I'm 30 and rent an apartment in a relatively small city, and i'm just now starting to realize how royally ****ed I am if i'm not able to own a home soonish. Curious if i'm thinking about this wrong but I'm essentially paying rent vs a mortgage payment, the difference being that the mortgate payment is towards equity in a house versus rent being towards a landlord. Hypothetically you buy a home, pay mortgage payments for X number of years, by the time you retire you're just paying the cost of upkeep versus if you rent you would be paying rent for life.
I have an ok job but don't make a ton of money and I feel like buying real estate is just so prohibitively expensive. Not only are housing prices extremely high, but mortgage rates are now also high. I just feel like i'm financially screwed in a way...