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Forum
-> Household Management
-> Finances
nylon
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 Mon, Jan 19 2015, 6:34 pm
Where I live now, my mortgage, including tax, is less than my old rent payment. But I have to include repairs now.
Where I grew up, on Long Island, I would not expect to save much by renting as the supply is very limited and you are paying the owner's property tax. It all depends on local markets. My friends in the UK tell me that rent there now is crazy, but no one can afford a mortgage either...
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Hashem_Yaazor
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Tue, Jan 20 2015, 11:31 am
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My rent was lower, but that was for a 2 BR/ 1 BA. For a house of my size, rent would be more.
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gittelchana
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Tue, Jan 20 2015, 12:13 pm
| amother wrote: | | Not necessarily. You might have bought a four floor house and are renting only the basement. Wouldn't cover the full mortgage. |
It covers the mortgage for the portion of the house that you are renting.
If you rent out an entire house, the rent will be mortgage, taxes, insurance, (utilities in some cases) and a little bit more so the landlord turns a profit too.
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