Homes like stocks are way overvalued. Homes are fueled by the frenzy of ownership at all costs, and stocks keep pumping at absurd levels.
Everything is extremely overpriced. Eventually, it will come down to common sense.
My friend has put all his savings and stocks to buy a 2b apartment. Myself, on the other hand, did not sell any stock and have invested all my savings. I rent a much bigger place, my rent is way lower than his mortgage and at least for me it will be more convenient to rent at least for the next 10y. After that, I will retire and move to a cheaper area.
Keep saying people have gone mad. Many fail and underestimate cost of ownership. Remember that a good chunk of your mortgage are taxes and interests, factor that when you compare rent vs buy.
That said, I do own properties that I rent out. But I bought them at sane prices. And they generate cash flow that I use to pay for my rent and other expenses.
Everything is extremely overpriced. Eventually, it will come down to common sense.
My friend has put all his savings and stocks to buy a 2b apartment. Myself, on the other hand, did not sell any stock and have invested all my savings. I rent a much bigger place, my rent is way lower than his mortgage and at least for me it will be more convenient to rent at least for the next 10y. After that, I will retire and move to a cheaper area.
Keep saying people have gone mad. Many fail and underestimate cost of ownership. Remember that a good chunk of your mortgage are taxes and interests, factor that when you compare rent vs buy.
That said, I do own properties that I rent out. But I bought them at sane prices. And they generate cash flow that I use to pay for my rent and other expenses.