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Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

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[–] TunaCowboy@lemmy.world 13 points 1 year ago (1 children)

If I pay in £500 a month. Likely, 20-80 of that goes to interest. I'm gaining £480 in equity each month.

What kind of amortization schedule is this based on? This seems completely divorced from reality.

[–] Saintpaul@lemmy.world 6 points 1 year ago

It is. I bought my house two years ago with a low interest rate and it’s still another four years before I’m paying more money towards my principal than interest.