Posted by: Bull_Dozer
Posted by: XXX_er
yes ^^^ lots of people live paycheck to paycheck
The same people who own a detached house in Vancouver...?
If anything, people are more willing to stretch their payments and monthly cashflow to the limit for the sake of a mortgage on a standalone property.
If you're renting, why max yourself out?
I know plenty of renters with healthy monthly cashflows that are putting away extra for a downpayment, but the downpayment is a killer. So the result is that overall cashflow-wise though they are better off than many homeowners. Conversely, I know plenty of people where every spare nickel they have goes to the house.
Bulldozer seems to have some... interesting views on the connection between monthly cashflow and net worth/asset equity. Here's a hint: They don't always correlate.
In the property tax example, I'll admit maybe the example of $500 is typically no big deal, but the idea that because someone owns a house they automatically have all of this expendable monthly cashflow is kinda bizarre. And the idea that having your home equity increase by 100k somehow automatically increases your monthly cashflow is equally bizarre. Your mortage didn't magically come down by 100k. Unless you're talking about people who own their properties outright, which is a totally different subset.
Last edited by: Kenny on Oct. 20, 2021, 12:58 p.m., edited 1 time in total.