I just bought a 2-bed, 2-bath, 1-car garage condo for about 6 times its annual rent. I paid cash, but if I assume a monthly payment on a 3.5% mortgage, mortgage + property taxes + HOA fees = 1/2 the monthly rent on a neighboring unit. That's what it takes to get me to put up with the burdens and hassles of owning a home.Unit was a Fannie Mae foreclosure. They put new cabinets in the kitchen and bathroom vanities, new carpet and paint. Place was in move-in condition Welcome to the dark side! I bought a condo from FDIC 20 years ago on the cheap. Always said that decision was a big factor in helping me reach financial independence.
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