It's also good to check appreciation in your area, historically, I mean.
My property value has doubled since I bought it. When I bought it, my rent was around what I was paying in total for mortgage, strata fees, insurance etc. But my rent now would also be double. So in my situation I not only have a shitload of equity, but I'm paying less housing costs as well.
I live in a high cost of living city, so this isn't for everyone
I'm in a similar boat. I purchased this house somewhere around 6 years ago, and it's doubled in value. Rents have also more than doubled if you can even find a place. I live in the sticks in a town of 2600 people. I would have a hard time affording rent, but I have no problem paying an extra $400/mo on my mortgage.
Same here, my area in Texas home prices are ridiculous, just outside a large city.
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