Cyph3rp9nk on Nostr: One of the reasons for the rise in housing prices around the world, aside from ...

One of the reasons for the rise in housing prices around the world, aside from inflation, is mortgages.

Everyone competes for the same houses; whoever manages to pay more money gets it.

When the bank gave you a 10-year mortgage you could pay X for the house; when the bank started giving 20-year mortgages, house prices doubled to 2X; now they’re already offering 50-year mortgages.

Stop playing that perverse game of debt, accept defeat. Don’t try to buy something you can’t; move to where you can buy it without going into debt.

The same applies to vehicles, and any crap you take out a loan for—do like my grandparents: if you have the money, buy it; if you don’t have the money, don’t buy it.

It’s better to drive an old car than a borrowed one.