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Comment by inetknght | Hacker News Reader

> There's a massive gap between someone being able to afford $1200 in rent and being able to afford a home with all of the added costs.

Having recently bought a home, I think there isn't so much of a gap and in many cases the gap is inverted: it's cheaper to buy than to rent.

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Key phrase here being “recently bought.” Get back to us after you’ve had to replace the roof, had a water main burst, or something of that nature that requires you to cough up $10K+ all at once. The mortgage is the _minimum_ monthly payment, not the maximum.

Homeowners insurance covers a lot of that stuff

> Get back to us after you’ve had to replace the roof, had a water main burst, or something of that nature

By that time their fixed mortgage will be far below local rent, so the money they save vs. renting every month will easily cover those repair costs.

> Get back to us after you’ve had to replace the roof, had a water main burst, or something of that nature that requires you to cough up $10K+ all at once.

Only $10k? I've planned for and budgeted for repairs and additions averaging 20% of the loan for the lifetime of the house. It's still cheaper to buy than to rent even with 20% on top of PITI.

It's cheaper because I'm paying myself when I pay my mortgage: if I decide to sell then a lot of that mortgage is now returned to me. You will never pay yourself the same way by renting.

If I don't sell then 20% on top of PITI is what I was paying in rent anyway.

GP is pointing to the economy of scale that comes with apartments in denser urban and surrounding areas. there’s a floor price for home ownership.

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