Comparing 30-Year & 15-Year Mortgages
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Sources & Resources
- Inflation & Returns
- BLS: the value of a 2013 Dollar in 1913
- According to Robert Shiller, over the 100 years ending in 1990, inflation adjusted home prices rose only 0.2% on average.
- Jeremy Siegel calculated stock market returns to be closer to 6.8% over a 200 year period.
- Transaction Related Expenses
- The cost of maintaining & selling a home: HSH suggested maintanence costs about 1% a year, BankRate suggested median closing costs are nearly 2% at $2,402 & real estate commissions are often in the 5% to 6% range.
- FRB of St. Louis: A Note on the Effect of Transactions Costs on Real Estate Investment Return
- Equity, Prices & Moving
- Compare how quickly you build equity with a shorter loan term by using this free mortgage term comparison calculator
- US median housing prices via Census.gov & Ycharts
- In 2008 US homeowner equity dropped below 50%.
- HomeInsight stated that in the US the average homeowner moves about every 5 to 7 years, though home owners stayed in place longer after the 2008/2009 housing crash.
- Homeownership & Happiness
- NYT: Homeownership, the Key to Happiness?
- Michael Hudson on the new road to serfdom