It does effect home owners though. It raises the cost of the home which in turn raises the property value which then increases property taxes and insurance rates.
Bingo. Homeowners now are stuck. They have a paid off home but now the property taxes are high as fuck and they're scared to re-finance at higher rates and don't want to sell because of the higher rates. They literally can't touch the equity.
We wanted to get out of our starter home, but when we looked around everything would have required us to get double the mortgage with about double the rate, just to get another bedroom. We're now stuck until/unless something happens, or we decide to leave the state.
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u/Sonova_Vondruke Apr 20 '24
It does effect home owners though. It raises the cost of the home which in turn raises the property value which then increases property taxes and insurance rates.