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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What houses are you looking at where mortgages are only $1,600/mo??[/quote]

We bought a house in Nokesville, VA for $335,000.
The mortgage payment is about $1,460 (not including taxes and insurance).
His apartment will be around 500–600 sq ft, while the house is almost four times larger, with a 2-car garage and one acre of land.[/quote]

How much is an apartment in Nokesville, VA?  Not sure why you would compare the cost of buying a home to renting a place 30 miles away.

Also, as others have pointed out, you likely purchased years ago at much lower interest rates.

Even putting that aside, you have to include all the costs of your home...you probably put down a $70,000 down payment which at today's savings rates, means that you gave up $2,660 in interest per year...or $222/month.  So, the $1,600 now drops down to $1,378.

How much have you spent on maintenance and utilities, and what is included in the $1600/month rent?  Does the building have a gym or other amenities?

What's your property tax?  How much did you spend on lawn care or having to paint your house or fix broken appliances, etc.  People focus completely on the monthly payment comparison and completely forget all the other costs of home ownership that are largely absent from renting.[/quote]

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