you will pay more upfront but save a bundle on interest. rates are low
This point occurred to me about a month ago and I did some analysis to better understand the disparity. I looked at a few in demand towns, mostly small towns, to sample their housing prices now and going back to up to 10 years ago. Calculated up the mortgages using the historical average interest rates and home prices and today's average rates and home prices. Compared the total amounts paid over the term of each loan and even with today's lower rates, I found that you're going to pay a good piece more now then you would have say in 2015, 2010, etc. I didn't go further then 2010 so not sure where it might start to level out.
I wonder if things might cool off as companies return remote working employees to the office. I know a few people that really think they'll no longer be geographically tied to a location, because of employment, and are adjusting their lives as a result including purchasing home elsewhere. If companies decide remote working isn't the wave of the future, the tide might start to retreat in many of these highly desired locations and return to major employment centers in the country.
