> 60K per month will pay a 4.5 million dollar mortgage

A mortgage is NOT owning! So many people are poisoned by this propaganda promoted by American society and banks. They prey on the masses by infiltrating the public with this live-on-borrowed-money ideology.

Your 60K/month may end NEXT month and become 0/month if you are subject to the next round of Zuck's layoffs, or you end up stack ranked and PIPed at Amazon due to internal politics. One of these things happen and poof you're in the 0th percentile of income.

In the bay area, if you want a $4.5M home, you need to have $4.5M in cash or liquid assets. Period. Otherwise you're risking a foreclosure disaster if you accidentally say something wrong in a leadership update meeting, or if this AI heyday comes crashing down.

Borrowing money does not mean you own something, and is a very American way of doing things.

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DontchaKnowit 2 days ago | parent | next [-]

Pretty sure lending is common thw world over

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tenuousemphasis a day ago | parent | prev | next [-]

Never go full crazy.

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close04 a day ago | parent | prev [-]

You’re playing with words here. Mortgages are considered ownership around the world.

It’s only fair I throw a creative wrench in your idea of ownership then: eminent domain. You can never own something if it can just be taken away even if you are compensated.

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qurren a day ago | parent [-]

> Mortgages are considered ownership around the world.

Only because the people in power have successfully brainwashed everyone into thinking so. I don't care what brainwashed people consider it to be. I only consider it what it actually is.

From first principles, it is objectively not ownership, if the bank has rights on it.

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em-bee a day ago | parent | next [-]

i don't think this is helpful. it is pay towards ownership, whereas rent isn't.

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qurren a day ago | parent [-]

I don't believe in paying "towards" anything. Either you buy it or you don't, in full. Anything else is financially irresponsible, unless you have the collateral but are only preferring not to liqudate.

	▲	em-bee a day ago \| parent [-]
		fair enough, but that's a different argument. and when it comes to a mortgage your alternative option is renting, and the worst case scenario that you can't pay rent or your mortgage is the same. it's not like a car where you have the option to do without, you can't do without a place to live. i am pro renting, but unlike a car loan i don't see a mortgage less financially responsible because you can almost always just repay the mortgage by selling the house, in other words unlike any other loan mortgage is unlikely to put you into a debt that you can't repay because the house is your collateral. (unless the housing market crashes maybe)

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close04 18 hours ago | parent | prev [-]

> I don't care

Then don’t worry your pretty little fingers informing us of your uninformed opinion. You get what you give.

You also cowardly avoided my last remark, or just have no idea what that is. Eminent domain says that your government can decide to take something you think you own, thus proving you don’t own it no matter where you put your name on it or how you paid for it.