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b'When I did a rent (and invest) vs. buy analysis back in January 2021 with a 2.6% interest rate, the results were pretty neck-and-neck. As rates climbed this year, I figured it would be fun (I\\u2019m using the word \\u201cfun\\u201d loosely) to revisit the exact same scenario with the higher rate.\\nDepressingly, when we recorded this episode just last week, the rate was 5.95%. In the course of\\xa0a single week, it\\u2019s now surpassed 7% as of publish (9/27/2022). How have the rates changed the math now and how does one realistically budget for a median home in the US today with 6+% 30-year fixed rates? Let\\u2019s find out.\\nI\'m also joined by Andy Taylor, VP & GM of Credit Karma Home (https://www.creditkarma.com/) to discuss breakeven costs, refinancing, and borrowing against home equity.\\nEpisode transcriptions can be found at https://www.podpage.com/money-with-katie-show/.\\n\\u2014\\nMentioned in the Episode\\n\\nSummer 2022 interest rates: https://www.forbes.com/advisor/mortgages/mortgage-rates-08-31-22/\\n\\n\\nEarly 2021 rent vs. buy analysis: https://moneywithkatie.com/blog/when-the-math-supports-buying-your-primary-residence-instead-of-renting\\n\\n\\n"Average net worth of homeowners," from CNBC: https://www.cnbc.com/select/average-net-worth-homeowners-renters\\n\\n\\n\\nQuit Like a Millionaire by Kristy Shen: https://www.penguinrandomhouse.com/books/592323/quit-like-a-millionaire-by-kristy-shen-and-bryce-leung-foreword-by-jl-collins/\\n\\n\\nData on home ownership averages: https://www.ngpf.org/blog/economics/qod-how-many-years-has-the-typical-american-homeowner-been-in-their-current-home/\\n\\n\\nAverage median home value, from The Motley Fool: https://www.fool.com/the-ascent/research/average-house-price-state\\n\\n\\nPrivate mortgage insurance: https://www.investopedia.com/mortgage/insurance/\\n\\n\\nAverage homeowners insurance: https://www.investopedia.com/insurance/homeowners-insurance-guide/\\n\\n\\nAverage property tax rate: https://smartasset.com/taxes/texas-property-tax-calculator#UMznyF9L22\\n\\n\\nAverage mortgage rate for 30-year term: https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-monday-july-25-2022/\\n\\n\\nAmortization calculator: https://www.bankrate.com/mortgages/amortization-calculator/\\n\\n\\nPaying interest first in mortgage payments: https://www.investopedia.com/ask/answer/07/mortgagepayments.asp\\n\\n\\nAverage broker\'s commission: https://www.ownerly.com/real-estate/average-commission-for-real-estate-agent/\\n\\n\\nAverage closing costs: https://themortgagereports.com/35800/guide-to-mortgage-closing-costs-what-average-mortgage-costs-are-and-how-to-keep-yours-low\\n\\n\\nAverage 3% rental increases: https://www.apartmenttherapy.com/average-rent-increase-percentage-268659\\n\\n\\nIRS Standard Deduction: https://brighttax.com/blog/irs-standard-deduction-expats\\n\\n\\nRule of 150: https://www.businessinsider.com/renting-versus-buying-a-house-advice-math-rule-2019-9\\n\\n\\n28/36 Rule: https://www.investopedia.com/terms/t/twenty-eight-thirty-six-rule.asp\\n\\n\\n\\u2014\\n\\ufeffFollow Along\\n- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/\\n- Read Money with Katie: https://moneywithkatie.com/\\n\\nFollow Money with Katie!\\n- Instagram: https://www.instagram.com/moneywithkatie/\\n- Twitter: https://twitter.com/moneywithkatie\\n- TikTok: https://www.tiktok.com/@moneywithkatie\\n\\xa0\\nSubscribe to Morning Brew\\n- Sign up for free today: https://bit.ly/morningbrewyt\\n\\nFollow The Brew!\\n- Instagram: https://www.instagram.com/morningbrew/\\n- Twitter: https://twitter.com/MorningBrew\\n- TikTok: https://www.tiktok.com/@morningbrew\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'