I will use real numbers because I don't think some understand the math......
$250k house @ 5% = approx $1,350 monthly payment
$500k house @ 7.5% = approx $3,500 monthly payment
Same house 10 years apart. This is very realistic in a lot the nicer neighborhoods in Birmingham BTW.
Your Property tax and insurance also go up comparably with the value and replacement costs.
The question is you bought the house @ $250k 10 years ago.... can you afford it today?
If you bought a few acres down by the creek and been living there for 40 years and have it paid off that's great..... that's not OP's question.
It's like people are purposefully trying not to understand the question, I thought the question/concept was pretty straightforward.
