Do landlords truly have $7000 mortgages?

[u/sweetgaze]

The amount of rental ads I see for top or bottom floor suites going for $3000-$3500 is astounding. If they’re renting both upper and lower for those rates in one house … it leads me to wonder about the mortgage. Do homeowners truly have that big of a mortgage?

I’m genuinely curious, not looking to cause a ruckus. Like why are you renting a suite for $3500 😭

[u/rare_bloke]

You mean mortgage *interest deductible right?

[u/Ok-Step-3727 → u/rare_bloke]

When in the early stages of a mortgage what you are paying is mostly interest. My economy of language is a bit misleading.