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this post was submitted on 14 Oct 2024
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Because renting a home that's barely enough to get by is even more expensive and will go up faster than inflation, so if you're lucky you buy a house that's barely enough to get by and wait for the day when it's finally affordable since the payments don't increase as much as inflation.
It all sounds good until your mortgage increases by 25% in one year due to increasing property taxes and insurance.
But the same happens to the rental owner, and trust me, they pass that increase on to the renters. So it's still better than that.
No, it's exactly the same. Actually. Not even factoring in that as a homeowner, you're responsible for the replacement of all your appliances, your roof, paint, walls, HVAC, plumbing, water heater, and on and on. And we are talking surprise $20,000 repair.
Do you think you are not somehow paying for each and every one of those expenses as well as a healthy return to investors, in your rent?
Depending on how much the investor's interest rates are they could be covering maintenance costs, making a profit, and still charging less than a new mortgage at current interest rates. So depending on your landlord and how much profit they're trying to squeeze, renting might be a better option than buying right now.
You're delusional if you think renting is "cheaper" than owning. Sure you don't pay those piddly expenses when you're renting, but with your own home you're building equity and with rent prices how they are you can still save money on top of house repairs better than renting