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this post was submitted on 09 Dec 2023
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Aight let's see. Mortgage is a fixed rate over an agreed upon term that ends with you owning the property, rent increases every year, you have no control over the property and you get fucked constantly.
Yup, totally the same thing.
Also my mortgage for my 1/2 acre property with 1500 sqft house is $50 less per month than my 900 sqft poorly constructed "high end" apartment rent was about to spike up to. You know, after renters protections were removed during the pandemic.
Quick edit: furthermore, it took me until I was 30 to buy a house. In that time I spent 170k in rent, when I started renting the property I'm currently living in was worth 140k. That's pretty easy math right there. Just like... Come on.
But… but… but you still have to pay for maintenance and repair.
Ok I’m half kidding, given you still have to pay those things but depending on how the math works it can still be cheaper to own.
It's always cheaper to own given you live an adult life for at least like 15 years. The rub is whether or not you can afford the upfront costs to get a property.
Also you pay for maintenance and repair and taxes and all that nonsense in your rent, it's just one bill instead of multiple.
Generally cheaper to own, depending on you staying in the same place for 3-5 years and the market conditions in the interim.
If you bought in 2021 and sold just now, you're probably having a rough time.
I mean if you bought in 2021 and sold now you probably still made about 90k American. But you'd be fucked on the interest rates if you tried to buy again.
But if you were a real estate mogul, and sold a bunch of properties, on average you'd make 90k per property over those two years and not be dealing with interest rates, which is why the guy from the article is telling people to rent.
But you do have a point, it's not always. If you bought earlier this year and only intended to stay one year, you're fucked
Depends on your area but most likely not. Homes in my area have fallen ~15% in value. Plus the costs of selling. Plus the costs of buying your new home. Nah.
The average across America have increased by 90k though over that time. Your area is... Strange.
Cost of buying is negligible, it's really just cost of selling. So fine, you'd come out with like 65k
The thing is as a renter you basically pay for maintenance and repair anyway. If as a renter I damage a wall, I pay for it, if I leave the house messy when I vacate I pay for a cleaner out of my bond. If the place is freshly renovated my rent is higher to cover it, if there’s an unforeseen expense like a tap bursts, sure the owner pays for it.. but then my rent goes up 150 a week next year because of “market trends”