I may be a glorified renter, but when I sell my property is worth twice more than what I paid for it. With that money, I can move to a place with lower property taxes, and pay for it in full with my equity. As a renter, you do not have that luxury.
If you have a job that is not stable, and you want mobility, then rent. if you have a family, with a stable job, and plan to live in the area for a long time, then buy.
Another problem is mandatory HOAs. These are very widespread in Texas. If you buy in one of these areas your home can be taken virtually without recourse. Sure you can try to fight it but you will go broke doing it and thus lose anyway. In Texas property taxes are so high by the time you make your last payment on a 30 year note you will have paid the full price of the home in property taxes alone. Yes you litterally buy a house for you and a house for the state.
The American Dream is not home ownership. Bank’s would like you to think that home ownership and maxing out your credit cards for Santa is the American Dream. The American Dream is what each of us decide it may be for ourselves.
Each persons desires and circumstances determine what is best for them as it relates to home ownership.
I have a very stable job and I rent. Not because I have to move each month after skipping out on the rent. Instead, I want to downsize as my family shrinks. With my kids being educated, with no debt and able to survive on their own they will move out. I do not want a home for 5 when just 2 of us are left. I will continue to live in the same area. Just not the same home.
Sure, you are creating equity in your home. I just put that money into my savings and kids education each semester instead of mortgage payments. And, I will not have to find a buyer to withdraw that value. It will be in my kids education and my savings account.
One day, my view may change. For now, I just prefer to return to the wonderful lake view found on my rental property and enjoy a cup of coffee with my out of debt wife.
The simple things.