It’s still cheaper to rent.
“Cheaper” is a relative term. When you hit retirement, and you have nothing to add to your financial security except a pile of rent-paid receipts, then cheaper is not a savings or a long-term benefit. Home ownership is a money drain but also an opportunity to build equity.
The only way paying rent can be cheaper is if you can honestly figure the difference between paying rent versus owning a home. That difference, if any, should then be responsibly invested, not spent. Most human beings do not have that much discipline, especially as the bills of living get in the way. For those with lots of money, renting may indeed be cheaper.
It’s still cheaper to rent.
———
Not in my area, one bedroom apartments are $1500 a month, with small 3/2/2 houses getting $2400 a month. Keep in mind another ‘06 crash will wipe out gains.
I bought my house in 08, a foreclosure for $242,000. The house was built for $326,000. My mortgage is $800 a month, at 1.75 percent interest. Had I paid cash, I would not have had cash to invest, which brought 6-15 percent a year.
To each his own, point is do not ever say a housing crash will never happen….we are due for another one.
It’s still cheaper to rent.
———
Not in my area, one bedroom apartments are $1500 a month, with small 3/2/2 houses getting $2400 a month. Keep in mind another ‘06 crash will wipe out gains.
I bought my house in 08, a foreclosure for $242,000. The house was built for $326,000. My mortgage is $800 a month, at 1.75 percent interest. Had I paid cash, I would not have had cash to invest, which brought 6-15 percent a year.
To each his own, point is do not ever say a housing crash will never happen….we are due for another one.