Posted on 05/09/2024 11:54:14 AM PDT by DallasBiff
Renting a Home vs. Owning a Home: An Overview
Buying a home is a huge part of the American Dream. Choosing to buy or rent, though, is a major decision that affects your financial health, lifestyle, and personal goals. Whichever option you choose depends entirely on your lifestyle and financial situation. Both require a regular income (so you can afford the payments and associated costs) and may also require a certain degree of effort to maintain.
(Excerpt) Read more at investopedia.com ...
I don’t know why you are lashing out at me, I don’t have anything to do with your life.
I think it's cute that folks still believe they actually own their own home.
Sounds kind of steep. I paid $888 last year. Zillow values my 9 year old home at $380,000.
This is such a stupid question. The main difference between renting and owning is the possibility of building equity. Right now, I could sell my house for 3 times what I paid for it. Renters just piss their money away forever.
At the end of 9 years I paid off my home loan. When you retire you cannot afford to pay rent on social security.... The people who do not save are system slaves, and they will live for today, and suffer a horrible timing out. For those who deferred simple pleasures of $5 coffee’s and own something they will enjoy the golden years. It is risk management. Those who save are invested in the system. Those would do not save, the failed college grads, make up the Marxists and losers who would be killed off immediately in their dream world if it ever came into existance.
Agreed. Minus the costs in currency and time for upkeep and replacement of parts, and the roll of the dice about neighbors or government interference, like when our blue county stuck Section 8's into our above-average HOA community.
What state are you in? I'm trying to figure out my next move.
And most of them are women. They will not enjoy working the fields and living on raw potatoes.
“My 2024 taxes on my house have reached $293.00 this year, they raised them, I need to go down and get the 10% veteran discount.”
Yeah, mine have gone up, too. It’s highway robbery. Those people in high tax states sure do get their panties in a wad, don’t they? I’m eligible for disability reduction but haven’t bothered to do it. This is my last year’s tax bill:
Pay Date Tax Year Amount
11/20/2023 2023 $275.41
And that's a huge difference.
My parents bought a three-bedroom home in 1968 for $15,000.
When my Dad retired, he sold that home for $600,000.
That's a $585,000 windfall they would not have had had they just rented.
They used that windfall to buy a home in Alabama free and clear with 10 acres of land.
Here is a list of the lowest property tax states.
https://smartasset.com/taxes/lowest-property-tax-states
Read later.
Yep, you nailed it.
“””””After xx years of mortage payments, you own a title/deed that guarantees you will pay property taxes, which is effectively RENT PAYMENTS to the government, because if you fail to pay them, your property will be foreclosed upon by the government in order to get what they are owed.
The only real difference between renting and owning is equity.”””””
I would say the real difference when the house is paid off is between owing $30 or $100, or $200.00 a month versus whatever that years current rent rate for whatever size apartment you would be renting.
$203.00???
What, are you paying 40% sales tax?
Or...
As a homeowner, you can look at it as a fee that pays for fire protection, police protection, road maintenance, school maintenance, etc., for your real asset.
-PJ
What’s a mortgage payment? Read up. Get tools. Get off butt.
Oh and by the way just because you are renting does not mean that you do not pay property taxes. You just pay the owner’s property taxes, interest, mortgage, and upkeep but don’t realize it.
I own my house. But I also have property taxes, which are a lot less here than they would be back in northeast Ohio where I was thinking of moving again when I retire.
Housing is downright expensive, outrageously so these days. I have some very critical financial decisions to make in the next year or so.
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