The money that goes towards rent goes NOWHERE. Besides, why make other people rich?
"The money that goes towards rent goes NOWHERE."
Money that goes towards rent gives one a place to live. No, you certainly aren't building any equity while renting, but you aren't paying for a new roof or fixing a busted hot water heater.
There are some people who don't want to buy a house. I can appreciate that. Other people can't see renting. I can see that also. But money spent on rent is not a waste, unless you consider living with a roof over your head a "waste."
The same can be said about money that a homeowner spends on closing costs, points, trasfer taxes, real estate taxes, interest on the note and mortgage, insurance, maintenance costs, and in many cases, home improvements.
It's still a liability, like buying a car instead of leasing. Let other people make YOU rich.
It buys you the flexibility to move quickly, the freedom to make career choices you couldn't make as a homeowner, and the freedom from repair bills and maintenance.
It's a choice, but it's hardly a waste of money to rent - mortgage company propaganda notwithstanding. ;)
>>The money that goes towards rent goes NOWHERE.<<
Where do your real estate taxes and interest go when you "own"?
Nobody owns real estate in the US. They rent it from the government. And if they build improvements on it, the rent goes up.