My house is paid for so I’m gonna say nope - even with maintenance and taxes, etc
this post was submitted on 20 Nov 2024
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I don't think your case is what the article describes.
Its funny because the conventional wisdom is that rent is “throwing money away”
This ignores the difference after 5-10 years. Rent keeps going up.
Maintenance cost and property taxes too though.
What even is maintenance?
Thousands per year, usually.
Leaky roof? Nah, throw some clear tarp over it and you’ve got a sun roof.
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I am confused, my thought process went like this:
So it's more expensive to own then rent?
Unless you own it and rent it out to others?
Nobody would be a landlord if a dwelling cost more to maintain then to rent out.
So something doesn't add up.
I believe they are taking into account the cost to purchase these days since interest rates are higher, ergo high mortgage payments.
As someone else mentioned most landlords have locked in rates at this point. Not many new landlords.
Most landlords bought the place earlier when home prices and mortgage rates were lower, or they just own the place outright and don't make any mortgage payments.
This article is about choosing whether to buy at current rates or rent at current rates. If you bought a place 10 years ago for half the price it's worth now and a 2% interest rate then you're probably going to be paying less then renting
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Yeah, but, after X years you own your house.
After X years of renting, you got nothing.
That’s some rich dad poor dad BS. Means nothing if you can’t afford the additional y cost over renting, plus with interest rates where they’re at…..so much of that monthly payment is still going nowhere.
You don't have to pay the mortgage in thirty years and eat the entirety of the interest. I paid mine off in three.
There's no way I'm not saving money over renting at this point. I pay less than $1000 a month to live in a place that would cost $4000 a month to rent.
What year did you buy your home, and what cost? What is it worth today on Zillow or your site of choice?
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Depending on where you live, much or all of that value goes away if it's 35-50 percent more expensive to own. Especially if you choose to invest the savings.
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