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this post was submitted on 14 Nov 2023
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Asklemmy
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That's what a lot of people fail to understand. It isn't just the price of the house. It's everything else included (maintenance, replacement,taxes ). If over the very long term it's cheaper to rent then probably just rent.
I implore anyone to look into this historical fact:
The Bush's sold GW's childhood home a few months ahead of an economic recession. They rented across town for a few years while they assembled a 'historical society' to rebuy the home after the housing crisis. It is now a museum in Milton, MA.
This happened in the mid-late 80s.
Even the ultra wealthy rent, when it makes sense economically to do so.
Owning is great and equity is important. But you don't need to set owning a home in a pedestal.
A major thing to consider is that you're building equity in the house. If you've paid a year of rent, you don't have anything to show for it at the end. You've just helped the landlord pay off their loan. On the other hand, if you've paid a year of your own house payments, that money has gone towards your loan and you'd get more money back when you sell the house.
If you're comparing renting vs buying, you need to consider growth in value of the house and increase in property tax (for buying), and average yearly rent increases (for renting).
Owning a house can be stressful with all the things you need to do, but it's also really nice being able to do anything you want with it, and not have to deal with landlord-quality "fixes" when things break.
Absolutely all true. Although I did say Everything else included. While yes you are building equity... If at the end of your ability to live alone, you have spent more by owning then renting (read this as significantly more) then it might have been wiser to have rented and invested the difference. Again people have to look at ALL the options.