Rent vs mortgage - gotta put a caveat on that one.
Renting = landlord gets all the money but has to maintain the property.
Mortgage - bank gets all the money and you get a partial refund if you sell. You pay for the upkeep. A mortgage is not really an “investment”, you usually lose money on the deal if you live there. It’s cheap rent from the bank.
It basic math to see which one is better long term. Usually the mortgage wins because of of the partial return. However if you can’t do the upkeep yourself, renting is often a better financial decision.
There have been times when renting was the smarter financial decision. Like the housing bubble in 2003-2007. You could rent places for 1/2 what it would cost to buy them per month.
Rent vs mortgage - gotta put a caveat on that one.
Renting = landlord gets all the money but has to maintain the property.
Mortgage - bank gets all the money and you get a partial refund if you sell. You pay for the upkeep. A mortgage is not really an “investment”, you usually lose money on the deal if you live there. It’s cheap rent from the bank.
It basic math to see which one is better long term. Usually the mortgage wins because of of the partial return. However if you can’t do the upkeep yourself, renting is often a better financial decision.
There have been times when renting was the smarter financial decision. Like the housing bubble in 2003-2007. You could rent places for 1/2 what it would cost to buy them per month.
I think people should listen to this user.