12-06-2012, 04:32 PM
Slamz Wrote:That, I think, is the ultimate goal. You don't want to live to be 80 paying rent the whole time. Long after you retire you'll still be forking over $1250/month+ (which, around here, is a modest two-bedroom apartment) on rent rather than owning and just having to pay property tax and upkeep.
Whatever you have for retirement will go a lot further if you used the good years to obtain ownership of a house.
Plus I think I about break even on mortgage + property taxes + upkeep versus renting, and I have a much nicer place.
The main argument for renting is that it keeps you mobile in a shitty economy. In a good economy you can buy and still be pretty mobile but anyone who bought a house 5 years ago isn't going anywhere without losing a lot.
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Net Worth of homeowners is 41 times that of renters. To me, home ownership is a no brainer. There are so many tax incentives (mortgage interest and property tax are HUGE deductions on your income tax) and your "rent" never changes if you have a fixed mortgage whereas renting costs adjust up with inflation.