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Agreed. Buying is not ALWAYS better than renting. Everyone always says "you're throwing your money away." No, you're not. You are exchanging it for a place to live. Did you throw your money away when you bought a car because you won't be able to sell it for the same price at which you bought it 5 years down the road? Exchanging money for a place to live is not silly or stupid and doesn't make the people who do it idiots.
Still, my original post had absolutely nothing to do with renting or buying. My example was that I see a lot of young people that are currently renting for, say $800/mo, and when they go to buy all of a sudden think they can afford a $3,000/mo mortgage. If you have some cash on hand, it will trickle away slowly, sure. But my advice was to avoid financing something that makes your monthly expenses greater than your monthly income, regardless of increases in value and perceived "equity" in what you are financing.
i owned a home and with the economy did not come out ahead but now I rent and I feel that when one takes out a 30 year mortgage they never own the home anyway so I definitely are willing to take the good with the bad about renting. I love the home I am renting and I am happy because the landlord right now is frm Europe and is an investor and if after my five years which is almost up I will rent again.. For me change is like an adventure.. I go with the flow
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