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Renting is cheaper from a day to day point of view, no doubt. Also, a lot of good cases have been made that if you rent, and put your money that would have gone to property taxes, house maintenance (if you bought) into investments - you'll probably have a sizeable nest egg when you retire, similar to that of a value of a home (had you bought).
That said. We're buyers. Its a psychological/emotional issue for us. Our parents were buyers, we're buyers, if we have children - they'll probably be buyers.
but I maintain, it probably is cheaper to rent, even long term
That said. We're buyers. Its a psychological/emotional issue for us. Our parents were buyers, we're buyers, if we have children - they'll probably be buyers.
We're the same way.... we have always owned. But we also do NOT like to move.
we [Dh & I] are still in the same town we grew up in... though now our kids will not be able to afford to live here since the costs have gone thru the roof....
so it does depend on one's situation... I look at my sister, who just can't sit still ... she always rented ... and is currently in her second purchased home, wants to move again, but can't due to the market... she doesnt have children, so its easier for her to keep moving around.
I also think in the long run if you stay in one home for a while it will eventually pay for itself in appreciation thus, costing you 'nothing' in the end, sort of. Rent is just that, rent. It gives you a place to live but you get nothing in return for the money you put out. Obviously there are 1000's of variables to this.
Over the long run if you stay in the house for several years, buying is cheaper.
What I never see in the financial recommendations is the fact that if you rent, you do not actually have the mortgage payment, tax, maintenance money in hand to invest in other vehicles. That money goes to the rent! The comparison has to be the house money minus the rent money. Then the calculation is entirely different.
If your job is stable and you are going to be renting for many years, it usually is better to buy if you possibly can. Right now prices are more realistic and can be negotiated in much of the US, so the timing is good too.
And look at it like this, with the housing market as it is now, renting is going to get alot more expensive due to the fact that many people have lost their homes to foreclosure and are now looking to rent. Personally, I prefer to buy, as I have rented for the last few years in MI I often resented having to write out that rent check, as I know that money is forever gone, and benefiting someone else.
Renting can be good and more recommended if you move around more often or live in an area for a few months at a time. As mentioned, depends mostly on your situation.
Now that I am a new homeowner, writing out that payment every month won't be so bad after all!
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