Owning a home has rarely been this much more expensive than renting
Owning a home has rarely been this much more expensive than renting
The premium for homeownership has grown in recent years as home insurance, upkeep, and high mortgage rates skew the buying vs. renting math.
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Yeah, but, after X years you own your house.
After X years of renting, you got nothing.
That’s some rich dad poor dad BS. Means nothing if you can’t afford the additional y cost over renting, plus with interest rates where they’re at…..so much of that monthly payment is still going nowhere.
You don't have to pay the mortgage in thirty years and eat the entirety of the interest. I paid mine off in three.
There's no way I'm not saving money over renting at this point. I pay less than $1000 a month to live in a place that would cost $4000 a month to rent.
Depending on where you live, much or all of that value goes away if it's 35-50 percent more expensive to own. Especially if you choose to invest the savings.
They said 14% in the article. Don't go doubling it or more for the sake of winning an argument.
Commercial real estate investment firm CBRE pegs the premium to buy versus own at about 35% earlier this year, with the dip in mortgage rates in the fall helping bring that level down from a record high of 52%. Their measure includes the cost of mortgage insurance that most lenders require but doesn’t factor in expenses like homeowners insurance or upkeep.
We're talking about two different things.