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The Article is not really making a true comparison. All the rents are for 2 bedroom apartments. The Median priced home I’m sure in most cases are at least 3 bedroom 2+ bath home with a yard of some kind. If your were to try and rent a median priced home the rents would be considerably more than what they have for a 2 bedroom apartment. With the housing market near or at bottom and interest rates as ridiculously low as they are. Home ownership makes sense if your planning on being in that location for a number of years.
Okay so I live in Raleigh, NC and after living here for a year I am buying a house. The cost of rent is the same as the average cost of a mortgage so why would you rent.
There is a big dif. between apt. and home if an apt. rents for 1300.00 then a house same size as the apt . in the same area will rent for about 1800.00 to 2000.00 and you can buy for the same as rent. Do not compaire apt to houses
Another thing overlooked is that if you get a fixed rate mortgage, in 20 years the amount you are paying on that mortgage will remain the same as today - - - but you can bet rental rates will go up and up. Need proof - - look and see what the rents were in the 80s and 90s - - - they are ridiculously low compared to today's rental rates.
I recently purchased my own home. It is a nice feeling, though it can be a money pit, and not just for repairs. Even if there are no repairs, you'll probably see things you want to do (e.g. new floor in bathroom, repaint walls, put in new sink/countertops).
I've seen debates about renting vs owning. Some people are die hard renters, while others insist that it's always better to own. Honestly, there are perks to both. LIke someone else pointed out, if you rent and a pipe leaks or something else breaks, the landlord takes care of it. However, some landlords aren't quite so expedient about things like that.
One thing that I keep in mind is that, as an "owner" (in quotes because you don't technically own your home until the mortgage is paid off), I'll someday get my mortgage paid off. To me, that seems like it would be one of the best feelings in the world, to know that my home is paid for and is all mine. Of course, I'd still be paying property taxes, but that would not be as much per month as rent or a mortgage payment.
My grandma's house is paid off, and she and grandpa paid it off many years before grandpa died. I know that having a paid-for house is a great comfort to Grandma during this time in her life, and no doubt it was to Grandpa when he was still alive. That definitely something I want to keep working toward to have for myself.
One point that nobody ever brings up is, when you buy, some day you will own it.
If you buy a house at 25, you own it at 55. Then for another 20 or so years you only pay the taxes and insurance.
If you plan on staying where you are, then buy. If you're going to move before you pay it off, rent
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