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Oh please, when we talk about renting, lets get real. We paid five to six hundred dollars a month for rent the past three years, prior to purchasing a home in Colorado, where our payment is the same, plus, taxes and insurance, of an additional eighty five dollars a month. We live in a small country rustic home on one acre of property and can actually afford our house/payment now, according to our income. After forty-four years of marriage, we have and would never pay more then several hundred dollars a month, whether we rent or own. There are choices in life, hunt them down!
LOL renting never beats owning except in very few instances. (short term job about the only one that comes to mind)
Renting is buying a home for a stranger, sounds smart huh?
I had a house in central new jersey my mortgage was 2,600 I've been renting for the past two years we have a two bedroom apt for 1,380 a month with swimming pool and tennis courts and I love it we have more peace of mind and money in the bank home ownership is only a dream because that house never gonna be yours after you finish paying the bank just miss a couple payments of your property tax and you'll see what happens next.......
This article has been poorly researched and executed . You are not giving an average rental rate in each city versus average mortgage payment/taxes. You pick and choose what ever "facts" you want to present without any real consistency. And your numbers aren't exactly factual. However, I do agree that in some parts of the country it can be more affordable to rent than to buy but this article lacks any credibility and is a waste of time.
This is why there was a push to make home ownership more accessible to everybody. Mortgage/rent is normally your biggest expenditure. If you can get rid of that expenditure at some point then you are in a much better position to retire. Much harder to do that when you're stuck paying rent for your whole life. And people being able to retire is better for all of us, it gets older people out of the workforce and opens positions for the younger generations.
Besides which, do you think your landlord is making a loss on their house? Get real! Not unless they are stuck in a real tight spot and have no other choice. They're a landlord because they can make money doing it. That means what they are getting in rent covers the mortgage and repairs, etc.
FWIW, one relevant criteria in the rent vs. buy debate might be whether or not the prospective buyer/renter has a strong or weak "DIY" capability and interest. Owning to most of us means constant maintenance, repair, and decorating projects. One of my 5 sons hates(!) DIY projects, and recently when he relocated he chose to rent in order to minimize the DIY "hassle" and/or hiring out such tasks. That works for him.
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MSN REAL ESTATE
One online calculator tells a reader he's on track, and another tells him he'll need to save half his salary from now until he retires. Which one are you supposed to believe?