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Also, it costs more to build and maintain a house (compared to a flat), and most of the other countries, even the developed ones, aren't as affluent as the US.
by taway_1212 9y ago
Also, it costs more to build and maintain a house (compared to a flat), and most of the other countries, even the developed ones, aren't as affluent as the US.
- ch4s3 9y agoThat's true, but you still find higher rates of urban living in similarly rich countries with lower subsidies on sprawl.
- fuzzybeard 9y agoBut after 15 years my house is paid off. With renting, you're paying for the rest of your life. After my mortgage I only pay taxes and upkeep which is a fraction as much.
- gozur88 9y agoSure, but you could buy something that isn't a detached, single family house. When I moved from my apartment I bought a house (no mortgage). When I add up extra utilities costs, taxes, insurance, and maintenance it comes up to about 75% of what I was paying for rent.
- WalterBright 9y agoIf your house was converted to cash, and that cash invested at, say, 7%, that is what the "paid off" house is costing you.
- taway_1212 9y agoIt's not a matter of renting vs buying. In many other countries, just paying off the mortgage for a flat will take 15-30 years.