Your landlord doesn’t save on HOA fees, repairs, taxes, or insurance because they bought 20 years ago. Those are all costs that are charged in present dollars.

Your landlord doesn’t save on HOA fees, repairs, taxes, or insurance because they bought 20 years ago. Those are all costs that are charged in present dollars. Repair services want to get paid in 2021 dollars. Property taxes are based on assessments of current value. Insurance premiums are set to cover present replacement costs. The only thing your landlord saves on by buying 20 years ago is the nominal cost of the property itself, either as a low fixed mortgage payment, or as a paid-off property. This is just the effect of time and a fixed mortgage rate. If you were able to buy now, in 20 years you could be in the same position with respect to your property costs.