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> I'm spending like $20/month to pay for house that I own. Even assuming you own the house outright (which is not true for most people that have bought a house
by RHSeeger 5y ago
> I'm spending like $20/month to pay for house that I own.
Even assuming you own the house outright (which is not true for most people that have bought a house less than 30 years ago), that number seems ridiculously low. In every place I've lived, the land taxes alone are an order of magnitude higher than that. And then maintenance for the house is on top of that (something that people renting don't pay directly).
I know renting has its disadvantages, but owning a house certainly isn't cheap either, even ignoring the price of the actual house.
- ausbah 5y agoaren't things like taxes and maintance passed along to the renters?
- RHSeeger 5y agoThe person was commenting on renting vs owning, so I assumed they were talking about the house they lived in (vs renting it out to someone else). When comparing the costs of renting to owning, the "extra" costs of owning a house (taxes, maintenance, insurance, etc) add up to a considerable sum, generally.
- kmano8 5y agoNot necessarily. The market will ultimately dictate what a landlord can charge for rent .. if that includes their cost of repairs + taxes, good for them. It's by no means a guarantee, and landlords can go through periods of being cash-flow negative on a property.
- quesera 5y agoThe usual process is to "buy" a multi-family house and rent out the part you are not using. This can also be done with single-family and roommates. When the numbers work, you contribute little or nothing to the mortgage/taxes/insurance/maintenance, while having a place to live.
- notreallyserio 5y agoI'm assuming they're accounting for regular increases in home value, but who knows. It was deliberately vague to try to draw out questions, IMO.