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Not true. Down payment can support rent for years and years in HCOL, while owning is more expensive and lacks that cushion.
by oxag3n 11mo ago
Not true. Down payment can support rent for years and years in HCOL, while owning is more expensive and lacks that cushion.
- tomjakubowski 11mo agoOwning is only more expensive than renting if depreciation + interest + maintenance exceeds rent. And in most US cities, depreciation is negative in the long run. Lots of advantages to owning and having a mortgage too: deduct mortgage interest from taxes, use equity as a line of credit, you can actually make substantial changes to your living space, and so on.
- oxag3n 11mo agoThat was in the context of loosing a job - rent vs. mortgage makes a difference in a span of few years when unable to find similar paying job.