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That mathematical error corrects itself over time. I now own my house. Rent is forever.
by gvb 14y ago
That mathematical error corrects itself over time. I now own my house. Rent is forever.
- nilkn 14y agoThat's an excellent point, but a mortgage is not the only route to true home ownership. You could work and rent in a city with high salaries and low rent vs. purchase prices, then retire in a very cheap area where you can just buy a house with cash saved up, thereby paying no interest whatsoever on the house and keeping maximum mobility during your career.
- fragsworth 14y ago> a city with high salaries and low rent vs. purchase prices This is not easy to find and the market typically corrects itself over the course of a few months to a year, unless there is rent control.
- svachalek 14y agoProperty tax is forever too.
- jdotjdot 14y agoThis is an excellent point I think people often forget about. How does property tax in a house (whose valuation you often have no control over) compare to rent?
- ggreer 14y agoRenters pay property taxes as well, it's just hidden from them because the landlord is a middleman. If property taxes go up, so will rents.