Renting a place to live is something you when you have to do it and don't have alternatives. That's especially true today when many apartments cost something like $1,200 a month. A house in my neighborhood rented for $2,400 a month ten years ago. It's got to be higher now. At that rate it's impossible to save enough for the down payment for many people.
For me, renting is the most convenient and affordable. My rent covers any repairs that need to be done, whereas, with a mortgage for a house, the mortgage is the bare minimum. There's insurance, taxes, and the unforeseen bill to repair things.
Nothing wrong with renting...we own but we bought a hud home on the cheap and handyman husband made the repairs. That said...expensive items like a new roof, replacing heat and air and fixing water leaking in the basement have and will be putting a dent in our savings. Owning a home is a big responsibility and you need a savings to handle things that come up.
I paid off mine last year way early, but I had an inheritance that started me off with a ton of equity in my fixer-upper, so it wasn't a huge balance to begin with.
As a contractor I leveraged the equity in my home to finance and build several spec homes.Never did I borrow money at the bank.
I own 3 properties aside from annual dues for hoas and state property taxes, which on all three are about a third of what they would rent for. Ownership is overrated. I was warned against it. By a work associate many years ago. Whatever. Either way, I lucked out for the most part, maybe. All the same for all of us in the end... Give or take either a presence of grandkids on the ole death bed, or cocaine and hookers in Vegas. All we are is dust in the wind. Hahaha, what chu askin 4 bro?
Believe this: with only very rare, temporary exceptions, you never (NEVER) get ahead by renting a place to live.
