Rent versus Own
@cmoneyspinner (9219)
Austin, Texas
November 9, 2021 10:14am CST
Below is a link to a personal finance article published by someone who writes for Kiplinger.
I respect the Kiplinger publication. I often refer to it for advice about personal finance.
But this article I disagree with, even though I understand what the person is saying and it is logical. It could be that where you live, it is less money for you to pay monthly rent and it would require more money for you to buy a home.
But I SAY ... and I am no financial advisor or expert ... but I speak as a person who paid rent for a really long time.
I SAY ... if you get an opportunity to buy a home ... I don't care whether it's a seller's market, a buyer's market or all those other "things" they say factor in ....
IF you have an opportunity to buy a home .... BUY IT!! Not sure about the rest of the world, but in America ... there is nothing that can take the place of Home Ownership.
Rent is money that disappears into a black hole and you never get it back.
Owning a property is an asset that you can live in and leave behind for those you car about.
That's just my opinion.
Because of my current financial situation, I am considering a Rent to Own property.
Does anybody have any wisdom or experience they would like to share?
https://getpocket.com/explore/item/when-renting-is-smarter-than-buying
7 people like this
6 responses
@lovebuglena (44721)
• Staten Island, New York
9 Nov 21
It is definitely better to own a home than rent it. But you can also buy an apartment instead of a house. Is it better to be a home owner or an apartment owner?
1 person likes this
@cmoneyspinner (9219)
• Austin, Texas
9 Nov 21
To me the only advantage of being an apartment own is that I don't have to maintain the lawn. When one my friends bought a condo he said he and his wife were too old for mowing the lawn.
1 person likes this
@lovebuglena (44721)
• Staten Island, New York
9 Nov 21
@cmoneyspinner It's great if the apartment comes with its own parking space.
@lovebuglena (44721)
• Staten Island, New York
10 Nov 21
@JimBo452020 You still have to pay the mortgage. If you don't have the money to pay it then I am not sure what happens.
@RebeccasFarm (90474)
• Arvada, Colorado
9 Nov 21
I could not agree more with you.
A shanty shack of your own is better than renting any day of the week.
I have been on both sides of the fence.
@yukimori (10148)
• United States
9 Nov 21
I'd really like to know how they're defining "building wealth" in this situation. Real estate is an asset that can appreciate substantially, and while it's possible that rent payments would cost less than a mortgage payment plus maintenance costs plus property taxes and all the other things that go along with ownership it's really shortsighted to just kind of... ignore? the fact that mortgages are finite and once it's paid off a) what you were paying monthly stays in your pocket and b) all that equity those monthly payments built remains!
Plus have they not heard of rent increases? The market value of the 2 bed/2 bath property we're currently renting has gone from $800/month up to $1500/month in less than five years. We're fortunate that our landlords are reasonable and haven't increased our rent more than a token amount in that time, but it's a very real concern when you're living in a property someone else owns.
Unless the author is a landlord... then the position makes a bit more sense from a wealth-building standpoint... 
@JamesHxstatic (29413)
• Eugene, Oregon
9 Nov 21
I rented for a long time, then started buying and it is much better than renting. The manufactured home that we bought here in Oregon when we downsized has doubled (at least) in value since we bought it six years ago.
@LindaOHio (181821)
• United States
10 Nov 21
I agree with you 100%. Rent money is down the tubes and will never return.
1 person likes this
