It's That Time Again. Rent vs. Own. Not a "One Size Fits All"
With the feverish pace of the housing market, we really expected to see many more articles and opinions like this than we have. As we always do, when we run across one that has obviously been given some thought before being written, we just can't help but offer up our two cents as well. To be clear, we have NEVER said that renting or owning is a "one size fits all" proposition. Our opinion focuses more on the historical times we are living in as it pertains to interest rates and the likelihood they will not go much, if any at all lower...ever.
Granted the prices that began to jump as a result of covid-19 related issues acted as an offset to lower rates, but in normal markets real estate typically appreciates over time. Renting is most definitely the way to go for many people, and all of them have varying reasons, but let's not kid one another, financially speaking there is little debate of the benefits of ownership. The other reasons regarding flexibility, less responsibility, freedom to act quickly if dissatisfied are all valid, but do they add up to the sum total of their parts?
A simple $1,500 per month rent is $18,000 per year of expense with literally zero return above and beyond convenience and less responsibility for those who have the ability to qualify for a mortgage and make that choice. Obviously, for those who can't qualify for one reason or another for any type of mortgage, the choice to rent versus own is not there. Simply put: owning is NOT for everyone, but renting is not either. Before embarking on what is truly one of the lowest returns in real estate by spending potentially tens of thousands, make sure you consult as many people as possible in professions that can equate the benefits of rent versus own. Either way, it's a pretty safe wager the results will have you scratching your head one way or another.
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