Rent vs. Buy – a restrospective

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You certainly live in a owning-leaning location. Those prices are kinda out of line with the norm. An average 3br house where I live is about $350k, but similar rent would be only about $2400/mo rent. A $280k home being the equivalent to a $3000/mo is certainly lopsided. A mortgage of less than half of rent is pretty much a no brainer if you plan to stay even a few years. Either a good find or your suburb is heavily renters.

Brye11626

This: >Rent is the maximum you pay to put a safe roof over your head every month; mortgage is the minimum. Just made me decide not to buy yet. I’m not ready. I’ll find a cheaper place to rent rather than buy and have the equivalent in bond payments. Thanks man!

donDT

I think many people get caught up on the dollars and cents. At the end of the day, owning vs renting is a lifestyle decision. Thank you for typing up your thoughts!

imakeyboard

You said you added 44k worth of capital improvements, including the addition of a central A/C system, correct? Sounds like you maybe live in an older home in the northeast? I’ll throw in my two cents and say that location and home age is a big factor too. If you buy a new(er) construction home in the south or midwest things like central A/C should already be in the home. Some people won’t have to spend a lot on fixing stuff because the home is newer. Those things might make the decision to buy vs rent more lopsided.

Slunk_Trucks

> We already broke even! Yay! I think this is the key. That’s the big thing people forget about mortgages when they do these calculations. Rent will likely continue to go up. Your mortgage is a fixed rate. With every passing year you own the home your comparative cost vs. renting should get better and better.

jackbootedcyborg