Renting a Home May Be CHEAPER Than Buying One
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- Опубліковано 21 жов 2023
- USA Today wrote an article stating that renting a home is actually cheaper than buying in today's market. Are they right? In this video I'll break down the numbers of both buying and renting to see if they're right. I'll also share the pros and cons of each.
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The tax incentive is gone. The standard deduction suddenly got HUGE.
For people over 65…
In your calculation remember to account for (1) Part of your monthly payment is reduction or priciple, so it is like tucking away money into savings. (2) The rise in your home's value is an offset to the monthly payment, it is just that it is not obtained until you sell.
Just came across your channel-thanks for the content!
The answer to the renter by question varies greatly across markets. I bought a home many years ago bc it was far cheaper than renting in my market, even with no down-payment. Fast-forward 15 years, that flipped in my neighborhood, so I rented for 9 years ( yes, no equity, but there were NO houses on the market that I could afford. The market was so tight, that I was outbid above asking price for multiple homes). When rents skyrocketed recently, I lost my apartment & moved to a cheaper area in my small
City. Now, my mortgage, including taxes & insurance on a modest 3-br home is less than the cost of an efficiency apartment in nearby neighborhoods. Crazy!
Renting vs. buying has always been a hot topic. Excited to hear your take on the cost comparison in today's market! 🏡💰
Buying a house on the long run always wins because of inflation, your home that you bought today will be cheaper as the years go by while increasing in value.
I know its Christmas time but Hey we need you back asap. Too much doom and gloom taking over my feed. I like to have normal objective information once in a while.
Renting may be better than buying now, but if you bought a house now on a fixed rate, your mortgage will beat out your rent in 5 years. In 10 years, you mortgage will be much less, in 20 years it will be incredibly less, and in 30 years, you will no longer have a mortgage payment. Buying is a better decision in the long run, and most of us that are successful financially are always looking at the bigger picture.
Not in my market. My wife and I rent a brand new townhome. 4 bedroom 3 bath for 3800$ a month. To buy the same type home in our market would be around 800k. With 5% down our payment with pmi, tax insurance and hoa we would be paying 7500$ a month. Almost double. It would take maybe a decade and a half for it to even out.
Ty for loading
You can’t do whatever you want to your house in CA.
When rent you are throwing your money to the trash paying somebody else house no tax credits nothing
Think long term--This isn't a one night stand ( sorry fraternity & sorority college students). There has Never Been: 1) A decade where rental prices has failed to rise. 2). A decade where property purchase prices/resale prices have failed to rise. 3.) A decade where fixed mortgage payments have not consumed a smaller amount ( per cent age of monthly budget) due to inflation of money supply. Think longer term -IE a decade ( unless you are dating a sorority girl).
Thank goodness renting is available. My daughter wants to buy, but in Sussex county where she works there is nothing . 1 bedroom condos have gone up 50,000 since the fall! She is considering leaving her awesome job to work in another state.
Unfortunately a lot of younger adults are leaving Jersey for that reason.
Thank you for your channel! I feel like New Jersey will be California soon with its prices. My poor kiddo makes 100,000 a year and has 60,000 to put down and can’t buy a one bedroom condo. She is looking into upstate NY possibly if she makes no progress by this fall.
@@debkoch148 I've been renting in the Corning NY area since last June. Lots of houses for sale in the $250k range. Super safe area from what I have experienced. But it might be a boring place for a young person.
Jackie I wanted to tell you my daughter’s offer on a one bedroom condo was accepted. She waved appraisal and offered a pass fail inspection. She’s happy to have gotten on this high speed train of a market . We didn’t think it would happen after so many rejections.
Can we discus what happens when you pay your mortgage for a 30 year loan? I’ve heard by the end of that 30 years, you will have paid 3x what your home was worth. If you had the cash, would it be better to cash out even though the home prices and interest rates are high?
Why did you not include the realtor’s fee of 6 to 7% in the closing costs? This is by far the most expensive item. 🥴
Because the buyer doesn’t pay the realtor fee. The seller does.
Rent
Thumbs up
Hey Jackie im new to ur channel. i have a problem. i am 22, i want to move out to a 1 bedroom appartment in a safe and affordable place in nj and pay to bring my long distance partner here to live with me. the problem is i dont know where or how to look, and i here so many people talking bad about new jersey to where i just ask myself is it even worth putting so much time into. money is a big part since i dont have money and i would only be able to get a job thats like 30k salary. im stressing so hard over all this
Hi, new subscriber here and Canadian. I know it’s a different market here but find your info interesting and helpful. Totally off topic, you have very pretty eyes, but shouldn’t put eyeliner on the bottom of your eyes or perhaps use a lighter liner. Hope I haven’t insulted you, but it’ll look so good on you.