Any bedroom less than ten feet in any dimension does not qualify for the word "spacious." And I lived in tiny flats in some very expensive cities. I'm not spoiled. I just wouldn't call this spacious.
It almost certainly is more expensive to own than it is to rent, especially if you have a large mortgage. But there are benefits of owning that go past monetary considerations. For example, you can improve the place to your liking without having to put money in someone else's asset, you can re-leverage this asset or use it as collateral, rates will eventually come down, security of tenure, pride of ownership, principal pay down, tax free capital gains, etc.
Any bedroom less than ten feet in any dimension does not qualify for the word "spacious." And I lived in tiny flats in some very expensive cities. I'm not spoiled. I just wouldn't call this spacious.
$1 million at 5%. Close to $5K a month to carry. Cheaper to rent.
It almost certainly is more expensive to own than it is to rent, especially if you have a large mortgage.
But there are benefits of owning that go past monetary considerations. For example, you can improve the place to your liking without having to put money in someone else's asset, you can re-leverage this asset or use it as collateral, rates will eventually come down, security of tenure, pride of ownership, principal pay down, tax free capital gains, etc.