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It comes down to priorities. I prioritize financial freedom over being able to say I own a home.

The opportunity cost of renting vs buying if you’re not already wealthy is not worth the stability gained imo. And we are not even getting into repairs and maintenance costs. Replacing an AC can cost you over $30k. We are not talking well built brick homes here either.

And you have floods, tornadoes, fires, etc. to worry about too.

Contra 8mo ago

I agree with it coming down to your priorities.

Sure, there are costs like maintenance and repairs, but over time, you’re building equity. Renting may seem cheaper short term, but you’re essentially paying someone else’s mortgage and not gaining anything long term. Plus, the security of having a fixed living cost, especially in inflationary times, outweighs the risk of natural disasters or maintenance costs for many. Because when and if disasters hit, in most cases people still rely on the government for aid and sheltering.

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Discussion

DRE 8mo ago

No offense, but you sound like a boomer.

People value things differently. With current interest rates, renting is indisputably a better financial decision, but I grant there are other reasons to own a home and for some people they outweigh the financial downsides.

Contra 8mo ago

Haha. I’m not a boomer bro. I was born in the early 80s.

DRE 8mo ago

Gen Xers also love their “home equity”

To each their own. Value is subjective after all

Contra 8mo ago

Totally fair... Some folks see home equity as a forced savings plan, others see it as dead capital. Depends on your goals, timeline, and how you view risk. I’m just saying for some people, especially with families, having that kind of stability plus long term upside matters. But yeah, to each their own.

𝐭𝐢𝐠𝐞𝐫 8mo ago

life has seasons

i rented for years

but i don't look at my house as a store of wealth its my place to call hom

no more bullshit from landlords

DRE 8mo ago

Yep, it’s a utility like a car

𝐭𝐢𝐠𝐞𝐫 8mo ago

ie the late 1900s

Contra 8mo ago

No offense taken, it’s a fair point. Everyone’s situation and values are different, and I totally get that. For some, flexibility and financial upside matter more; for others, stability and control over their living space carry more weight.

That said, it’s not always black and white. In some markets, owning still makes financial sense long-term, even with high rates…especially if you plan to stay put and can handle the upfront costs. But yeah, I respect that for a lot of people right now, renting might be the smarter move financially. Just depends what you’re optimizing for.