Own your own home or rent one?

[MrDawn]

Would you rather own your home or pay rent for the rest of your life?

 

[Cory]

I would assume in the long run owning a home would be cheaper than renting your whole life.

 

[XBabylonX]

I prefer to rent there is less responsibility if something goes wrong

 

[JoelR]

Owning your own home has a lot of extra costs: property taxes, landscaping, general maintenance, repairs and upgrades of major appliances.

Despite these costs, there's a sense of pride and ownership that come with owning a home that you don't always get with renting.

 

[Nebulous]

Owning your own home has a lot of extra costs: property taxes, landscaping, general maintenance, repairs and upgrades of major appliances.

Property taxes and home owners insurance can be built right into the mortgage so you don't really think about them. Even with all 3 bills bundled, your monthly payment for that can be cheaper than the typical rent in area depending on where you live (where I live rent is really high), I do my own landscaping so thats free repairs/upgrades can be covered by a home warranty. I pay for a home warranty and almost everything is covered. For example my A/C went out last summer. Would have been a $1000 repair but it only cost me the $80 deductible.

A lot of people with decent jobs and incomes are renting because they have bad credit, not necessarily because its cheaper. Sometimes it isnt.

 

[Mati]

I own me and my wife we bought the house for ten years ago and we love it.

 

[Senkusha]

I rent, and probably will until the day I die, unless something dramatically changes with our current economy that allows me to actually afford to purchase a home. Even then, I'm not sure I'll want to buy a home. 30 years is a long time for somebody to make payments on something, only for the government to take it because I have nobody to Will it to when I go.

 

[deucher]

I definitely want to have my own house, so it is more profitable from a financial point of view, but now I have a rented apartment

 

[Juneberry]

Rather: Own, though it does have its own share of issues probably.

Currently: Rent, because renting is already expensive enough.

 

[Nebulous]

Currently: Rent, because renting is already expensive enough.

Do you think owning a house is more money? Sometimes a mortgage payment is cheaper than what people pay for rent. Depending on the circumstances.

 

[Juneberry]

Do you think owning a house is more money? Sometimes a mortgage payment is cheaper than what people pay for rent. Depending on the circumstances.

No, I think in the long-run it'd be cheaper, but it'd require a certain amount upfront I cannot remotely afford on government income through disability. xD

 

[Nebulous]

No, I think in the long-run it'd be cheaper, but it'd require a certain amount upfront I cannot remotely afford on government income through disability. xD

True that. In order to get an affordable mortgage I had to put A LOT of money down as a down-payment.

 

[InMyOpinion]

I would rather own my own home I do believe. It is an asset whereas renting will never get you closer to owning anything.