Quote:
Originally Posted by RickeyD
In what weird math universe can it be a wash ? Considering you would be paying 18K per year for the lease plus all utility costs which includes cable, Internet, electric at 4K per year owning is definitely cheaper then renting. Also, how much value do you put on being independent from a landlord who could terminate your next lease at a whim. Moving is a hassle and although not expensive it's not that cheap. Will your security be returned after you move out ? Again, not your choice. Any landlord can nitpick repairs that will eat up your security, good luck getting it back. Again, not your choice. How will your neighbors feel about your transient status ? Again, statistically not good and not your choice. Homeownership is about the pride in knowing you are the king and queen of your castle and not a subservient that can be tossed out simply because your LandLord feels like it. For me, homeownership is priceless and not to be taken lightly.
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You forgot to mention, what to me, are the two biggest advantages of ownership.
#1 EQUITY! If you buy a home and you decide to move you get at least part of your money back and often more, with appreciation. Even if you have a mortgage, part of what you pay goes toward the principal and that belongs to you. If you have a little extra, you can pay more than your monthly payment each month and create more equity for yourself. At the end of a lease, you have nothing but moving expenses.
#2 Unless you go for an ARM, your monthly payment will never increase. It's usual for rent to increase annually. But with a mortgage, as you income increases, your housing cost are a smaller percentage of your income each year.
There is no comparison between renting and leasing real estate.