Quote:
Originally Posted by Villager Joyce
As a kind of related aside, I have been thinking about when it makes more sense to rent than own. At 70? At 80? Building equity is not as important. Perhaps convenience of calling a landlord takes priority. Just thinking out loud.
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How about at any age?
I've read several studies, that compared renting versus owning for the last 30 years or so.
The conclusion with the ones I recall, once ALL factors of ownership (taxes/maintenance./etc) are taken into consideration and assuming the savings in renting were invested, is that owning is more expensive than renting...even with the home appreciation.
What it really boils down to is the emotional, not financial, part of it.
Most homeowners prefer to have something that is "theirs," not the landlord's...even if it costs more in the long run.
Then of course, there is the increasing popularity of reverse mortgages...which is worthy of a thread on its own.