Quote:
Originally Posted by Laker14
interesting, I'd love to see how the numbers were crunched to get to the 1 1/2 months figure. Whenever I calculated it (which I did many times over the years trying to justify the investment) I came up with a number more like 6 or 7 months.
However, I was including my mortgage payment, and not including any capital appreciation (since that is an unknown and unpromised amount).
Whenever I've had this conversation with people, usually owners of homes, they compare what it costs them today, typically on a home they paid cash for, and bought 10 years ago, with what rents are today. It still comes out to more than 1 1/2 months, usually.
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Yes every individual would have to take into account mortgage costs if needed, but investing into a home usually always ends up being a wise choice, especially in a well desired location. I know for me it's definitely less expensive to own than rent for 6 months, even with expected repairs taken into account.