this post was submitted on 15 Sep 2023
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My mortgage is cheaper than any rent I could get in my city and interest paid on said mortgage is tax deductable.
Renting is fine and dandy, but most people want someplace stable after their 30s
I'm sure it is, but when you throw in property taxes, insurance, HOA dues, PMI, and the big one: maintenance costs (which will vary dramatically on a case-by-case basis), comparing mortgages to rent becomes an apples-to-oranges comparison. For me personally, I spent $50k in the first six months of owning my home on maintenance & repairs alone. That could have paid for 2+ years of rent. Not to mention the ~$30k or so you'll pay to sell it if you're only going to be there for a few years.
Keep in mind too that the mortgage interest deduction is now capped at the first $750k. For people in HCOL areas, that's starting to become a fairly low limit.
But yeah, I'm with you on the sense of stability is worth something too and that's hard to put a dollar figure on. Most people want that stability, but there's also people that want flexibility or may move around a lot such that buying a home every other year doesn't make sense. My overall point is that it's not always cheaper to buy and that renters can and do come out ahead, especially when they're also investing excess funds appropriately.