What if you’re not going to have a next generation? Is there still a good reason to own?
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Phegan@lemmy.world 1 month agoProperty ownership is the clearest path for generational wealth. It may suck to own, but you are building an asset and you can hand it off to future generations to have a head start with.
It’s a broken system, I am not advocating for it as a good system, but it’s the primary reason to own a home.
dingus@lemmy.world 1 month ago
Phegan@lemmy.world 1 month ago
It’s still the most effective way to accumulate wealth within a single generation, so it can be an asset to use for retirement.
Again, not advocating for the system, I think property ownership is problematic, but I am explaining why it can be beneficial within the current system
eager_eagle@lemmy.world 1 month ago
the thing is - there’s a lot of variables that shift the balance towards renting when looking within a time frame, even from a financial perspective.
blackstampede@sh.itjust.works 1 month ago
You’re missing a few advantages to owning-
TubularTittyFrog@lemmy.world 1 month ago
you can rent and have a garden and rent is cheaper than a mortgage in a comparable area.
when people buy they often have to move further out to a cheaper area to get a mortgage
blackstampede@sh.itjust.works 1 month ago
Ah yeah, not the case in my area. Rent for an apartment is about twice as much as a mortgage.
eager_eagle@lemmy.world 1 month ago
I’m missing all advantages of owning (or renting), that was not the intent.