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Comment on Congrats to all 2024 college graduates!

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.

how long you can stay in one place and whether that fits your needs both today and in a few decades
% of down payment and missed earnings if this money went towards another investment
interest rates
property taxes
HOA fees, if any
likely higher insurance rates over renting
maintenance costs

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blackstampede@sh.itjust.works ⁨1⁩ ⁨month⁩ ago
You’re missing a few advantages to owning-

If you have to move, you can often get the money that you spent on the mortgage back, or even make a profit.

A mortgage is generally cheaper than rent.

While some may not be interested in renovating, it’s a relatively low-effort activity that pays for itself if you sell the property.

Can have a garden
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- 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
  
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  - 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.
    
    source
- eager_eagle@lemmy.world ⁨1⁩ ⁨month⁩ ago
  I’m missing all advantages of owning (or renting), that was not the intent.
  
  source