Should I Rent or Buy My House? (Things have change!!)

In this video we discuss the merits of renting vs buying in today's current real estate market in under one minute.

[DerekWynne]

This is how you should look at buying a home. What would your mortgage payment be? Versus, your rent payment. Buy a house at what a rent payment would be. Your mortgage payment should be at your rent payment or less. Then, if the rent rates go up, your mortgage stays the same. You now are living below the median of cost of living. This method for me has been a blessing. Because I am living well below the median of cost of living because of the strategy of buying my house at what I was paying for rent.

[JaYvInJB]

If you bought a home before 2020 and refinanced in 2020 or 2021, you already won. If you bought a home in 2022 to now, you're about to lose unless you can afford the high payment long enough until interest rates drop to refinance.

Imagine paying less than $1, 000 a month for a mortgage on a 3, 000 square ft. Home before 2022 compared to $3, 000 a month in rent after 2022 for the same home. One is smoking a cigar on his back porch. The other is just saying, "Ouch"...

[Focused-niqh]

Exactly and their are hidden costs when selling to... 😊

[Mindsetolympics]

I never understood why someone would buy a home and wanna move/sell it EVER!?

[Realogn]

Let me help y’all:
$2, 000.00 a month for rent
$2, 000.00 a year property tax
Yes the prices very but this is the bottom line

[allenklingsporn]

This depends heavily on the market you live in. Rent is definitely escalating as quickly or more quickly than home prices (because they were purchased for rentals at ridiculous prices by investors that have significant protection from the market corrections that are happening now).

[RGTomoenage]

Renting is as high, specially in California

[asad-sq]

Hey @markwygant - i just stumbled upon this video. Excellent point about break even. I'm currently looking for a house for my parents and I'm trying to see if renting is a better option for them. We are in the Dallas area. You said the break even point has been kicked out to 7-10 years. That means you won't see any benefits money-wise if you live in that place for less than that time. Can you please elaborate a little more on how you define the break even point? And what goes into calculating that number? Thanks a lot - your insight will actually be very helpful as I do my research!

[aztradescrypto]

even if you dont want to stay in a place for that long, you can always rent it out and the tenants could pay up your mortgage

[ExpensiveSavyhomes]

Rental or own house I would be happy with right partner anywhere on the planet

[bobowon]

in my experience. when you compare pound for pound the same property rent vs mortgage. Rent is usually 2-3 times more expensive with no equity built by the end.

The only way rent is better is if you can find a place that is cheaper than what you'd pay for the mortgage, and can invest the difference in a manner that exceeds what the equity built in a house would be, a very unlikely scenario in my experience.

[michelljohnantonio]

Dude can you help pls bcuz I’m just renting a house and I have a plan to buy a flat/apartment put a tenant on it to produce a cash flow it’s that ok?

[eliot]

Have you ever tried getting a loan on an apartment. Also do you get your money back when you move out of the apartment?

[Titus_Bell.]

Yeah but if your renting starts and $1, 800 (hypothetical) then how much does it go up each year for WI? 🤔

also it 18 to soon to buy a house?

[Resident]

1400 for 800 Square feet in western ma

[tyst]

Wrong. If you stay in a home 7-10years you will lose your ass in interest and property taxes. The reality is buying a home is not an investment. You will always lose money on the sale of your home. It might not depreciate but theres zero dollars to be made and you will lose significantly more than renting year over year. You have to decide if that is worth it to you or not