Why Should I Rent If a Mortgage Payment Is Cheaper?

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"I want you to get a house, I just don't want your house to get you." - Dave Ramsey

Kevin-jcfx

This is the best explanation I've heard people never take in account the expenses that goes along with mortgage payments. I will be debt free in 4 years so when I get a home I'll make sure to have enough money for emergencies.

mzgemini

In some cases, you hope the landlord will fix the heat.

Vydio

In my experience, home warranty programs are not worth it. I had one with my first home, and whenever anything came up that needed repairs, the company found some kind of loophole to say that it wasn't covered. I had a fun conversation with them when they called to ask why I wasn't renewing it after the first year. ;)

markdaniel

In my experience the landlord never actually fixes anything. That's the perk for us if owning, we really fix things instead of nagging them for months and accepting a haphazard band aid fix.

theanachronisticlife

His entire show is dedicated to people who have issues with their finances. He’s stating that if you are broke then it’s not a good idea to try to get a house. If you have financial issues renting is the best option for you. If you can truly afford a house have at it.

lytonya

I am getting married in two months and moved into a new apartment that my fiance will move in when we get married. Because of the area it is a high rent compared to my friends who own. BUT, like Dave talks about here, once something breaks we can call the landlord and not have to worry. So many of my friends bought with 0% down and have 2k in savings and think its going to be enough. This is such good advice Dave!!

freedominabudget

Man wished I would have heard this back in 2007 when I bought my 1st home. True, it turned into a curse and it was so stressful. I was house poor. Now I am out of that home and just focused on paying all my outstanding debt so I can become debt free THEN I will look into buying again.

melody

Every landlord I had took their sweet time to fix ANYTHING. And it was always a bandaid fix.

TheRosswise

Can someone explain to me why we commonly refer to our annual income in Gross when our debts are essentially net? IE he says, oh you make $100K and have $100K in debt? You should pay that off in a year! Gross income of 100K is like 75K net. Gross debt of 100K is like 125K with interest. I'm not excusing these people with huge chunks of unnecessary debt, but when we're looking at a realistic plan to pay off debt you need to look at the big picture

ConservaT.V.

Dave, you are really doing a good service by educating people in common sense finances which unfortunately our current schooling system is failing to do

chunky

True and false. The chances of heating and air going out and costing you $5k are way less than the landlord raising your rent every year. Thats why you have a home inspection before you purchase and most homes come with a home warranty protection for at least one year. Ramsey thinks everyone is a millionaire like him.

betitos

The answer to the question is more so driven by market conditions. If you live in a place where the rent price is double the mortgage price. Renting would not make since. Rent is rising fast in here in Nashville alone. If I try to rent a good safe place I was looking at 1500 a month. I purchased instead and pay 800 including taxes and insurance. The maintenance cost I budget for using the 700 a month I am not paying in rent. Currently my income would not support renting because the cost for myself as a single mother would be more than 20 of my take home pay putting me in the category of housing cost burdened and I can't put my family in that kind of risk.

crystalaugust

In my area a small house costs half what rent is per month. That's including taxes and insurance.

sambeck

When I was renting a 3 bedroom, 2 bathroom home my payment was $1225/mo. I bought a 2 bedroom, 2 bathroom house in the same neighborhood. My mortgage payment including taxes and home owners insurance is only $653. I also pay $43/mo for additional home warranty which would cover my AC, heating, plumbing, etc. I view owning/paying for my house as a blessing because I would never have been able to find even an apartment for rent in a decent area for less than $900. Some areas of the country buying is the better option. I now have extra money to save plus I'm building equity in my house.

lizmarie