Buying vs. Renting a Home in 2024

[tannerdrake]

Appreciate Ramit being one of the few finfluencers whose judgement isn't clouded by having a personal interest in real estate. As somebody who isn't planted in one city long term, is single, and prefers to live in an apartment in a good area rather than have extra empty bedrooms in a suburb... Renting is actually WAY better for me for costs, flexibility, and quality of life. Don't see myself buying till I'm married with kids and with all my saving/investing in the meantime I'll be able to pay cash if I want.

[tonycadiz]

He is just asking you to run the numbers and make a decision based on that. How difficult is that for you guys? Smart people just run numbers and make informed decisions. If you are too lazy or busy, then go ahead and make the best of that. But good luck.

[cubanoinnc]

It makes zero sense for many to buy a house in the US at this point unless you have a lot of equity in your exiting home or make an above average household salary. You’re better off renting.

[Will_b]

As a landlord who has a few properties.
Bad tenants who absolutely destroy my homes are far more expensive than any roof repair.
I’m not saying this to discourage anyone from buying investment property. But I’ll tell you right now, there’s so much more to it than you’ll ever realize until you go through it.

[nicomedia]

I would add in the cost the personal time that takes maintaining the house

[vlexdro]

Im a surveyor and this guy definitely is saying the correct things, buying vs renting is not as simple as other gurus say. Many hidden costs associated with purchasing a house.

[patrickclark]

Truth. Like the 50% added to the mortgage amount to get a realistic monthly cost

[pramillaramnarine]

Thank you, im told to buy a house so I can build equity. What hapoens if you rent a house and the tenants dont pay rent or squat at your house.

[drock]

My mortgage is $470/ month and that includes homeowners insurance and property taxes! If u go for a mortgage only use 60% of what they say u qualify for! In case u run across hard times or things that are unexpected. Remember if it’s your first time u can upgrade later and rent out and make more renting and have a passive income.

[abudayah]

Disagree! Owning a home is not a luxury—it’s a fundamental human need. Ideally, people would inherit property from their parents to get started, but that's not always possible. Many individuals move to new cities or countries, and some lose their family homes due to war or occupation—as in the case of Palestinians. That’s why I disagree with the idea that buying a house shouldn't be a goal. It absolutely should be, and in fact, the right to own a home should be recognized as a basic human right

[soze]

Renting is always my best decision. I'm never buying another home again. Never 😅

[KevBoyD]

So nobody’s going to mention the Escape from New York music? 😎 🎶

[TeeLatrice]

My goal is to buy a home to diversify my assets and to build generational wealth long term. If it’s hard to buy real estate now imagine 20 years for now.

[andpe]

This is just common sense. If you rent out the house, the tenants should cover mortgage and then some

[MSigs]

Weird he used roof repair as an example. I’d say home insurance, upkeeping (if applicable gardener pool cleaner etc), property tax.

[mr.anonymoussss]

$1500 a month. Buddy average rent in my city is $2, 000 for a closet.

[dontcallmemarty]

Ya but how can you predict what rent would be over the next 15-30 opposed to a loan ?

[simeonapajarillo]

Theres no such thing as 1000. 00 mortgage

[MrGdarrow]

Mortgage never goes up. Rent always goes up. Owns nothing. Sure, run the numbers on that. Inflation can be your friend, or your enemy.

[frankpace]

This is what non-homeowners always get scared of, but don't realize the following: Roof repair cause of hail damage? -> $1000 deductible with homeowners insurance. Washer stops working? -> Use your home warranty for a free repair. Can't be repaired? Then you get $500 towards a new one.
Also, not having a landlord is priceless