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The price gap between renting and buying has hit the widest point since 2000
(www.marketwatch.com)
this post was submitted on 25 Sep 2023
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Nonsense. Landlords will always push the costs of ownership on to their renters.
If you read it till the end, it compares the median cost of ownership (of a home… so maybe that means a 3/2, maybe it’s a 4/3, maybe it’s bigger), to renting (which is going to be smaller than a single family home). It also completely fails to mention the concept of equity.
What’s really happening is that the capitalists want less competition as they continue buying up real estate inventory, and if they can convince a few idiots that read marketwatch to continue renting indefinitely, it’s good for their numbers. Even with the insane insurance costs here in FL, the mortgage on my 1500sq ft house is less than my friend who rents a 2/2, 900sq ft apartment and lives in the same city as me.
I’m on board with the mindset that right now is one of the best times to buy. Prices in some areas have come down as a result of the interest rates being higher than they have been. There is less competition among buyers as a result. That brings prices down. Deal with a slightly higher interest rate for 2-3 years and save 15-20% on what the same house might cost in 3 years time. Also, you can refinance the house at a better rate when the rates do come back down.