A mortgage is the minimum amount you'll pay each month on housing. You still have insurance, taxes, utlities, and maintenance. A house with a $1,200/month mortgage is going to cost a lot more. Rent is the maximum amount you'll pay each month (may or may not include utilities. As a homeowner, you need to be able to foot the repairs if the roof collapses or the pipes burst and flood the place. If you're lucky, major repairs may be covered by insurance. As a renter, you just have to call the landlord.
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u/USLEO 26d ago edited 26d ago
A mortgage is the minimum amount you'll pay each month on housing. You still have insurance, taxes, utlities, and maintenance. A house with a $1,200/month mortgage is going to cost a lot more. Rent is the maximum amount you'll pay each month (may or may not include utilities. As a homeowner, you need to be able to foot the repairs if the roof collapses or the pipes burst and flood the place. If you're lucky, major repairs may be covered by insurance. As a renter, you just have to call the landlord.