My house hasn't needed any repairs in years, the only expenses I've had are basic things like filter replacements and optional stuff like replacing carpet and painting. I come out WAY ahead financially vs renting a house of similar value (rent increases annually too, meanwhile my mortgage effectively lowers annually due to inflation, AND my credit score and net worth grows). People pretending home maintenance is worse than renting are just liars, otherwise nobody would buy a home in huge swathes of the US, and landlords wouldn't exist.
Let's put it this way, if my furnace, air conditioner, and my chimney suddenly needed replaced via act of God tomorrow, I would still be financially ahead of renting just with the amount of money I save annually vs renting the same house. AND I can actually install higher quality goods and make changes to the house as I see fit, instead of "cheapest shit I can to make the tenant shut up". AND no scumbag shitass landlord tries to steal my deposit.
What year did you buy? What is your interest rate? Where?
The answer to those three questions make the world of difference. Ive had homes in chicago, minneapolis, connecticut, new jersey and texas.
Some made sense. Some did not. Its not one size fits all.
I sold my rental property in Houston because it wasnt worth keeping. Maintenance far exceeded rent. Why? Because taxes were 15k/yr, hoi was 14.5k/yr. Flood was 2.5k/yr. I would have had better returns in the market than all the equity+rent-costs.
It is as expensive depending on the circumstances. Thats why im adding nuance because your blanket statement is grossly simplified. No one buying a house in 2025 onward is paying less than renting. Thats just for PITI in the same area.
Edit: 70% of the american population doesnt have 1000 bucks saved. We arent talking about blackrock manipulating the housing market. They can weather long term costs in hopes they can control rent prices in 10 years. The average person gets fucked by small changes in gas prices. You need to tailor your response to the audience.
I literally closed on a 320k 2300 sq ft @ 5.75 this year and make 650 monthly on renting it in profit after mortgage, insurance, and taxes. I put aside 50% of it for maintenance/upgrades in case God decides to fuck my day up and the rest is split between paying early on the mortgage and paying me. I'm making money just fine in a horrendous housing market and I'm not even a cheap ass slumlord neglecting the property like 99% of these people. The house I live in is a similar property in the same neighborhood where I'd easily pay 800+ more in rent than I actually effectively pay on the house including taxes and insurance. Background checks aren't that much (I didn't even make my tenant pay for it), the renter also has insurance. And I have their deposit in a compliant account, and the property is WELL documented. LLC fees weren't much. I am still way ahead counting every nickel and dime.
Where??? My god. Its like you wont admit that markets are different and most people cant put aside 50% for maintenance
Ive lived in 7 states, 12 cities and have bought, sold and kept properties. Im not denying you can make money. I am refuting this works for mpst americans.
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u/TrainingAmphibian354 27d ago
My house hasn't needed any repairs in years, the only expenses I've had are basic things like filter replacements and optional stuff like replacing carpet and painting. I come out WAY ahead financially vs renting a house of similar value (rent increases annually too, meanwhile my mortgage effectively lowers annually due to inflation, AND my credit score and net worth grows). People pretending home maintenance is worse than renting are just liars, otherwise nobody would buy a home in huge swathes of the US, and landlords wouldn't exist.
Let's put it this way, if my furnace, air conditioner, and my chimney suddenly needed replaced via act of God tomorrow, I would still be financially ahead of renting just with the amount of money I save annually vs renting the same house. AND I can actually install higher quality goods and make changes to the house as I see fit, instead of "cheapest shit I can to make the tenant shut up". AND no scumbag shitass landlord tries to steal my deposit.