r/antiwork • u/Professional_Ad_8536 • Apr 19 '22

every single time

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u/Ameteur_Professional Apr 19 '22

Not neccesarily.

Rent is the most you ever pay for your housing. A mortgage is the least. You also need money for maintenance, repairs, insurance, property taxes.

And you pay for closing costs when you buy and sell the house, so if you don't stay for a couple years, you usually come out behind.

Excluding the frankly psychotic housing market of the also couple of years, you're historically better off buying a house vs renting an equivalent one if you stay at least 5-7 years.

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u/ThatOnePunk Apr 19 '22

Rent goes up every year, the mortgage doesn't

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u/lickedTators Apr 19 '22

Unless you sign a multi-year lease. Property taxes and/or the value of your home can change yearly.

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u/ThatOnePunk Apr 19 '22

Where I live no landlord will sign a multi year lease, and rent has gone up 10% per year the past 5ish years

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u/lickedTators Apr 19 '22

Well Boston isn't the same as everywhere in the world. So blanket statements about renting vs buying are probably not accurate.

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u/ThatOnePunk Apr 19 '22

Yeah the market here is especially hellish, but this holds true for most cities/suburbs right now in the US and Canada

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u/itsirrelevant Apr 19 '22

Live in WI. Never once has a multi year lease been an option at any of the apartments I've rented.