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Message Subject Mortage vs Apartment living cost
Poster Handle Anonymous Coward
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Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


True. We had a 15 year mortgage on our house (now paid off). Even though our taxes are relatively high, it costs us approximately 500/month to live in our house (not including utilities). I could not rent a 4 bedroom house in my area for less than 3,000/mo, and a 2 bedroom apt. would be no less than 1800/mo.
 
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