In this case, I fear we’ve got the causality exactly backwards: Being the owner of your primary residence does not make you a rich person, but a rich person is probably more likely to buy their primary residence. And when the media publish headlines like this one-noting how homeowners’ net worths are “40x greater” than that of renters-it’s easy to assume causality where it might not exist. Of course, this is a debate that’s heavily skewed in favor of home ownership in the US. I think this post will bring you to my dark side, because it allows you to live in your cake and invest it, too.) (The TL DR is, it’s not as often as you’d think. What could go wrong?īut I’m ready to invite the hordes of pitchfork-holding mortgage lovers back into my DMs once more, because today, we’re talking about when the math supports buying instead of renting. Here I am again, negligently opening up the can of worms that is discussing the most emotional financial decision anyone ever makes in a country where home ownership is considered a blood oath rite of passage to adulthood and happiness. For more tips on renting affordably, check out this article I provided a few quotes for. This is purely buy-a-house-and-live-in-it “buy” vs. To preempt the most frequent question that these types of articles prompt: I’m not talking about house-hacking arrangements wherein your home generates income from rental tenants.
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